Alternative and Private Mortgage Deals of the Month November
Home in Peachland BC
Funds to payout Private 1st mortgage and consolidate some consumer debt.
70% Loan to Value
1st Mortgage $388,500
Using client’s home equity, we were able to lower clients previous interest rate and obtain them additional money to pay down debts. Clients still have a low credit score but good income. Debt consolidation should assist in improving credit score and will try to obtain conventional mortgage financing in 2019.
Mobile Home in Langley BC
Private 1st Mortgage to consolidate a Fairstone Loan and other consumer debts.
17% Loan to Value
1st Mortgage $30,000
Pensioners on fixed income had very high payment unsecured debts that were affecting cash flow. We were able to obtain an amortized home equity mortgage over 20 years that significantly improved clients cash flow as well as put some extra money into their pocket, so they could enjoy retirement.
Home Equity Loan 2nd Mortgage small acreage in Duncan BC
50% Loan to Value
2nd Mortgage $80,000
Client took a sabbatical from work for a few years updating his education. Has returned as self employed opening a new practice. Second Mortgage funds were to consolidate debt and inject into business capital.
2nd Mortgage Behind a Private 1st Mortgage Chilliwack Hobby Farm
High 1st mortgage payout penalty required creative 2nd mortgage financing
60% Loan to Value
2nd Mortgage $135,000
With credit scores very low and unverifiable self employed income clients required additional funds to consolidate debts and do some business investments.