GOT MONEY (ACCESS TO IT) BUT DON'T QUALIFY FOR A MORTGAGE?

Today’s investment landscape looks very different than it did just three months ago. The stock markets are down, real estate investors sit on the sidelines as their personal income sources may be in jeopardy and/or the normal security of stable rental income is challenged.

What’s a smart, savvy, sophisticated person to do?

https://bit.ly/2MCZDKF

New CMHC Rules (Entry Level Residential + Multifamily Commercial) Impact

Four days ago CMHC made an announcement that will impact entry level home owners and Multi-family investments.  While we do not have word if Genworth or Canada Guaranty will follow suit at this time, it is prudent to expect them to conform as well. 

To read the full article click here: bit.ly/3cJqak1

10-POINT PANDEMIC FINANCE CHECK LIST

This is a 10-article series in the Globe and Mail by personal finance columnist Rob Carrick on what you should have done by now to protect or improve your money situation.

The first installment published on March 23, 2020 covers falling stocks and wartime budgets for families, followed by articles on the safety of bank deposits and wills, why you should clean out your big-bank savings account.

*We've made a few adjustments to what we at GODDYN MORTGAGES believe in.

Step 1: Mobile banking is the way go to, forget cash and cheques

Step 2: Grade your investment advisor: pass or fail

Step 3: Grade your financial/mortgage service provider; pass or fail

Step 4: Working remotely works

Step 5: No need to panic over stock market

Step 6: Review those points and reward card programs

Step 7: Plan your travel now (not sure I agree here)

Step 8: Top up emergency savings fund - Or access to it (Think Equity)

Step 9: Stop stress buying and build resiliency instead

Step 10: Own less Stuff, Owe less (bad) debt.

Talking Mortgages During Covid19

Something that this pandemic has taught many, is just how exposed and vulnerable we are.  In other words, we carry on day in and day out like busy little bees – throwing money at  things that we don’t have time to do.

We either have time or money, and every rarely does the see-saw balance in the wind equally calibrated.  Right now, we all have more time than we have ever had! Some people will find themselves losing ground fast -> What should we be doing right now to self-insulate?

https://youtu.be/AxA1_WiPBEU

75% Wage Subsidy + $40K Loans to Business Owners

Small businesses will now be able to receive up to 75 per cent in federal government funds in order to keep paying their employees during the COVID-19 pandemic – up from the previously announced 10 per cent subsidy plan. (Link here)

Also, under the new Canada Emergency Business Account, storefront businesses will also qualify for up to $40,000 in loans which will be interest-free for one year, with up to $10,000 forgiven, Trudeau said. Business owners will have until June to pay GST and HST payments while taxes on imports will also be suspended.  (Link here)

What is Really Going on with Interest Rates Currently?

It is nearly impossible to turn on the TV or radio and not hear about the COVID-19 pandemic.  The economic impacts of this virus are being felt around the world, and Canada is no exception.  During March 15 - March 31 - we saw an astounding number of rates changes DAILY!  Thi sought to have been a record somewhere.

Over the last month we have a dramatic drop to Prime rate, which is currently resting at 2.45%, and there is a lot of confusion about what interest rates are actually doing. 

Although Prime rate is at a historic low, interest rates have been on the rise since March 19 due to the overall volatility in economics. Lenders are no longer offering discounts off Prime Rate for variable rate mortgages and Insurable fixed rates are between 2.49%- 2.69% and Uninsurable up to 3.29%.  

On the whole, financing is very affordable so do not let this deter you from taking action. However, if your existing mortgage is under 3.29% now is not a time to refinance as fixed rates are currently higher than that.  If you NEED the money to access your equity - we can look at doing a blend and extend where we don;t break your current mortgage but get you new money. 

We're just a phone call away !

APPROVED - $4M 1st commerical mtg

We are pleased to offer this client an amazing loan at an incredible interest rate!

This file was tricky in the Non profit sector and a PHASE 2 restrictive covenant but nothing we couldn't handle with determination and persistence. 

Have a commercial file to discuss? 

What kinds of Mortgages Do I Broker?

This year I am expanding into commercial mortgages (as well as residential) and I thought I would share some files that I am working on in case you find yourself in here and needing help. 

Check it out

Foreclosure List

DEC 2019 - Abbotsford Attached
DEC 2019 - Abbotsford Detached
DEC 2019 - Bowen Island Detached
DEC 2019 - Burnaby Detached
DEC 2019 - Chilliwack Attached
DEC 2019 - Chilliwack Detached
DEC 2019 - Cloverdale Attached
DEC 2019 - Coquitlam Attached
DEC 2019 - Coquitlam Detached
DEC 2019 - Land
DEC 2019 - Langley Attached
DEC 2019 - Langley Detached
DEC 2019 - Maple Ridge Attached
DEC 2019 - Maple Ridge Detached
DEC 2019 - Mission Detached
DEC 2019 - Multi-Family
DEC 2019 - Nanaimo Attached
DEC 2019 - New Westminster Attached
DEC 2019 - New Westminster Detached
DEC 2019 - North Vancouver Attached
DEC 2019 - North Vancouver Detached
DEC 2019 - Port Coquitlam Detached
DEC 2019 - Richmond Attached
DEC 2019 - Richmond Detached
DEC 2019 - S. Surrey White Rock Detached
DEC 2019 - Sunshine Coast Detached
DEC 2019 - Surrey Attached
DEC 2019 - Surrey Detached
DEC 2019 - Tsawwassen Attached
DEC 2019 - Tsawwassen Detached
DEC 2019 - Vancouver Attached
DEC 2019 - Vancouver Detached
DEC 2019 - West Vancouver Detached
DEC 2019 - Whistler Attached

Check out this month's foreclosure list!

Book Of The Month: Sober Curious

An interesting read about the social standards of 'having a drink'.  I enjoyed this audio book while driving the sea to sky highway. 

Non-Profit Commercial Financing Case Study

***APPROVED***

A difficult and niche line of business was successfully approved this week. 

Here are the details: 

NON-PROFIT Entity selling "membership" for recreational time share vacations needed a property for Staff housing in Whistler. 

Commercial Financing on Residential Property

First Mortgage Position

75% Loan-to-Value

4% Interest, 4 year term , 25 year amortization

Corporate General Security Agreement - no personal guarantees

Turnaround time: 4 weeks

Corporate 

Lender Fee: $0

Broker Fee: 1% 

Administration Fee: $650

Now this company can secured reliable and long-term staff for their operations. 

Contact me if you have commer

The 6 most valuable lessons as an ACCIDENTAL developer

If you missed it last month or failed to learn, here is the link again to download my most costly mistake while playing real estate Developer - You might learn something! 

DOWNLOAD NOW

RE-CALIBRATE INTO 2020!

I'm doing a fair bit of re-structuring mortgages on rental portfolios right now, particularly because of the low interest rate environment and the 5 year fixed inversion circumstances that exist right now.

If you are stressed about upcoming pre-sales and potentially not qualifying for them, or wondering if you could refinance and reduce your monthly payments and re-calibrating to a more positive position - connect with me.

Freebie for you!

Holy Camoly! I'm SOLD OUT of the Gateway!

It has been an insane last 5 weeks selling 7 units - And I'm very happy to see this project come to and end. 

Now I'm already thinking... what next? OMG, Ha!

Anyways, I thought you might enjoy reading the most significant (and costly) lessons I learned on this 2 year journey. 

My gift to you - for your support. 

I hope it can help you in your real estate journey. 

CLICK HERE TO GRAB THIS FREEBIE

Prime Commercial Strata Lots for Sale

Pemberton is the closest community to World Class ski report Whistler B.C. and is undergoing improve infrastructure and population growth.

These units are in the most desirable commercial location in town.

10 year old building

Long Tenured tenant with 3 years remaining on lease and option for renewal.

$15 per sq. ft triple net for 1 year $16 remaining 2 years – triple net

4.6% Cap rate

Pemberton is the closest community to World Class ski report Whistler B.C. and is undergoing improve infrastructure and population growth.

The most desirable commercial location in town.

10 year old building

Long Tenured tenant with 3 years remaining on lease and option for renewal.

$15 per sq. ft triple net for 1 year $16 remaining 2 years – triple net

4.6% Cap rate

Only 2.5 hours from Downtown Vancouver – no ferries, no boarders.

Easily financed with any chartered bank/credit union

List Price $350/sq ft

$186,500

Only 2.5 hours from Downtown Vancouver – no ferries, no boarders.

Easily financeable with any chartered bank/credit union

List Price $350/sq ft

$186,500

The 6 most valuable lessons I learned as a Real Estate Developer

Because you are in the game of investing in real estate, you don't have to learn it the hard way because I have done it for you! Really I wish I hadn't learned these expensive lessons... but since I have, why don' t you learn from my mistakes? This free guide will help you navigate terrain as a real estate investor and help you make informed decisions so you can get right onto making some profit!

COMING NEXT EDITION ... 

What options do you have when you have 4 rental properties?

As a real estate investor myself,  I need to know how to keep buying real estate and fund my retirement and dreams.  When deciding who your are going to work with as a mortgage professional, do you think it wise to seek advice from a banker who punches a clock for wage?  Or the go-getters who are unemployed every day, finding the nuances in mortgage financing and paving a way for their own futures.... who are willing to give you their own skills, experience and time for your benefit? Just saying. 

Check out my brief spontaneous IGTV episode on how to keep buying when you hit 4 rentals.   --> https://www.instagram.com/tv/B1IIYWxh37m/?hl=en

Is your Mortgage up for Renewal?

Much of my time is spent helping borrowers switch lenders or renew their mortgages with super low rates. It continues to surprise me that their current lender does not even try to compete, believing that the borrower will not shop around.

In many cases, I have been able to beat their rates by .30% to .50%

This is HUGE!

If you are up for renewal, let's chat. 

604.657.0936

Got Too many Rentals?

Are you a real estate investor that wants to keep growing your portfolio and coming up with road block after roadblock? 

I have one key lending partner that has no restriction on rental properties and offers best owner occupier rate!  Right now, you can get Prime - 1.00% on your rentals O.A.C. [Lower mainland rentals 70% LTV max]  INCREDIBLE!

Outside the Lower Mainland? No problem - there's mortgage MAGIC if your know where to look. 

It's a Buyers Market

Looking for 4 JV Partners - 75% TO YOU 25% TO ME

Looking for 4 Joint Venture Partners to co - own the remaining 4 units at the Pemberton Gateway with ME!

Successfully owned and operating 22 units (selling 18 of them over the last 18 months) and I want to keep the last four!

Bookings, Staff and Systems in place.  100% Hands off investment for you. 

YOU QUALIFY, YOUR DOWN PAYMENT 

MY MANAGEMENT, STAFF AND MANAGEMENT 

75% to YOU. 

25% to ME. 

Prices from $279k ( 1 bedroom ) to $345,900 (2 bedroom). 

Inquire for more details. 

*** NEW TO INVESTING? 

A great first experience reaping the benefits of an investment property with an experienced partner and shared risk. 

Ashley

604.657.0936

13 Easy Spring Upgrades You Can Do in A Weekend

It’s spring (or almost spring, depending on where you live), and everyone’s thoughts are turning to the out of doors. This seemed like a good time to round up a few little projects you can do to improve your backyard, or just add a little curb appeal to your home. And best of all, they’re all things you can finish in just one weekend.

Continue Article Here...

Why Criminals chose Canada to launder Money

News that some $5 billion was laundered through British Columbia’s real estate market in 2018 comes as no surprise to experts, as Canada’s weak money-laundering laws make it an attractive spot to park ill-gotten cash.

Kevin Comeau, author of a recent C.D. Howe report on money laundering, says people in corruption-prone states who seek to hide the source of their wealth can’t just buy a big house in their community, so they often look to cache it abroad.

---> Read More

Self-employed increasingly turning to private lenders for mortgages

TORONTO — The self-employed are among the growing number of Canadians turning to private lenders in order to obtain a mortgage.

While many prospective homeowners are driven to alternate lenders because of government-mandated stress tests and poor credit scores, the self-employed often have additional burdens to overcome in proving their income.

“There’s more and more people seeking private loans than ever before and that’s a direct result of government making it more and more difficult to qualify,” says Dan Caird, a mortgage agent with Dominion Lending Centres.

According to the Bank of Canada, private lenders have doubled their share of the mortgage market since 2015, accounting for eight per cent of Canadian mortgages in 2018, and an even greater share in the hot real estate market of Toronto.

---> Read More.

First-of-its-kind registry in B.C. targets under-the-radar condo flippers

VICTORIA — The British Columbia government says it has launched Canada’s first registry aimed at cracking down on pre-sale property flipping and tax evasion in B.C.’s real estate market.

https://bit.ly/2Hspu7z

EXCLUSIVE OPPORTUNITY - A GRRREEEAT DEAL ** Trust Me.

We have an exclusive investment opportunity to invest in the last great master-planned community on Bowen Island. This offer comes through my personal business relationship.

Credible and accomplished developer with a proven track record.

In the final stages of the development and looking to self-finance the roads, and community services.

There’s an opportunity for a subscription for the last $550,000 with a minimum guaranteed rate of return of 9% (however the developer has never delivered lower than 21% for his investors on the last six projects).

Capital raised will be registered as a 1st Mortgage on the subject property at at 57% loan to value with additional security from the personal guarantees from the General Partner and the Principle of the Corp.

This next phase of development will unlock the revenues from pre-sales totaling $1,860,000 and proceeds from sale will redeem your investment

Expected timeline: 24 months.

*Must be an accredited Investor.

Contact me with interest. 

BUSINESSBank of Canada’s Poloz says stimulative rates needed for temporary soft patch

OTTAWA — Bank of Canada governor Stephen Poloz says the economy needs a longer lift from stimulative interest rates to overcome domestic and global economic hurdles, though he predicts the country’s recent economic weakness will only be temporary.

Poloz, speaking Monday to a business audience in Iqaluit, Nunavut, noted the difficulties related to the late-2018 drop in oil prices, the cooler housing market and ongoing global trade uncertainty. He then argued the data have also shown “many areas of encouraging economic growth.”

“Clearly, there are challenges in the Canadian and global economies that we need to manage,” Poloz said in his speech to the Baffin Regional Chamber of Commerce.

“But there are clear signs that Canada is adjusting to the challenges.”

Read More ---> https://www.clearhome.ca/bank-of-canadas-poloz-says-stimulative-rates-needed-for-temporary-soft-patch/