Shawinigan Lake - Hanging Out
  
Here we are hanging out at Shawnigan Lake!
Building Castles
Robert graduated Kindergarten this year and was officially branded the "Master Builder" of his class.
Here he is studying the best amount of water to be added so that the Castle will stay formed and easily come out of the bucket.
$640K Commercial Office Purchase @10% Down @$57,000 Corporate Income
The client's lease was upcoming for renewal in July. Instead of renewing the lease, the client looked at buying an office instead.
What was required to get 10% down?
We had to show the bank their corporate financials could produce $57,000/year in order to qualify.
The client had structured their financials around optimizing for taxes and not qualifying for commercial mortgages, so this became a challenge.
What did we do?
We explained the story of tax optimization and instead of using year-end financials, we went off projections backed by this years-to-date financials.
Approved!
I was the Mortgage Broker and the Commercial Realtor for this.
I also advised them on their life insurance and disability insurance.
Nice to be triple licensed and understanding these specialties interlinks in between each other.
What is Bridge Financing?
* I did not write this one.
Let’s say you have a home that you’ve outgrown, it’s time to make a move to something more suited for your family. You have no desire to keep two houses, so you decide that selling your existing home, and moving into something new is the best idea.
Ideally, when planning out how that looks, most people want to take possession of the new house before having to move out of the old one. Not only does this make moving (your stuff) easier, it allows you to make the house a little more “you” by adding some paint, or doing some small renovations before moving in.
But what if you need the money from the sale of your existing house to come up with the down payment for your next house? This is where bridge financing comes in. Bridge financing allows you to bridge the financial gap between the firm sale of your current home, and the purchase of your new home. Bridge financing allows you to access some of the equity in your existing property to be used towards the down payment on the property you are buying.
Now, here is where people get confused, in order to secure bridge financing, you must have a firm sale on your existing house. If your house isn’t sold, you won’t get the bridge financing, because the property has to be sold in order for the lender to get their bridge loan back.
|
