Commercial loans just like residential loans come up for renewal at the end of a term.
Look at the typical bank strategy. Borrower gets notice of renewal 2 or 3 days before renewal date. Bank offers a range of rates for renewal terms of 1 - 5 years. Borrower doesn't look at alternates he/she could get because there's no time to shop.
Yes. The bank has a strategy. It starts with short notice. The borrower does not get enough time with reminder/renewal letter to go elsewhere. Then bank offers higher rates than would be offered if there was competition. Finally, confuse the borrower with options so the high rates look OK.
Case Study: Commercial borrower offered a 5 year term fixed rate renewal of 4.21%. Alternate lender offers 2.79% for same term.
Imagine the extra cash flow your business could use if it was getting the lower rate. The difference??? Be proactive. Prepare to pay out your commercial loan when due. Call me to discuss your options 604 230-9392
We have a small dog called Misty. Named after the gal that taunted Clint Eastwood in a movie called, Play Misty For Me.
It was set in the Carmel area of California and goes back at least 2.5 decades. Anyway, Clint had a lot to deal with when he hooked up with a crazy gal who ended up cutting the backs out of his jackets.
Our dog was a lot like the crazy gal when she was a pup and the name stuck.
Check out the attached. Let me show you how easy it is to help build a shelter for abused and mistreated dogs..
You'd be surprised how often I pull a credit report and find things the client either knew nothing about or disputed what was reported.
Errors happen and they can and will affect your credit score and, quite possibly, your ability to qualify for a mortgage when you need it most.
It's a good idea to check your own credit report occasionally. It doesn't count as a 'hit' against your credit score and it will give you a great picture of where you stand in the wonderful world of credit. Click the Link ...
This is what I warn my clients about all the time. Rate means nothing if you are going to pay a gigantic penalty to break your mortgage.
When you purchase or refinance your home, the total "Cost of your Mortgage" is what really matters, and that does not only mean the rate you get. Give me a call to discuss 604 230-9392.
