Private Deal

A truck driver, who had been working in the industry for more than 40 years, needed to refinance his property due to a complicated divorce.

For the last 12 years, he has owned his own trucking business but, because of his unfortunate life event, fell into financial instability and owed Canada Revenue Agency (CRA) more than $30,000 in taxes.

He has almost 50% equity in his home, but his poor credit, consumer debt and, most importantly, debt towards CRA, didn’t make him a good candidate for a loan, so the bank refused his request for a refinance. Fortunately, GLM Mortgage Group was able to find the solution he needed.

For more information on a Privately Funded Mortgage call us now at 604.259.1486.

Purchase Price Of Home

$650,000.00

LTV

75%

Credit Scores

534

Mortgage Solutions

Used a Private Lender who would tolerate a low credit rating and high-service debt. We negotiated a one-year term with a high-interest rate and lender fee in order to pay off all debt including money owed to CRA, consumer debt and unpaid collections. This provided time to improve his credit score in order to move to an alternate or conventional lender with a better interest rate and better terms.

Requested Mortgage Amount

$487,500.00

Income Documentation

Appraisal
Most recent Notice of Assessment
Confirmation of property details including mortgage statements

Total Debt Services Ratios

131%

CHIP Reverse Mortgage

A retired couple on fixed pensions found themselves struggling to make ends meet each month. Both were in good health and wanted to maintain an active lifestyle. They had spent their working years paying off their mortgage and had little saved in their RRSPs.

Life Event

A working professional couple found themselves in financial hardship after one of them was injured and went on long-term disability. Their income took a significant hit and their monthly cash flow was negatively impacted. Over the course of time, they had maxed out their credit cards and line of credit. Although they were continuing to make their minimum payment each month, the interest rates were very high and the actual debt was not being reduced.

Purchase Plus

A young family owned a townhouse but wanted to sell it and buy a detached home that needed renovations.