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Private Deal2018-12-11T20:54:02-08:00

Project Description

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.

The Details

Purchase Price Of Home

$650,000.00

Requested Mortgage Amount

$487,500.00

LTV

75%

Income Documentation

Appraisal

Most recent Notice of Assessment

Confirmation of property details including mortgage statements

Credit Scores

534

Total Debt Services Ratios

131%

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.

Purchase Price of Home

$650,000.00

Requested Mortgage Amount

$487,500.00

LTV

75%

Income Documentation

Appraisal

Most recent Notice of Assessment

Confirmation of property details including mortgage statements

Credit Score

534

Total Debt Services Ratios

131%

Mortgage Solution

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.

TURNING NO INTO YES!

 We work with you taking on even the most challenging cases turning a NO into a YES!

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