shopping for financing

[MarkW]

Hello,

I am a new investor without any contacts to any real estate bankers. I feel that my personal mortgage salesman at my bank will not be able to offer the financing I need for upcoming real estate transactions. Specifically, he will not recognize more than 50% of rental income in the qualification process for mortgages. Is this typical?

Does anyone know of any banks or mortgage brokers that work with real estate investors in the Edmonton area? I would appreciate meeting with someone who has investment experience themselves and is more flexible in extending mortgages to investors.

Any information helps. Thanks.

 

[PARAMJIT001]

hi Welcome aboard!
The best option is to talk to Peter Kinch. He is s great help and is also member of REIN community.

 

[Todd_S]

Hi Mark,
There`s no need to necessarily use a mortgage broker located in the same city. That said....I would strongly recommend a mortgage broker who is located in Ottawa. His name is Evan Weiner and he is very good with respect to knowledge and customer service. He will bend over backwards to help you. His contact is 1.888.216.7770 x 224.

Hope it helps!

Todd Spetter
REIN Member

QUOTE (MarkW @ Oct 12 2007, 02:09 PM) Hello,

I am a new investor without any contacts to any real estate bankers. I feel that my personal mortgage salesman at my bank will not be able to offer the financing I need for upcoming real estate transactions. Specifically, he will not recognize more than 50% of rental income in the qualification process for mortgages. Is this typical?

Does anyone know of any banks or mortgage brokers that work with real estate investors in the Edmonton area? I would appreciate meeting with someone who has investment experience themselves and is more flexible in extending mortgages to investors.

Any information helps. Thanks.

 

[MikeMcCrae]

Mortgage brokers do not have to be from the same city, but from the same province is a good idea. Licence requirements are not the same every where.

 

[lanedry77]

QUOTE (MarkW @ Oct 12 2007, 11:09 AM) I am a new investor without any contacts to any real estate bankers. I feel that my personal mortgage salesman at my bank will not be able to offer the financing I need for upcoming real estate transactions. Specifically, he will not recognize more than 50% of rental income in the qualification process for mortgages. Is this typical?
Hi Mark,

My wife and I are fairly new also, and we had this problem about six months ago when we were dealing with our bank. As a result of this calculation, our GDS and TDS numbers were high enough that that bank would provide us with a mortgage of exactly $0. yup - nothing.

I then called a mortgage broker, and within an hour we were prequalified (not preapproved) for $420,000. We since have done a deal and had no problems getting funding.

My humble opinion would be to contact one of the many great mortgage brokers that are on this board, or that work with REIN members. You should have no problem getting a deal done through these investor-focused experts.


David.

 

[ekisielewski]

Hi Mark: Why don`t you call Tom Hogg from The Mortgage Centre at 905 949-4949. He is excellent and an investor himself. He will return your calls within mins. Interview him over the phone and decide what you think.
Good Luck!
Elisabet

 

[DeniseHamilton]

Contact Brian Gentles of Canada Mortgage Direct in Calgary (521-6366). He is amazing to work with and to provide prompt service. Tell him that Denise Hamilton recommended him.

Denise



QUOTE (MarkW @ Oct 12 2007, 12:09 PM) Hello,

I am a new investor without any contacts to any real estate bankers. I feel that my personal mortgage salesman at my bank will not be able to offer the financing I need for upcoming real estate transactions. Specifically, he will not recognize more than 50% of rental income in the qualification process for mortgages. Is this typical?

Does anyone know of any banks or mortgage brokers that work with real estate investors in the Edmonton area? I would appreciate meeting with someone who has investment experience themselves and is more flexible in extending mortgages to investors.

Any information helps. Thanks.

 

[RobMacdonald]

Hi Mark,

Be very particular in your search for a mortgage broker. I echo the comments that your broker does not need to be from the same city, or same province for that matter. Some companies will be licensed in both provinces and will be familiar with the disclosure requirments under the appliclable jurisdiction.

Make sure that the broker you are dealing with understands the particular needs of a REIN member. We have seen too many instances where a mortgage broker is focused on the single transaction at hand. The client ends up getting the financing they asked for, but will now have even more difficulty qualifying for the 2nd, 3rd, 4th purchases. Any broker or banker that you deal with should be concerned about your long term goals are, and be able to explain what the effects of negative cash flow will do to your ability to qualify for a mortgage.

As far as your lender only willing to use 50% of the rental income for servcing, that is a very conservative policy and there are many lenders that will offset 70%, 80% or even 100% of the rental expenses against income.

Rob Macdonald
General Manager
Peter Kinch Canadian Mortgage Team
866-988-8326

 

[Frank]

Hello Mark,

I have obtained financing from Brian Gentles who is VP of Canada Mortgage Direct on my last 8 properties. He is a fantastic resource and fights to get me the best deal possible based on my requirements. His number is 403-216-8302 and email is [email protected]. Let him know Frank Peresta sent you and that you are a Rein member.


Good luck...he has helped me with several Edmonton properties even though his office is in Calgary.

Cheers,
Frank

 

[Itsik]

Hi All,

I`m a new member as well,and i came across this post and was wondering if the contacts above were still "active" and if you had any other referrals please.
MarkW, given the fact this thread is 2 years old,were you able to contact these persons and to invest in rental properties?
Are you now a REIN memeber?
I`m debating to become a REIN member as well,the only reason is i might have to leave Toronto for Montreal,but i have not seen a lot/any investors from Montreal yet.
Thanks a lot to all of you for your help,

Itsik

 

[DOZAH]

Hi Itsik,

ma kore?

You can get in touch with Emil Joseph he`s an investment financing specialist at Northwood Mortgage.
416-988-6938.

Good Luck.






QUOTE (Itsik @ Mar 5 2009, 08:18 PM) Hi All,

I`m a new member as well,and i came across this post and was wondering if the contacts above were still "active" and if you had any other referrals please.
MarkW, given the fact this thread is 2 years old,were you able to contact these persons and to invest in rental properties?
Are you now a REIN memeber?
I`m debating to become a REIN member as well,the only reason is i might have to leave Toronto for Montreal,but i have not seen a lot/any investors from Montreal yet.
Thanks a lot to all of you for your help,

Itsik

 

[ekisielewski]

QUOTE (Itsik @ Mar 5 2009, 07:18 PM) Hi All,

I`m a new member as well,and i came across this post and was wondering if the contacts above were still "active" and if you had any other referrals please.
MarkW, given the fact this thread is 2 years old,were you able to contact these persons and to invest in rental properties?
Are you now a REIN memeber?
I`m debating to become a REIN member as well,the only reason is i might have to leave Toronto for Montreal,but i have not seen a lot/any investors from Montreal yet.
Thanks a lot to all of you for your help,

Itsik

Hi: Tom Hogg information is still current. He is with The Mortgage Centre in Mississauga. He will give you info within minutes. You can tell him I gave his contact information 905 949-4949
Elisabet Kisielewski

 

[invst4profit]

You will need to do specialized research on Quebec. My understanding is it may be even more restrictive for investors than Ontario.
I can not say for a fact but this may be why so few investors on here from Quebec.
Others may be more helpful.

 

[Itsik]

A kol beseder Dozah

Thank you for the contacts all!!

Montreal is one option,Ottawa is another one i like a lot and already considered.