QUOTE (MikeMcCrae @ Jun 12 2009, 03:10 PM) Please report the mortgage broker to the provincial authorities. It is that kind of activity that is causing a lot of lenders to look at their policy in the way they deal with brokers. Brokers and competition cause low rates and that is good for us all...

QUOTE (RobMacdonald @ Jun 12 2009, 10:55 AM) Even on a new property most banks will not require a lease. With most lenders, they will rely on the statement of economic rent from the appraiser. If you happen to be getting a really high rental rate for your unit, the bank really wants to know what...

QUOTE (rforgiel @ Jun 12 2009, 06:31 AM) I am a little confused. It is still just a lot but will be completed in 6 months (Dec 2009). Yes its just a VACANT LAND right now construction to begin soon and expected completion dec 2009 I`ll update you guys with the new broker Thanks

QUOTE (manojsingh @ Jun 10 2009, 01:10 AM) Kevin Boughen (416) 509-4047 )is best suitable for your need. Highly recomended. Thanks Thanks I`ll get in touch with him this monday

QUOTE (JulieHoffman @ Jun 9 2009, 10:35 PM) P.S. A Dummy lease sounds kinda "grey" to me. I doubt a bank is going to like anything called "Dummy". Thanks Julie. We are looking around for built stuff.....too, just want to keep in orangeville let`s see further ...."Dummy lease" was brokers...

QUOTE (GaryMcGowan @ Jun 9 2009, 09:55 PM) I know of Kevin who works in Orangville and is REIN member. Kevin Boughen, AMP (The Mortgage Centre) - Ph: (416) 509-4047 Toll Free: 1-866-585-0999 Thanks a lot I`ll get in touch with him..... very much apreciated.

QUOTE (GaryMcGowan @ Jun 9 2009, 06:28 PM) No question!!! RUN FROM THIS MORTGAGE BROKER even if it’s your brother. You need to operate your business in professional manner and always sign documents that are 100% true. It may cost you a few dollars. But I`d rather a few dollars than 1000`s and...

Thanks John, I know thats not legit and appreciate your reply .... Now my concern is still the same...Why would the Bank ask for a lease agreement when there`s nothing constructed... Thanks

Hi Well we are looking to buy this retail unit as few lenders have given us verbal quotes but for a written quote they want the Lease agreement signed by the tenant.. The unit is expected to ready by dec 2009..( nothing started yet...) How can sombody lease a unit showing a bare naked land...

QUOTE (NassirNathoo @ May 17 2009, 01:20 PM) Hello All, I have seen some posts from Brampton residents. I am wondering if there is any mastermind groups in the area so we can meet and discuss? Thanks Nassir Hi All, We are looking in north of Bramton ... Orangeville .....Whats the plan...

QUOTE (thomasbeyer2000 @ May 17 2009, 09:39 AM) 20% down is NOT common in commercial .. nor is 25% .. more like 35% or more these days .. again take it to a commercial lender or broker !!Thanks Thomas ...let`s see what quotes we get finally but in the meantime I`ll post what response we got by...

QUOTE (thomasbeyer2000 @ May 16 2009, 09:32 AM) Assume that you will get at best 50% loan-to-value mortgages without a personal guarantee, if at all. In Canada, most commercial mortgages over 50% LTV come with a full or at least partial personal guarantee !! in theory yes .. in practice: no ...

QUOTE (thomasbeyer2000 @ May 15 2009, 08:19 PM) yes, GST is payable. And usualyl it is not used to calculate the mortgage.And yes you have to register for the GST #, either as a person (NOT RECOMMENDED !!) or you have to incorporate which is the norm for commercial ! this is an average deal ...

Hi, Further I was talking to the Agent and found 5% gst would be payable/ added .... also he said if you have a GST No: it would cancel out ( I guess he said it would just be a paper work) ... Now in case we don`t incorporate and don`t have a GST No. How do we deal with this. I know when we...

QUOTE (thomasbeyer2000 @ May 13 2009, 07:38 AM) 80% at 5% .. hardly for commercial. Let`s assume you get 70% at 6% AT BEST .. more likely less and higher interest rate .. does it make sense then ? But keep us updated here. Get a commitment in writing from a lender .. not a realtor`s opinion ...

QUOTE (thomasbeyer2000 @ May 12 2009, 10:26 PM) this deal MAY make sense IF you can get a 75% mortgage at 6% or better and if you know that vacancy and rent collection issues will be LOW or 0 ... will they be ? one commercial tenant goes bankrupt or doesn`t pay .. then what do you do ? do you...

QUOTE (thomasbeyer2000 @ May 12 2009, 06:13 PM) an OK deal .. but NOT good enough for a small town .. where the CAP rate shoudl be 10% at least for a small commercial .. and 18/230 in less than 10% ! The yield (i.e. CAP rate) of the asset must exceed the mortgage interest rate by at least 2%...

Hi All, I`m new to this forum so let me introduce myself ... I find lot of Experienced people here and look forward for your insight I`m in late 30`s Married / kids/ Decent job . and no debt( I mean credit cards... ). Family income 105k + 20k(part time optional ...if things go out of...