- Joined
- Sep 20, 2007
- Messages
- 76
I just wanted to share a personal story here and give kudos to my mortgage broker who was very patient and persistent with me throughout the entire time on this deal. I removed conditions on a suited single family home back in mid- May, with a closing date of August 1st. As I have done this many times before, I assumed (incorrectly so), that this time would be no different, and that 2.5 months would be plenty of time to obtain satisfactory financing. Boy was I wrong! With a non-refundable $10,000 deposit in the deal, not to mention my reputation as an investor, I had plenty of motivation to complete the deal. After working our way through the list of A lenders, and then B lenders, I was probably turned down 15 times or so. One can imagine how much work this was for my broker, filling out lender spreadsheets, sending out emails, making phone calls, etc. On top of that, I was calling him daily and adding to his anxiety and workload!
Finally, at the 11th hour (the week before closing), he was able to pull together a complex deal consisting of a first/ second mortgage combination. Yes, we are paying a slightly higher rate, but the deal STILL cash flows nicely. Without Jason's persistence and creativity this deal would not have happened, and I would be out the $10,000, never mind not having a new cash flowing addition to our rental portfolio. At the end of the day, with all of the hours that he put into this deal I'm sure that I owe him money as the commission from the lender won't even come close to covering his time and effort.
Jason Roy is with the Mortgage Group, and is based out of Edmonton. His email is [email protected], and his phone # is 780-463-4713. I would sincerely recommend his services to anyone who is looking to build a portfolio of rental properties and who wants sound lending advice and options.
Finally, at the 11th hour (the week before closing), he was able to pull together a complex deal consisting of a first/ second mortgage combination. Yes, we are paying a slightly higher rate, but the deal STILL cash flows nicely. Without Jason's persistence and creativity this deal would not have happened, and I would be out the $10,000, never mind not having a new cash flowing addition to our rental portfolio. At the end of the day, with all of the hours that he put into this deal I'm sure that I owe him money as the commission from the lender won't even come close to covering his time and effort.
Jason Roy is with the Mortgage Group, and is based out of Edmonton. His email is [email protected], and his phone # is 780-463-4713. I would sincerely recommend his services to anyone who is looking to build a portfolio of rental properties and who wants sound lending advice and options.
