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FLIP FINANCING IN ALBERTA

Jeremy20012

New Forum Member
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Sep 10, 2020
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3
Hi there, looking to hear from someone who has dealt with Calvert Home Mortgage for the financing of their flips. How smooth was the process? Were they easy to work with? Would you recommend them?

Thanks
 

Michel Lafleur

Frequent Forum Member
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Apr 30, 2015
Messages
205
I am familiar with Calvert's short term financing.
They way they analyze deals can make them seem tough; If margins are tight, they will not fund the deals. If they approve the financing, there's a good chance that there is money to be made on the deal.
Expect 10-12% interest plus 2% setup fees up front. Only real advantage of Calvert over other private lenders is that they have a flip product that only needs $10k down (theoretically leaving more cash in hand to fund your renovations).
There are better lenders/better terms/better rates around, but they typically want 20% down (instead of the $10k.)
PM me if you'd like to chat, or a referral to a mortgage broker who uses comparable lenders
 

Matt Crowley

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REIN Member
Joined
Dec 14, 2013
Messages
980
Wow that is risky, expensive money. Hitting a 12% in today's market would be an excellent return. That money is too expensive to make a margin right now.

Max the LOC if needed or find more equity.
 
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