Interprovincial Loans

[Sam1]

Hi Everyone,

I have run into a road block with the banks
and was wondering if anyone had any solutions.

I recently wanted to get a loan from the bank for a overseas
business deal with my brother in law to co-sign for me.

The bank told me there are laws against having a "interprovincial"
co-signer. Even though we both deal with the same bank. I called
another bank and they told me the same thing.

Anyway around this, or are there any National lenders that you know of?

Thanks for your help.

Sam.

 

[Thomas Beyer]

Why not propose a personal guarantee ?

You sign the mortgage, and the 2nd person signs a personal guarantee !

 

[Sam1]

QUOTE (thomasbeyer2000 @ Jan 27 2008, 05:11 PM) Why not propose a personal guarantee ?

You sign the mortgage, and the 2nd person signs a personal guarantee !

Yeah, I thought about that. I found out that because he is located in
Toronto, I would have to make the application in Toronto, not Edmonton,
where I live. Interesting...

 

[MikeMcCrae]

You are buying property in another country? The banks have no way to reposess in another country so you will need to just get a personal loan if you are borrowing from here. If you are buying property in another country check out their mortgage rules.