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August 25, 2019
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Mortgages Private Mortgages - Lenders\Investors > Real Case Studies of Completed Private Mortgage Transactions

 

Real Case Studies of Completed Private Mortgage Transactions

Case 1
I recently did a first mortgage deal in the Lanark area. The borrower’s house was valued at $120,000.00 and she needed a mortgage amount of $60,000.00. She was on a fixed income and did not meet bank ratios. She also had minor problems with her credit report due to a separation. I verified with the current mortgage holder that all payments over the last five years were made on time and in full. Even with a loan to value of 50% the bank would not fund this deal. I placed this deal with a private mortgage lender\investor at a rate of 9%.

Case 2
I recently did a second mortgage deal in the Carleton Place area. The borrowers house was valued at $168,000.00 and there was a Royal Bank first mortgage in place for $115,000.00. The borrowers had credit card and high interest loan debt totaling $16,000.00 at rates between 14% and 19%. I consolidated this debt into a second mortgage at a rate of 13%. After completion the total loan to property value was only 78%.

Case 3
I recently did a second mortgage deal in the Smiths Falls area. The borrowers had good income and stable job history but had minor problems on their credit report do to temporary support of an adult child who was out of work with children to support. The borrowers wanted to sell their house and move into a condo. They needed $15,000.00 to conduct home renovations to place their house in a sellable condition. There was a  first mortgage in place for $78,000.00. House value before renovations was $104,000.00. Because this was a short-term second mortgage and total loan to property value (before renovations) was 89%, the private mortgage lender\investor received a return of 17%. The private mortgage lender\investor’s solicitor disbursed the mortgage funds directly to contractors to assure the renovations were performed. After the renovations were completed the house was valued at $121,000.00. The total loan to property value was now 77%, but the investor was still receiving a return of 17%. The house sold almost immediately after the renovations were performed. The mortgage lender\investor received payment in full and a three-month interest prepayment penalty form the borrower. With the penalty factored in, the mortgage lender\investor received a total return of 21%.

In addition to the above, I have many interesting case studies I can discuss with prospective private mortgage lenders\investors. I can also provide a list of experienced private mortgage lenders\investors who I deal with on a regular basis to answer any questions or concerns.

Agent # M08008232
Verico Best Interest Mortgages Inc. #10272

 

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