Particulars Property: A mixed use property under construction in Vancouver, BC. Value: $5,750,000 (when 100% complete), confirmed by approved appraiser.
Mortgage Request: $200,000 3rd mortgage.
Notable Details : There is a 1st mortgage of $3,000,000 and a syndicate 2nd mortgage of $1,000,000. The appraisal confirms that construction is 95% complete, and cost summary left to complete was $148,000.
BC Private Mortgages registered a 3rd mortgage charge of $200,000.
Normally, our minimum mortgage amount is $50,000. However, in this case we made an exception and did a $35,000 2nd mortgage to allow the clients to payback the parents who lent them part of there down payment. The property was a pre-sale and CMHC insured initially ... just after closing the property was appraised and went up enough allowing the 2nd mortgage up to 80% loan to value, allowing the clients repaid there parents.
Particulars Property: A two bedroom condo in Richmond. BC Assessment Value: $850,000 (confirmed by approved appraiser.)
Mortgage Request: $635,000 1st mortgage
Notable Details: Existing 1st mortgage with bank is in foreclosure. • Clients have a tarnished credit history. • Property taxes are in arrears. • Client was self employed got injured and could work to pay the bills and old mortgage. He recovered and went for a salaried position but damage was done and banks wouldn't touch him. BC Private Mortgages registered a new 1st mortgage for $635,000. • BC Private Mortgages paid outstanding property taxes and strata fees from proceeds.