First Mortgage - August 27th
Client had an investment property opportunity and required a first mortgage for a fast closing.
Due to the low LTV of the property, high credit borrowers with a good exit strategy, we were able to provide them with a commitment within 24 hours and fund the deal within 3 business days.
Second Mortgage - September 4th
Clients had ammassed a considerable amount of high interest debt through credit cards and personal judgements. With plenty of equity in their property, we recommended that they take a second mortgage on the property to consolidate their debt.
We provided them with enough of a second mortgage to cover the debts with one large payment at a lower interest rate, allowing them to start building up their credit and regain their financial stability!
Construction Loan - September 9th
High net worth, high credit client with a history of purchasing properties for renovation and sale approached us with an opportunity to fund the construction loan of his next project.
Client was willing to put up collateral properties to reduce our LTV and risk and we were happy to help them do what they do best.
Even with a large loan amount, we were able to provide a commitment within 48 hours!
Bridge Financing - September 15th
Clients recently reached out to us to inform me they are moving from Hamilton to the Nippising area and while they will not need a mortgage, they do require a bridge to close their recent purchase.
Since the risk was very low, we were able to secure a bridge financing loan which was completely open and had no penalty for a very low fee and a small lender fee!
First Mortgage - September 20th
Clients with self stated income can have a hard time securing traditional financing from a bank or even a B lender.
Luckily, at Stonefield Capital we always are looking for creative solutions and alternative ways we can advance financing to the client.
Due to the clients high credit score and high net worth, we agreed to add a cross collateral charge on a different property to mitigate our risk and offer 70% LTV on a new purchase.
First Mortgage - September 22nd
A client approached us with a unique situation. They were inheriting a property from their grandfather in northern Ontario.
The exit strategy was to sell the property, but in order for the title to be transferred to the client, they had to pay off som existing debt.
We were able to offer a fully open, interest only loan with enough to cover all of the legal fees, estate fees, debt consolidation to allow the client to pay everything off and retain a small float while the property was being sold.