This morning I spoke with a small real estate developer who has a problem. He is knee deep into a great project that won't break ground until the spring and he is short on cash. The bank won't lend him money because he hasn't reported income in two years. His income comes in fits and starts, like a flood when he is harvesting a project, but in the farming stages, there's no income.
He has considerable equity on the land he owns and on his principle residence. He was really confused and he didn't know what to do. He thought maybe he needed to get his construction financing in order quickly. I helped him to realize that it was premature to get the construction financing in place, and it wouldn't help solve his immediate problem anyways, which was cash flow.
What he needed was a small second mortgage on one of his properties to relieve his cash flow problem, stay current with his day to day obligations, and give him the winter to organize his construction and long term financing plans.
He was grateful.
Some days we get so busy searching for loans opportunities and negotiating deals we forget, its not just about the money. It's really about the people who need the money.
When you're in dire circumstances, a mortgage broker can make or break you. Give a guy bad advice when he's in a pinch and you'll sink him. Give him good advice, and before you know it, he's back on track.
Mortgage brokers should do more than just broker loans. A good one will help you come up with a strategy to get you the cash you need, when you need it, at the right price.
For mortgage solutions, call me.
Verico Safebridge Mortgage Solutions
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416 876 2031
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