Trying to find a 2nd mortgage...

Private Lending & Conventional Mortgage Advice
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Trying to find a 2nd mortgage...

Matt H
Member since 2008 · 452 posts · 18 votes

Currently looking for a second mortgage for a 28 unit apartment building.

Would like to find $100k for 2 years, paying monthly interest only payments with a balloon payment at the end at 10%.

The total purchase is for $820k.
First is for $620k
Second needed is: $100k

Total financing of 88%

If you might be able to do $50 or $100k on these terms then pm or email me.

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  • Scott Miller
    Real Estate Lender · Member since 2008 · 642 posts · 13 votes
    19y

    Are you trying to purchase the property or get some cash out?

    In either event, why not entertain a 90 LTV commercial loan instead of seeking a 2nd?

    Regards,

    Scott Miller

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  • Matt H
    OP
    Member since 2008 · 452 posts · 18 votes
    19y

    Well in the US it's totally different but up here in Canada what happens is if you want high ratio lending it's tricky. The only two ways to really do it is a 85% CMHC insured first, a seller 5% second and 10% down. Or you can go conventional 75% first and then whatever the seller will carry as the second. There's not many I know of up here that do really high firsts and also allow just anything as the second.

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  • Scott Miller
    Real Estate Lender · Member since 2008 · 642 posts · 13 votes
    19y

    I don't know of any canadian brokers/lenders that post on this site.

    Regards,

    Scott Miller

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  • Susan Gozali
    Residential Lender · Member since 2008 · 21 posts · 0 votes
    19y

    Hey r2,

    I am a mortgage broker in Vancouver BC. Please email me (please visit my website for my email) with your contact info, and I'll definitely try to help you out.

    Looking forward to talking to you!

    -Susan Gozali-

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  • Account Closed
    Real Estate Investor · London · Member since 2008 · 3k+ posts · 74 votes
    19y

    Susan,

    I see that you are new.

    Can you tell us a bit more about what you can offer in Canada? Maybe an easier question is what is your normal deal or typical customer profile? While mortgage brokers can cover a wide range many become experts in a certain segment of the broader market.

    Thanks in advance.

    John Corey

    PS. I am not looking for Canadian financing. I am just asking that you explain a bit more about your services and how the Canadian market works. Most folks down south will not have a deep understanding of your market.

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  • Susan Gozali
    Residential Lender · Member since 2008 · 21 posts · 0 votes
    19y

    Hi John,

    Basically, I can take care of anything you would need to take care of with the banks. However, I've built my expertise dealing with mostly first time home buyers, self-employed borrowers, and foreign investors. I work with 90 lending institutions, which enables me to offer the most competitive mortgage terms there is.

    You are welcome to ask me any questions you may have about financing in Canada.

    Nice knowing you!

    -Susan Gozali-

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  • Account Closed
    Real Estate Investor · London · Member since 2008 · 3k+ posts · 74 votes
    19y

    Susan,

    I picked up your email address from your website. I will send you an email.

    I am not familiar with Canadian regulation for the provinces. Are you able to offer mortgage across Canada? In the US mortgage brokering is licensed at the state level.

    John Corey

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