CASE STUDY: A Church and a Vendor Mortgage

Recently we were approached by a church (not for profit organization) that purchased a small commercial property but at the time did not have the financial history to approve for a conventional commercial mortgage. As a result, they gave their down payment to the vendor and the vendor agreed to give them a mortgage at a slightly higher interest for three years. They felt at the time that leasing space would be more expensive than owning space and making a mortgage payment so they completed their transaction with the vendor. They now have approached us through their commercial real estate agent looking to payout the mortgage provided by the Vendor given the current interest rate environment. With their financial statements up to date we will be working to get them a new mortgage at lower interest rates and help them own their space at a lesser cost than what they have paid previously. Their financial statements prove that they have made the payments historically at a higher interest rate which helps a bank feel comfortable that at a lower interest rate they would be able to make the new mortgage payments easily. If you would like us to provide you with some options, please email dylan@bridgecap.ca or visit www.bridgecap.ca/dylan

Too much information

It appears that more and more people are looking to have someone work for them to help them understand their options. Both residential and commercial borrowers are trying to learn more about the various banks and lenders available and the difference between each of them. Like most businesses, banks and lenders have a certain type of client that they want to work with and trying to figure that out can be frustrating and time consuming. As a mortgage broker, we are constantly talking to banks, lenders and clients to shed light on how to put a deal together. A good mortgage broker will save you time and money so that you don’t need to do the shopping yourself. Whether you are purchasing a property, refinancing existing debts or are looking for other types or loans – we would welcome the opportunity to help. Email dylan@bridgecap.ca with any questions or concerns that you might have or visit www.bridgecap.ca/dylan.