Posted by The Donald on June 23, 2000 at 04:23:32:
Nothing doing here - still on the lookout for a good source.
money needs and discount mortgages! - Posted by timv
Posted by timv on February 19, 2000 at 10:55:36:
A good day to you all.
I am arranging a deal with a seller (only slightly motivated but willing to deal) with owner financing-25% financing in 2nd posistion. If I buy, I beleive the payments will be to high to rent. The thing to do is sell/flip? Can I advertise before I close? I need to borrow money to own it even if I only own it for a half hour on the closing day, correct? Traditional lenders will not touch anything I do because of past. Where can I find “hard money lenders” in southern Ontario?
If I were to get the owner to give me 100% loan to value ($90000) and sold the note to a discount mortgage broker, what discount would be likely? Where do I find discount mortagage buyers?
Please-Help!! I’ve got the deals to buy and understand what needs to be done but don’t understand/know the mechanics of doing it.
Thank-you for any input and advice.
Tim in Ontario.
Re: money needs and discount mortgages! - Posted by The Donald
Posted by The Donald on June 22, 2000 at 24:48:36:
Any luck finding a hard money man in Ontario - GTA:)?
Re: money needs and discount mortgages! - Posted by Mark-NC
Posted by Mark-NC on February 19, 2000 at 19:03:24:
Tim,
I would find a Note buyer that can deal in canada… In the US there are some great programs and I myself am a Note Broker…the problem is Most of the good sources I use do not buy notes in Canada… So If I were you I would Find out who the Note players are in Canada, find out what there criteria is and structure your deals to fit them for the best buy rate on the Note.
Mark
Re: money needs and discount mortgages! - Posted by Freddie w/ Horizon
Posted by Freddie w/ Horizon on February 19, 2000 at 12:02:36:
WEll to answer your questions, first yes u can advertise to sell it even if you odnt own it. And I myself am a note buyer so the discount will depend on the credit score and interest rate of the mortgage, and appraised value and in regards to it being a mortgage for 100%, well that can not be bought without no money being put down. If you have any questions please let me know. Good Luck !!!
Re: money needs and discount mortgages! - Posted by Tim
Posted by Tim on June 23, 2000 at 24:16:46:
No not really. Scotia has a branch not much mentioned that does “high risk/ratio” and will forgo chmc. MCAP corporation (on the net) is a little looser with their coin. Found one local man that but he will only do 80% and only if he likes the house and borrower. And you?
Re: money needs and discount mortgages! - Posted by The Donald
Posted by The Donald on June 22, 2000 at 24:48:02:
Are you based in CANADA: Ontario - GTA :)? If so, what is your criteria for hard money loans?
Re: money needs and discount mortgages!-Thanks and also… - Posted by Tim
Posted by Tim on February 20, 2000 at 12:33:28:
Everything you stated makes sense except that credit score. Is the score based on me, the new buyer, or the mortgage itself? Can you give me an idea on how it is calculated?
Thank-you very much.
Tim