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Mortgage Broker News | 30 Oct 2015, 08:15 AM Agree 0
Broker clients are being forced to jump through unnecessary hoops for new-build financing, according to one industry professional
  • len lane | 30 Oct 2015, 11:04 AM Agree 0
    There is no question that they require a special skill set. Having 15 yrs in the building industry before mortgages does help. The trick is...to send them to us :) We'll gladly take them off your hands.
  • Andy MacDonald | 30 Oct 2015, 11:57 AM Agree 0
    Like everything in our business, you just need to be dealing with the right lenders and make sure you manage your clients expectations.
  • John Meredith CITYCAN | 30 Oct 2015, 12:36 PM Agree 0
    The problem with builder loans is lack of knowledge by agents.Twenty five percent or more cash equity needed and quality contractors or builders. Higher rates and fees required . Building single large homes on spec is not reccomended. Have done 8 million this month on this type of deals with more pending.
  • Jacqueline Hilchuk | 30 Oct 2015, 01:03 PM Agree 0
    The construction loan is the riskiest loan to borrow or lend. It's specialized lending. And I believe a background in construction is essential.
  • P.r. | 31 Oct 2015, 04:03 PM Agree 0
    Joke: a man walks into a bar. Now why would you build a house not knowing how to do it; anyone can paint : but can anyone finish drywall ? Contractors simply hire out - and take a huge premium, for what? Pay for ticketed trades is a must; electrical pipe fitting - AND drywall finishing - paying for an opinion is not. Put your money in the right place and if your mortgage advisor is limited in their scope (construction sense. Either they have 10+ years in construction or they are just SPECULATING) then make the appropriate choice. This is not a 'rate' war this is an open market - Canada, Alberta.
  • P.r. | 31 Oct 2015, 04:04 PM Agree 0
    A man walks into a bar. Blame the bar.
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