Abode coming back, finders' fees top priority
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25/01/2010 8:00:00 AM
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With many rumours circulating regarding the future of Abode Mortgage Corporation, the prime lender that shut down its mortgage business back in Nov. 2009, CMP was able to speak frankly with David Nelson, CEO and Chairman of the Board, to attempt to clarify a few of them.
Not only will Abode continue to function as a lender in the broker channel, he said, but one of the key bargaining points was paying any outstanding fees to brokers.
"We plan to reactivate all brokers," said Nelson. "Paying outstanding finders' fees was very important to us when negotiating with the new purchaser."
He added that the company has been negotiating for the past two months with the purchaser and it has "finally reached a point where [it is] going to be able to talk about it soon."
He said talks were going well with two large supporters, CMHC and Deutsche Bank, and that Abode will be back within a few weeks with even more product offerings as before.
However, Nelson remained tight-lipped on the identity of the new purchaser, as well as some rumours that it was a Toronto-based company. He did however say that it was a "well established" Canadian-based finance company.
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Latest Comments
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7
comment(s)
Christopher on
26 Jan 2010 11:49 AM
That is great news espically for the people who are owed outstanding Finders Fees. I have to admit Abode was a common sense lender which is sadly needed in todays markets.
Kathleen on
26 Jan 2010 01:14 PM
all the $ Abode owes me, then I'll "consider" whether to bother with their new incarnation!
Betty on
26 Jan 2010 02:06 PM
I am with Kathleen on this one.
Steven on
26 Jan 2010 02:44 PM
I'm just curious what kind of "communication" Abode made with it's brokers that were owed money. Were any of you told that they would eventually be paying, or were you completely shut out.
Personaly this is the first Ive heard of them wanting to pay me back.
Alex on
26 Jan 2010 03:39 PM
will have enough "sense" to pay those who give them any hope of success in the future. Good start, but I guess we'll just have to wait and see if they can really step it up in the eyes of Brokers.
vittorio oliverio on
27 Jan 2010 09:52 AM
While I am glad that they are going to pay any outstanding commission. but that is not what is important to me. they helped one of my clients while others were not and I am very happy and made my client very happy. now he is back to normal and I already gotten paid by the amount of referral this client had given me. 20 to date in the last 3 months and everyone closed. so I already made more money than abode could have given me. thanks abode and I for one I am glad their back. I support them in the past and I am looking forward to support them in the future. glad to see you back abode.
John on
30 Jan 2010 02:02 PM
$$$$ to donuts it is TD bank or TD financial, if it is a bank as they are the only "common sense" bank in Canada.
Otherwise 1st National