It’s a story of a tough-to-fund property type and a strange lender/buyer dynamic that somehow resulted in one industry veteran’s most rewarding file.
“I was referred by a lawyer to an industrial building for sale that the buyer wanted to convert into a church; it was a $5 million property and the buyer had a low down payment,” Dale Bilton
, a broker with Dominion Lending Centres
, told MortgageBrokerNews.ca. “I got together with the pastor and the financial planner for a two-and-a-half hour meeting, and the financials just didn’t work.
“They said they’d pray for me to do the deal.”
Bilton said he believed there was a 0% chance he could get the deal done.
“I went to more lenders than I normally would, and the last lender I approached was an atheist who swears more than a drunken sailor,” Bilton said. “He wanted to take a look.”
The private lender, Bilton, and the pastor met for dinner – a dinner Bilton said he had to properly groom the lender for because he “likes to drink.”
The pastor had $200,000 to put down on the multi-million dollar property.
And when it seemed like the deal would never happen, a $1 million donation came in that helped save the deal.
“That was my most rewarding deal that never should have happened; it was a mircale,” Bilton said. “I do a lot of church deals and I always tell clients that story when I’m working with tough files.”
Do you have a unique, quirky, or just overall great brokering story? Email MortgageBrokerNews to be featured.
As all brokers know, each file is different. Some are especially rewarding, and this “miracle” deal is one for the ages.