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Mortgage Broker News | 27 Feb 2015, 11:37 AM Agree 0
While the industry continues to chime in about the interest rate cut and its impact on all sorts of homebuyers, investor clients are finding themselves left out in the cold by the banks.
  • Alain Payette | 27 Feb 2015, 12:21 PM Agree 0
    Must also know that after around 12 doors that are financed with the credit unions they will send you to their commercial dpt.Some fees and revisions yearly will start.
  • Mike | 27 Feb 2015, 12:38 PM Agree 0
    "Put their name on the mortgage and stay off the title to avoid complicating the deal,” advised Wennerstrom. “Draw up a joint-venture agreement between the two of you and register it against the title of the property after closing via your lawyer.”

    Looks like fraud to me. Sounds like a straw borrower. Did you disclose this to the bank? I think perhaps Mortgage Broker News might not write articles advocating the use of fraud. We are trying to clean up the industry. Perhaps Cindy might try declaring all her income, not capitalizing repairs that should be capital improvements and her properties may debt service properly. Unless of course she is too highly leveraged then I think the banks have a reason to be cautious. Look back in history. In the 80's and 90's investor owners struggled alot. People don't remember the bad times because we have had so many years of increases in value.
  • Mortgage Delivery Guy | 27 Feb 2015, 02:06 PM Agree 0
    There is nothing wrong with Joint Ventures in principle. In fact it is quite common among real estate investors.
    Appropriate disclosure to lender & mutually agreed upon JV terms is the key to prudent real estate investment.
  • Bob | 01 Mar 2015, 12:41 PM Agree 0
    All of the above, or pay down your principal mortgage with the cash flow and setup a Non Arms length mortgage on that and pay the interest to yourself.
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