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Mortgage Broker News | 15 Jun 2015, 09:00 AM Agree 0
As a broker, you live and die on the deals that you can strike with a lender – but what if you turned that dynamic around, and took on the role of the lender?
  • Keith | 15 Jun 2015, 10:53 AM Agree 0
    This is a very misleading article.
    1) To be a private lender pulling money in from family and friends falls under the Securities Commission. Failing to do so is fraudulent and I cannot believe MBN would fail to mention this in light of recently reported cases of fraud. The Federal and provincial governments have been putting new rules in place to prevent just anyone from becoming a private lender of other peoples money. It it is all your own money have at it. If it is other peoples money think again!
    2) Affirm Financial offers interest rates that are double that of the highest rate(8-15.5%) offered by most private lenders. As stated on Affirms website their rates are 29.9-39.9%. With those rates they are higher than most credit cards and do very little to help the consumer. That is a profits before people business not a people before profits.
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