Good Afternoon
I have a new website in the works as of today. It will be located at www.brycecoates.com. It will contain mortgage information, rate updates, industry articles, and links that I consider pertinent to my business or the industry in general as follows:
http://www.genworth.ca/ - Genworth Financial – provider of mortgage default insurance for loans above 80% loan to value
http://www.aigug.ca/home.html - AIG United Guaranty - provider of mortgage default insurance for loans above 80% loan to value
http://www.statcan.ca/ - Statistics Canada provides economic, social and census data.
http://www.ic.gc.ca/epic/site/ic1.nsf/en/home - Business and consumer information and statistics from Industry Canada
www.brycecoates.blogspot.com - my personal blog
- Bryce Coates
Monday, November 17, 2008
Sunday, November 9, 2008
October Private Funding
With the market in it's dilapidated state, many institutional lenders are cutting back or completely pulling out of deals that were a 'slam dunk' as recent as 6 months ago - even on deals that they have already committed to but not funded. This was the situation that one of my sub-agents found himself in early last month. An institutional 'B' lender committed to a deal verbally at 85% - but a week later only issued a commitment to 75% leaving his client short over 40k with one week to close. This was a shock since the client had a near perfect credit history/score and fit well within the lenders published guidelines; and since the property was a new build - this could not have been the reason for the cutback.
After my agent hit his head against the wall for a few days - his time was running out and he gave me a call. I called a private lender and he verbally committed on the phone and issued a commitment the following business day. To make matters worse on this deal, the client had a sick parent and was all but absentee coming up to close. This deal was closed on my agents affirmation that his clients income/job was solid, the purchase and sale agreement, the initial application, and an appraisal - income docs were waived. Even the standard inspection was waived on a 'makes sense' basis.
Sources like this, whom conduct themselves in a true 'makes sense' basis, are few and far between. Feel free to contact me if you are a no-nonsense lender or a client that is looking for one. I can always use more of both.
- Bryce Coates
After my agent hit his head against the wall for a few days - his time was running out and he gave me a call. I called a private lender and he verbally committed on the phone and issued a commitment the following business day. To make matters worse on this deal, the client had a sick parent and was all but absentee coming up to close. This deal was closed on my agents affirmation that his clients income/job was solid, the purchase and sale agreement, the initial application, and an appraisal - income docs were waived. Even the standard inspection was waived on a 'makes sense' basis.
Sources like this, whom conduct themselves in a true 'makes sense' basis, are few and far between. Feel free to contact me if you are a no-nonsense lender or a client that is looking for one. I can always use more of both.
- Bryce Coates
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