A Toronto Real Estate Investor Suddenly Finds Himself Richer Than He Thought
Toronto, Ontario – June 24, 2021 – Chad, a new real estate investor in Toronto, didn’t know his situation is a blessing in disguise. He thought he had to decide whether to forfeit his down payment deposit, assign the property at a discounted price, or borrow money from a private lender at a hefty price. When the pandemic hit hard on his business in Toronto, he found it difficult to get any financing from banks to close on his preconstruction property. That is when a mortgage broker in Toronto saved him from losing his down payment money, $88,000. Chad is now blessed with a rental, and his down payment money back through a 100% mortgage financing.
A Blessing In Disguise
Lose all of my personal savings? Or lose some of them? That was the predicament Chad had when he found out that his business statements were not good enough for the banks. He could not get financing, no matter which branches he visited personally. The experience that Chad went through was not uncommon with other real estate investors who had paid deposit money on preconstruction projects that were rolling out at unprecedented rate in 2020.
Investing in preconstruction projects has the potential to make money and risk losing money too. This is the case with any investment and Chad is aware of these risks when signing the purchase contract. He had not anticipated that his business would be hit this hard.
His best friend recommended him to speak with a mortgage broker for an alternative solution.
“It was really my last-ditch effort before I give up and declare that I’m going to lose some of my money by selling it at a discount,” Frank said. “But to my surprise, it’s actually a blessing in disguise! I should have done this first.”
100% Financing Of The Purchase Price
Every bank offers a different variety of mortgage solutions in order to compete with the other banks. They are for-profit organizations at the end of the day. Knowing about these various solutions helps to choose the right one to solve a problem that real estate investors like Chad went through.
Chad was not expecting much hope from Jermaine because he felt that he had tried everything possible to get financing from banks. But he gave Jermaine a call because his best friend had recommended Jermaine to him.
Jermaine pointed out that because Chad bought the preconstruction property some time ago and the property value has increased significantly by now, he can apply for a 100% financing from a Schedule I bank.
Chad simply could not believe what he heard. For him to get a “100% preconstruction financing of the purchase price” sounds too good to be true. Except, this is in fact true and is available to local residents who buy preconstruction properties in Ontario.
Frank had no problem closing with this bank with 100% financing because there is enough equity in the property.
Jermaine collected the right documents and information from Chad, and submitted the application. Chad was approved, and got his funding in 48 hours after the closing day.
“If you want the best. If you want someone who gives you, no BS, nothing but actionable tips, actionable steps, and real opportunity at success. You just have to look for Jermaine Hinds,” said Chad elated. “He turned my ship around and saved it from crashing to the rocks.”
100% Financing Makes Money Works Harder
With this 100% financing, Chad was able to get his down payment money back on the closing day. He has invested that money in another preconstruction project by now.
Without the 100% financing, Chad would not be able to close on the property. It had saved him from losing his down payment money.
There is one more benefit that is easily missed by most investors. With this 100% financing, investors do not have to refinance to get the down payment money out. Therefore, instead of closing then refinance (twice closing costs), investors are able to get their down payment out of the property in one transaction on the closing day (one closing cost).
Jermaine made sure to disclose the pros and cons, and associated costs, of this specialized product so there is no hidden cost waiting to surprise Chad on his closing day.
About Jermaine Hinds, Mortgage Broker:
Mr. Jermaine Hinds is a mortgage broker in Toronto with years of experience in the industry. His insight comes from his many years as a broker and lender, which gives him a broad network that offers clients more than 100 different lending partners who are ready to offer various mortgage solutions, including home equity loans, bridge loans, and other specialized mortgages products. Mr. Hinds has two children and one loving wife who he spends most of his time with when not working or spending time at the gym!His mortgage license is powered by Matrix Mortgage Global (Brokerage Lic. #11108).
About Matrix Mortgage Global:
Matrix Mortgage Global is a Toronto mortgage brokerage that has been awarded 4X Broker Of The Year in 2018, 2019, 2020, and 2021. The company is led by the Chief Executive Officer, Mr. Shawn Allen who smashed the $380m mark in mortgage origination amount during the Great Financial Crisis. Mr. Allen is an international speaker and masterclass host for mortgage brokers in Canada and Australia. Matrix Mortgage Global head office is located at 100 Consilium Pl Suite 200, Scarborough ON M1H 3E3 Canada.
Those who would like more information about this topic, please contact Jermaine Hinds at (647) 998-2767 or [email protected]
Media Contact
Company Name: Jermaine Hinds Mortgage Broker
Contact Person: Jermaine Hinds
Email: Send Email
Phone: (647) 277-9487
Address:100 Consilium Pl Suite 203
City: Scarborough
State: Ontario
Country: Canada
Website: https://hindsmortgages.ca/jermaine-hinds-mortgage-broker/services/preconstruction-financing/
