67% LTV 3rd mortgage going behind very large 1st and 2nd totally $1,200,000.00

Request: Basic equity take out request for the purpose of generating capital for an undisclosed investment transaction. Leave the existing 1st and 2nd mortgage in place with big name bank and finance a 3rd mortgage private transaction.


  • Location of property was in a non-conforming area. Big valued homes in lending area where these big ticket items are not marketable causing very limited lender options
  • Subdivision was built by developer who went into receivership causing some marred results from lenders
  • Mortgage request not being directed but rather all going into clients pocket (over 150K)
  • Stated income to service large mortgage and consumer debt payments
  • No consumer debt to be paid off
  • Small 3rd mortgage request in relation to what was in front of this mortgage (going behind large mortgages limits lenders as lender would need to be able to take out the previous placed mortgages in the event of foreclosure)
  • Referring agent already shopped the application to 25 private lenders so file has been around the block and seen by all


  • DLC agent referred application to Plan B on a Monday and approval was sourced out by Plan B on that Friday
  • Referring DLC agent was working on file prior to Plan B for approx. 1 month shopping to 25 private lenders
  • Plan B commenced to communicate direct with the consumer as a member of the DLC agents team
  • Approval with only TWO lender conditions: appraisal and personal net worth statement
  • Consumer was approved for his ETO as requested without being directed by lawyers
  • Consumer was pleased with the approval terms, solution and payment size
  • 12% rate for 3rd mortgage with 2% lender fee
  • Referring DLC agent received accolades from consumer along with 137bps commission check