Request: Foreign investor who lives and owns an international trucking business in Mexico has a rental house in British Columbia that is vacant. Applicant was looking for a 2nd mortgage on his Canadian rental house to raise some capital to invest into his Mexican trucking business.
Challenge:
- Applicant is a non-resident with non-verified income from a foreign country
- House is vacant and located on a busy artery street
- Reject beacon score
- No Canadian credit or SIN
- Signing of mortgage documents would have to be remote in Mexico
- Selection of lenders able to do this type of non-resident
Results:
- Mortgage agent attempted to locate lender. Found only one but far too low of LTV
- Agent sent deal to Plan B for opinion of better approvals were available
- 5 days later Plan B sourced out 3 approvals with one being ideal for the request
- No broker conditions as lender accepted appraisal original agent obtained 2 months prior
- Client was allowed to sign with his own choice of lawyer back in home country Mexico
- Approval terms 75% LTV 2nd mortgage, 13% rate, 3.75% lender fee
- Client very pleased with the approval and level of service by the original agent and his B team
- Agent to receive 187bps commission on the deal