The mortgage business has shifted long time to private but now, it’s happening more. Clients that purchased from builders years ago closing now are running into appraisal and approval issues hence combined loans with private is their alternative option. Also, clients who purchased few months ago or few years ago closing now having a deficit due to appraised valuation coming low causing shortfall.
What is more sad are clients who were saving up to purchase worked numbers out based on prior requirements but that changed drastically now due to hike in prime rate. These are hard conversations for us to have as brokers. Rate is most likely going up again soon and this is shifting borrowers to private lending since they don’t fit the institutional lending stress test criteria.
CMFG is known for bridging the gap in the alternative space and here to assist borrowers that require a private loan for shortfall or bridge financing. We are a mortgage brokering and lending firm so we do have A and B side options including private.
We are also seeing builders ready to get their projects off ground after Covid delays but now running into a shortfall of capital for construction due to current market trends. At CMFG, we can assist in getting your projects off ground with our loan structure with a mezz piece.
Contact Ameera@cmfg.ca / 6474949885 ext 107.