Client looking for a 2nd mortgage to place on property in Sudbury, Ontario. Investment property 5 plex that had some fire damage due to a tenant. Insurance company has agreed to the full repairs and have hired their restoration company to complete renovations back to original state. The appraisal completed approx a year ago shows value of $335,000 and estimates due to new renovation will move that strictly based on completed value of $350,000. During the repairs the insurance company is supplying rental income has per insurance contract of $4,500 a month until completion.

Client is looking to obtain a $50,000 2nd mortgage to upgrade some minor items apart from the agreed upon renovations and some other business interests. Attached is a copy of the appraisal along with a copy of the insurance companies agreement of repairs and costs. Please advise of interest in this project  at your convenience.

Thanks in advance

Bob Taylor

 

 

Views: 64

Attachments:

Reply to This

Replies to This Discussion

I certainly try to be a serious and reputable mortgage agent for my clients. Give me an idea what you prefer to have in your documentation along with your fees and rates and I will provide the required info. Do you have referrals for the work you have done just for my info. Looking forward to your reply. Where exactly are you situated.

Thanks in advance

Bob Taylor

RSS

© 2021   Created by Admin.   Powered by

Badges  |  Report an Issue  |  Terms of Service