Whether you are purchasing a Primary Residence, an Investment Property, a Secondary Vacation Property, or Raw Land, we have the financing options available for you at our Full-Service Mortgage Brokerage and Private Lending office!
We also do not shy away from Rural or Acreage Properties (including raw land, and homes with Agricultural zoning).
Here’s an example of where we were able to help a client on their Purchase with our Magnum Private Mortgage:
We were introduced to clients who were moving interprovincially for work. They had a home that they needed to sell in Alberta in order to purchase their new home in BC; all was good, the borrowers had an Unconditional Sales Agreement on their existing home in Alberta & an Unconditional Purchase Agreement on their new home in BC and were making the necessary arrangements to finalize their move.
The Problem? Trouble arose when they were only 2 weeks away from taking possession of their beautiful new home in BC; the Sale of their Existing property in AB had fallen through & they no longer had a down payment available for their purchase.
The clients had gone back to their bank for help, but because the sale was no longer happening, and they no longer had a down payment available, their bank could no longer proceed with financing on their purchase. They explored refinance options with their bank, however, because their Total Debt Service Ratio (TDSR) on their application exceeded their bank’s guidelines and their looming 2-week timeline was unachievable, their bank could unfortunately not offer them an option that would be able to help.
Without the down payment available for their new purchase, resulting in a major material change to their application – they no longer had an approval with their bank lender and risked losing not only their new home in BC, but also the deposit that they had applied towards their new purchase.
How was Magnum Mortgage Corp. able to help? Through our common sense lending approach, Magnum Mortgage Corp. was able to step in & help the borrowers with a Second Mortgage on their existing home in AB, which allowed them to use this home equity as a down payment towards their next purchase, allowing the purchase of their new home in BC to go through. As soon as they were able to sell their existing home in AB, they were able to pay off their existing first Mortgage with their bank, as well as their new (fully open) second mortgage with Magnum Mortgage. Crisis averted!
In an instance where it seemed as though hope was lost, Magnum Mortgage Corp. was able to offer a common sense lending solution that prevented heartbreak and financial loss to the borrower.
Give us a call today to discuss your Home Purchase! We can be reached at 780-467-6393, or by email at [email protected]!
“Our Interest is Your Wealth” ™
