Private Lending Case Study
Things You Must Know Before You Buy Rental Property
19 June 2018
Business Loan with Bad Credit
21 June 2018
The Challenge
We were approached by a retired couple based in North Vancouver who were looking to move to Vancouver Island on a non-qualified basis. They had savings to put into the purchase of the local property they wanted to buy but were short by $500,000 until the sale of their North Vancouver residence completed. Due to their ages being in their 70’s, mainstream lenders and high street banks were unwilling to lend, despite the income levels and deposit they had to put in.
The Solution
With a low loan to value on the property and income to support a private loan we secured a local private lender willing to lend the shortfall on an interest-only basis. This was for a two-year term, with the option to renew for the third year. The couple felt that during this time they would relocate to Vancouver Island and, in time, market and sell their home in North Vancouver, which would repay the loan in full.
The Outcome
Having the loan in place enabled them to secure their new property in Vancouver Island, which they moved into in early 2017. They took the decision to fully retire to the Island soon after and put the North Vancouver house up for sale. Finding a buyer quickly enabled them to repay the loan in July this year and they are now happy, settled, Vancouver Island residents.
See What Our Customers Have To Say
Christian Noel
An absolute pleasure to deal with. Answered questions day and night and made the whole process of getting a mortgage for my rental property as painless as possible. I was able to focus on hiring a Richmond rodent control team. painters and cleaners to finish up the property. We highly recommend working with Allan and will definitely be returning when it's time for renewal. Thanks again Allan for all your help!Cristian Bishop
Allan delivers exemplary service. His incisiveness and attention to detail really helped me to secure a private mortgage that was better than any bank offered. He was able to make time for me with my busy schedule as a roofer in Maple Ridge to go through a number of papers and documents that I need to sign and simplified for a person like me. His service did not stop after the mortgage closed but he continues to be helpful and understanding to this day. I would recommend him to anyone.
Ebonie Wiley
I would highly recommend Allan. He is hard-working, very responsive to all emails and phone calls, honest, easy to work with, and trustworthy. As a pest exterminator in Coquitlam, I don't always have a lot of free time. Allan helped with the whole process. He offered a fast turnaround and excellent rates. If you are considering using a mortgage broker service, do not look any further. Simply put, I will never use a different mortgage broker again.
Anna Myers
After having dealt with different mortgage brokers for my bad credit mortgage issues, I have to say Rala investments had the quickest and the easiest process to deal with. There was never the problem of them requesting documents repeatedly from me after every process. Everything was done in a single shot and I was given regular updates on the progress. The service was prompt and quick.
John Alexander
Thank you Allan for helping me throughout my mortgage process. Your straight forward and balanced opinions gave me a sense of security and confidence. I also have to mention how quickly you responded to my queries and requests even on your days off. I will definitely recommend your service to my friends and family.
