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.
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.
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.
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.
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.