Case Study: Alternative "B" mortgage saves a house. - Kora Management
  • Mitch Speigel – Mortgage Agent
    Your Mortgage Group Professional
    Kora Management
    License #M08003984, FSCO #10315

  • Case Study: Alternative “B” mortgage saves a house.















    Deal Description:

    The borrower was living in his partner’s home. When they split, the separation agreement allowed him to buy the home for the existing mortgage amount


    To purchase the home in which he was living for the outstanding mortgage balance.


    The applicant was a professional DJ, working by himself and for himself, with little provable income.


    His credit was good, although he had some outstanding credit card debt.


    The applicant did not have sufficient long-term provable income to qualify for a conventional mortgage and was short a small amount of cash for a “B” mortgage.

    Final outcome:

    We obtained a “B” mortgage for approximately 70% loan-to-value, at approximately 1% above the conventional rates. A family member covered the small shortfall. The one year term allows him the ability to change his accounting and increase his income so he can refinance in a year.

    We had guests for breakfast this morning I served a dish that I had had previously at the Kimpton Hotel in Toronto:

    Place a few slices of smoked salmon over scrambled eggs, lightly done.  Sprinkle with fresh white pepper and a few blobs of sour cream, mixed with horseradish and a touch of lemon juice. Top with a mixture of shredded cabbage, shallots, and capers.