New Website for Bryce Coates - Mortgage Agent - www.brycecoates.com

Good Afternoon,

I'd like to annouce that you will soon be able to find me and information about my services as a mortgage agent online at http://www.brycecoates.com/. I specialize in the tough to fund mortgages, both residential and commercial, by using my extensive contacts and experience in the industry. This leads me to utilize both institutional and private funders; often a combination of both can be used to lower the overall effective rate that my clients receive. This is exactly what was done for one of my sub-agents' clients from my Nov 9th post. Because a privatelender saw the merit in provding the client the 2nd mortgage to 85% that she required, her 75% first mortgage was 'near prime' thus lowering her overall effective rate when compared to an 85% private first mortgage. It also works for the private lender due to the higher rate of return for his company and the ability to spread his risk by funding many smaller transactions. Keeping both sides of my clientel happy, lenders and borrowers, is a tricky balancing act but I believe in this case it was easy because it was the 'best case' for both parties.

In the meantime, until my site http://www.brycecoates.com/ is up and functional, please feel free to contact me at bryce@rmabroker.ca for your mortgage needs for the following:

Residential Services for:

-preapprovals
-first time homebuyer mortgages
-renewals
-bank and other broker turndowns
-variable rate mortgages
-fixed rate mortgages
-vacation or second home mortgages
-rental and investment property mortgages
-self-employed mortgages
-second and third mortgages
-private mortgages for the deal that doesn’t quite fit elsewhere today

Commercial Mortgage services for:

-multi-residential properties
-mixed use properties
-industrial properties
-office buildings
-storefront properties
-self-storage facilities
-retirement homes
-manufacturing facilities
-and many other property types

Cheers,

Bryce Coates
Mortgage Agent
Licence # M08002309
Real Mortgage Associates Inc.
(519)639-3833
(519)298-5144 fax

Recent Closing - Need for Private Funders

With the market in it's dilapidated state, many institutional lenders are cutting back or completely pulling out of deals that were a 'slam dunk' as recent as 6 months ago - even on deals that they have already committed to but not funded.

This was the situation that one of my sub-agents found himself in early last month. An institutional 'B' lender committed to a deal verbally at 85% - but a week later only issued a commitment to 75% leaving his client short over 40k with one week to close. This was a shock since the client had a near perfect credit history/score and fit well within the lenders published guidelines; and since the property was a new build - this could not have been the reason for the cutback.

After my agent hit his head against the wall for a few days - his time was running out and he gave me a call. I called a private lender and he verbally committed on the phone and issued a commitment the following business day. To make matters worse on this deal, the client had a sick parent and was all but absentee coming up to close. This deal was closed on my agents affirmation that his clients income/job was solid, the purchase and sale agreement, the initial application, and an appraisal - income docs were waived. Even the standard inspection was waived on a 'makes sense' basis.

Sources like this, whom conduct themselves in a true 'makes sense' basis, are few and far between. Feel free to contact me if you are a no-nonsense lender or a client that is looking for one. I can always use more of both.

- Bryce Coates

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