DCR_small

DCR or debt coverage ratio, is one if not the most important thing to factor when it comes to commercial financing.  However, it is one of the most overlooked aspects so I thought I would touch upon it’s importance here.

Last month, I closed on a very difficult commercial deal – a 12-plex in Orlando, FL.  When looking at it initially the numbers looked strong and keep in mind at first glance they always will as they are put together by the realtor to get it sold.  It is not until I as the broker or the lender do further due diligence with proper numbers, backed up by P/L and rent rolls, that the true numbers come out in the wash.

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US Market-small

As a mortgage broker, I always strive to think out of the box, in order to stay competitive.

With that in mind, over two years ago, I went to the US (specifically Florida) and started making contacts with realtors, other mortgage brokers, lenders and wholesalers, just to name a few.

Once I had my contacts established and verified, meaning I would only work with referral sources that had been verified and could back up their offerings with proper protocols in place, I was then able to hit the Canadian market and start marketing this source of business.  It has not been easy and has taken a lot of work but in the end, it has definitely worth it, as I have been assisting countless investors in Canada to invest in both residential and multi-family properties.

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Mojo_small

This is not my typical mortgage article but was important for me to write so I hope you like it!

As a self-employed entrepreneur and solo mortgage broker, it can get lonely and difficult in this business and having only been doing this for 3.5 years, I have had my days when I wanted to quit!  I am sure I am not alone.

Last year was the best year I ever had and I was riding that wave until the new mortgage rules arrived in November of 2016.  Where we as brokers were restricted by the new rules the government had initiated, I was hearing time and time again how the banks were not playing by the same rules.

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