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Barbara lives in Longueuil. She is retired and owns 4 apartment building, which are currently rented. She needs extra liquidity to make ends meet and bring urgent repairs to her building. Not having a lot of income from her annuities and not having used her credit cards for a long time, she has great difficulty obtaining financing from the banks.
She is looking for a private loan. She told herself that she would like to have a loan for the next 2-3 years. This would give her enough time to mourn the loss of city life and then end her days peacefully in her cottage on the South Shore. Her plan is that after 3 years, she would put her building up for sale to pay off the private loan.
She finds a private lender who tells her he is going to help her. He lends her the money, knowing that she will not be able to repay him the loan since she currently does not qualify for the banks, and furthermore, he gives her a fixed 1-year term. He tells her not to worry and that he will renew the loan at the end of the 12-month term.
90 days before the end of the term he calls her to tell her that unfortunately, he needs his funds back and he is not going to renew her. Obviously, Barbara is unable to pay him back and the moment the term ends, the lender sends her a 60-Day Notice to try and foreclose on the building!
Details of the transaction:
Here is what we were able to do for her:
We placed her with one of our reputable and accredited private lenders with whom we have a track record and common values. We managed to pay off the questionable private lender and set a new 2-year term with an option to renew for a third year.
Also, since Barbara does not necessarily earn a lot of money per month, we prepaid the first 2 years, so she does not have to worry about monthly payments. This means $0 per month on her loan for the next 24 months! Too good to be true? not at all, we made it happen!
Barbara can now take her time, in ease and comfort, put the building up for sale when she is ready and then move into her chalet!
Another satisfied customer!