Hotels, motels and inns

It’s always difficult to explain to a first time commercial borrower why banks and lenders don’t get excited about hotels, motels and inns. This past week I received a call from an individual in the Yukon who was looking to purchase a motel and restaurant that had been owned by the same owner for overContinue reading “Hotels, motels and inns”

But I have a great business plan

I spent some time on the phone yesterday with an individual that has put together a transaction involving a parcel of land that he thinks would be a good spot for a mini storage. The town he lives in is currently experiencing growth and he sees an under served market – storage. He has managedContinue reading “But I have a great business plan”

Check your own credit – why?

Getting a mortgage broker, banker or mortgage specialist to check your credit score can lower it. Get any of them to check it within days of each other and watch your score drop like a rock. Most people don’t know that the more often your credit is checked the lower your score will be. ThisContinue reading “Check your own credit – why?”

Private funds to close then off to the bank

I had a chance to visit with a new client today (courtesy of the Royal Bank) who was looking to purchase a mixed use property in rural Alberta.  The property has a commercial component and a residential component.  Tenants have been found and will be in place later this month – income to service theContinue reading “Private funds to close then off to the bank”

Need less than $2M – don’t go to a bank (or a broker)

After 1,138 calls this year I can confirm that if you need less than $2,000,000 for a commercial mortgage or a business loan don’t call a bank and don’t bother calling a broker – unless you know what you are looking for. The broker you talk to might only know a few lenders with limited optionsContinue reading “Need less than $2M – don’t go to a bank (or a broker)”