6 plex with residential rates...I was told it couldnt be done

[JasonEtheridge]

Hello All,
Here is a success story with a message.
I had an offer in on a 6pex in Orillia. During the ALIFE weekend here in Toronto I spoke to the mortgage brokers on site and was asking about rates and if I could get residential rates for a 6 plex.
I was told NO WAY. Not now, not in this environment.

I did some looking around and was referred to an awesome lady in Orillia. She got me a 3.79% fixed rate for 4 years, I had to put 20% down.
No CMHC.
My TDS was on the high end and there were a few issues, and she went to bat for me! I have never been so impressed with a mortgage brokers personal service.
I would highly recommend anyone speak to her.

I would also recommend people to keep exploring options outside of the REIN endorsed service providers.
REIN has some great people, don`t get me wrong, but we should always be looking and expanding our horizons.
Best of luck to you all.


If you re interested in giving Julie a call, here is her contact info. She does all of Ontario.
Julie Emery | Senior Residential Mortgage Specialist l Orillia & Area l Royal Bank of Canada l T. 705-323-9910 l C. 705-330-6847 l F. 705-323-9221 Platinum Club Member 2002-2008 l Leo Award 2007.
http://mortgage.rbc.com/julie.emery

 

[Mike Milovick]

Hi Jason;

You were told this by the mortgage brokers at ALIFE because RBC does not deal with mortgage brokers.

To my knowledge, you nailed the only major bank that will do sixplex on a residential basis.

Now if RBC would only do student housing again...

Congrats!
Mike

QUOTE (JasonEtheridge @ Nov 3 2009, 10:37 AM) Hello All,
Here is a success story with a message.
I had an offer in on a 6pex in Orillia. During the ALIFE weekend here in Toronto I spoke to the mortgage brokers on site and was asking about rates and if I could get residential rates for a 6 plex.
I was told NO WAY. Not now, not in this environment.

I did some looking around and was referred to an awesome lady in Orillia. She got me a 3.79% fixed rate for 4 years, I had to put 20% down.
No CMHC.
My TDS was on the high end and there were a few issues, and she went to bat for me! I have never been so impressed with a mortgage brokers personal service.
I would highly recommend anyone speak to her.

I would also recommend people to keep exploring options outside of the REIN endorsed service providers.
REIN has some great people, don`t get me wrong, but we should always be looking and expanding our horizons.
Best of luck to you all.


If you re interested in giving Julie a call, here is her contact info. She does all of Ontario.
Julie Emery | Senior Residential Mortgage Specialist l Orillia & Area l Royal Bank of Canada l T. 705-323-9910 l C. 705-330-6847 l F. 705-323-9221 Platinum Club Member 2002-2008 l Leo Award 2007.
http://mortgage.rbc.com/julie.emery

 

[JasonEtheridge]

QUOTE (MikeMilovick @ Nov 3 2009, 03:26 PM) Hi Jason;

You were told this by the mortgage brokers at ALIFE because RBC does not deal with mortgage brokers.

To my knowledge, you nailed the only major bank that will do sixplex on a residential basis.

Now if RBC would only do student housing again...

Congrats!
Mike

Thanks Mike. Julie does work with many lenders...I believe she maybe able to help you with the student housing. Drop her a line.

 

[Nir]

Hi Jason, it`s good to see you purchased this 6-plex. numbers are really good if I recall correctly.
I have 7 units in Orillia, just purchased a 4-plex there closing was Friday Oct. 30.
feel free to drop me a line. I`d be glad to share some info and perhaps
consult on something myself.. Cheers, Neil
PS. I live close to Bloor and Yonge. perhaps we can meet for coffee either here or in Orillia..

 

[housingrental]

Jason

As far as I know no one can help with student housing

Not one person, anywhere, on this planet can provide reasonable financing rates to student housing.

I`m being literal

If you`ve recently gotten a deal done a licensed lodging house for students please let me know at what rate / terms



QUOTE (JasonEtheridge @ Nov 3 2009, 04:27 PM) Thanks Mike. Julie does work with many lenders...I believe she maybe able to help you with the student housing. Drop her a line.

 

[GarthChapman]

I think your mortgage was done with a standard CMHC multi-family program which can be financed with any of a few different Lenders. Details below.

http://www.cmhc-schl.gc.ca/en/hoficlincl/m...mp;PageID=76418

 

[JasonEtheridge]

QUOTE (GarthChapman @ Nov 5 2009, 08:37 PM) I think your mortgage was done with a standard CMHC multi-family program which can be financed with any of a few different Lenders. Details below.

http://www.cmhc-schl.gc.ca/en/hoficlincl/m...mp;PageID=76418


There was no cmhc involved.

 

[JoefromTO]

I also got my refinancing through RBC. They offered the best rate and payment options. I think they are really trying to be aggresive in attaining mortgage business.

Ironically, up until I spoke with the mortgage broker at RBC, which came as a recommendation from a friend, I hated dealing with RBC and swore I would never go back. I used to bank with them from the time I opened my first bank account to my early 20`s. Then had a couple bad experiences, bank accidentaly debiting my account for something they should not have and taking for ever to correct the problem, being treated like a number, etc...So I switched to a different bank. The mortgage broker at RBC was great, the people at the bank have been a pleasure to deal with.

It`s funny how people can influence your decisions, wether its good or bad.

 

[mike81]

QUOTE (JoefromTO @ Nov 6 2009, 10:38 AM) I also got my refinancing through RBC. They offered the best rate and payment options. I think they are really trying to be aggresive in attaining mortgage business.

Ironically, up until I spoke with the mortgage broker at RBC, which came as a recommendation from a friend, I hated dealing with RBC and swore I would never go back. I used to bank with them from the time I opened my first bank account to my early 20`s. Then had a couple bad experiences, bank accidentaly debiting my account for something they should not have and taking for ever to correct the problem, being treated like a number, etc...So I switched to a different bank. The mortgage broker at RBC was great, the people at the bank have been a pleasure to deal with.

It`s funny how people can influence your decisions, wether its good or bad.

Hey Joe, do you mind sharing your contact?

 

[fumbrunner]

QUOTE (JasonEtheridge @ Nov 3 2009, 09:37 AM) Hello All,
Here is a success story with a message.
I had an offer in on a 6pex in Orillia. During the ALIFE weekend here in Toronto I spoke to the mortgage brokers on site and was asking about rates and if I could get residential rates for a 6 plex.
I was told NO WAY. Not now, not in this environment.

I did some looking around and was referred to an awesome lady in Orillia. She got me a 3.79% fixed rate for 4 years, I had to put 20% down.
No CMHC.
My TDS was on the high end and there were a few issues, and she went to bat for me! I have never been so impressed with a mortgage brokers personal service.
I would highly recommend anyone speak to her.

I would also recommend people to keep exploring options outside of the REIN endorsed service providers.
REIN has some great people, don`t get me wrong, but we should always be looking and expanding our horizons.
Best of luck to you all.


If you re interested in giving Julie a call, here is her contact info. She does all of Ontario.
Julie Emery | Senior Residential Mortgage Specialist l Orillia & Area l Royal Bank of Canada l T. 705-323-9910 l C. 705-330-6847 l F. 705-323-9221 Platinum Club Member 2002-2008 l Leo Award 2007.
http://mortgage.rbc.com/julie.emery


hmm, interesting. I contacted an RBC Mortgage specialist here in Manitoba and was told that it could not be done. Is this just a very good commercial rate? What is your ammoritization?

 

[fumbrunner]

QUOTE (fumbrunner @ Nov 20 2009, 09:43 AM) hmm, interesting. I contacted an RBC Mortgage specialist here in Manitoba and was told that it could not be done. Is this just a very good commercial rate? What is your ammoritization?

I stand corrected. He called me back and told me that RBC does in fact finance up to 6 suites at 20% down. Outstanding!

 

[MikeMcCrae]

RBC does not have mortgage brokers! They have mortgage specialists that will see you outside of the branch at your convenience, but they are employees (or contract employees) of RBC and only sell RBC product. If you are buying a property larger than 4 units you would be wise to speak to a commercial mortgage broker. NOT A RESIDENTIAL BROKER THAT DOES COMMERCIAL. A real commercial mortgage broker. They have access to very comparable rates thru their channels and should know where to go to get you the best deal.

 

[MikeMcCrae]

No I am not a commercial broker.

 

[fumbrunner]

QUOTE (MikeMcCrae @ Nov 23 2009, 02:37 PM) RBC does not have mortgage brokers! They have mortgage specialists that will see you outside of the branch at your convenience, but they are employees (or contract employees) of RBC and only sell RBC product. If you are buying a property larger than 4 units you would be wise to speak to a commercial mortgage broker. NOT A RESIDENTIAL BROKER THAT DOES COMMERCIAL. A real commercial mortgage broker. They have access to very comparable rates thru their channels and should know where to go to get you the best deal.

Variable rate at prime? Doubt you can get anything like that on the Commercial side.