MCAP Flexstar Mortgage
- Thread starter AdamS
- Start date
- Joined
- Aug 31, 2007
- Messages
- 526
FlexStar is a very good mortgage product. You can go 80 Loan to Value on rental properties and 95 percent owner occupied. You can do interest only payments and have redraw capability
One issue from an investor`s point of view is that MCAP limits you to four rental properties.
One issue from an investor`s point of view is that MCAP limits you to four rental properties.
- Joined
- Oct 16, 2007
- Messages
- 758
It`s actually a fairly good product, but keep in mind it is not a line of credit. The product is a readvancable variable rate mortgage based on prime rate.
While it is possible to get pricing better than prime, you do not have the ability to take more than one product, ie mortgage and LOC combination. The draws must be arranged through MCAP servicing or by debit card eventually. But you would have limits on the debit card.
Also MCAP has a unfavourable way of qualifying clients with rental portfolios, so they will be competitive for homeowners, or clients with 1 or 2 rentals, but not for clients with extensive portfolios.
Rob
While it is possible to get pricing better than prime, you do not have the ability to take more than one product, ie mortgage and LOC combination. The draws must be arranged through MCAP servicing or by debit card eventually. But you would have limits on the debit card.
Also MCAP has a unfavourable way of qualifying clients with rental portfolios, so they will be competitive for homeowners, or clients with 1 or 2 rentals, but not for clients with extensive portfolios.
Rob