Lanyard Financial Corporation reposted this
This was a very unique situation which demanded a rocket fast bridge loan. Deal summary: Quote requested Monday. Borrower accepted same day. Commitment Letter issued and returned same day. This could never happen without the mortgage brokers - thank you Mark Golbey & Peter McGrath. Next step - over to the lawyers - thank you Ralph & Stuart - somehow you were positioned to have security and opinions in place in just two business days! We had funds to the lawyers (who also facilitated remote signing) and funding approved for Wednesday (3 business days from quote to funds!). On top of this the loan represented 86% of purchase price - this was achievable because the borrower: 1. had perfect credit; and 2. provided collateral security - in the form of two second-mortgages that brought our global LTV down to 70%. The reason that this loan was a private loan was primarily due to timing, it was also in a smaller market (Kamloops). The takeaway here is that in this instance the mortgage brokers quickly recognized that even though their clients were bank quality borrowers this was a not a bank loan - yet. Their clients trusted them that this was the best option given the compressed time frame and, as a result, they were comfortable signing back the commitment letter the same day it was issued. The mortgage brokers knew that they could trust Lanyard to treat their clients professionally: that Lanyard deliver for their clients on the closing day, and that their clients would be happy enough with the process that they'd stick with the brokers for the subsequent bank refinancing. Lanyard Financial Corporation is a great option when you need a complex and quick loan across multiple assets. We can provide you with the short term solution you need to help your clients out of a tight situation. Contact Lanyard's newest Associate Vice President: Jessie Wen, MBA today to discuss your funding needs.