In the competitive mortgage market with Toronto Real Estate purchases, clients are chosing Virtual Lenders to get the lowest rates possible. In principal this makes sense.
"Over 30% of all my June closings have required bridge financing" said Lindsay Doke, Trusted Mortgage Adviser with Royal Bank.
Bridge financing occurs when the client is moving into their new property prior to the closing of their existing home. With homes now staying on the market longer than they were 6 months ago this is a huge issue.
"This has been a blessing for me and my branches given many of my deals which had been approved conditional on the sale of their home but did not firm up till within weeks or some instances days of the purchase closing" continued Doke.
With a mortgage broker, a bridge loan takes much more time and is far more complicated. The broker is paid a commission to secure the deal with the many institutions he can place it with, also since many of these are virtual lenders the client has to drive out to offices in remote locations to sign bridge loan documents. i.e.. MCAP a large provider of mortgages broker sourced which is located in Kitchener, Ontario.
Bridge loans can take up to 5 days to be processed for this reason and that puts huge stress on the purchaser and the relationship he has with his or her agent. "I saved a deal this week which was anchored with a broker who was taking too much time to complete bridge financing. I closed the deal in less then a week during the busiest time of our year and saved the transaction." continued Doke.
A bank mortgage specialist such as Lindsay Doke, works with his branch partners, liases between the lawyers, so the client signs the bridge documents when they sign the mortgage documents. In some cases they even drive the bridge loan documents to the lawyers! Think about this next time you are looking to send a deal to a broker whether he is on-house in your office or someone you do business with.
If you are not using my services perhaps its time you thought seriously to try me. Lindsay Doke is a Trusted Mortgage Adviser with The Royal Bank in west Toronto thru to Oakville.
Doke, Lindsay [lindsay.doke@rbc.com] or call him direct at 416 464 6423.
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