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  1. #1
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    Alternative Lenders

    Hi All,
    I need to find an alternative lender. Regular financial institutions aren't going to cut it.

    There's a situation with a family property, and the person looking to take it over from their parents isn't able to get the CRA letter anytime soon. The owners are going into a home on short notice, so that won't be ready by then. Outside of the letter issue, everything else checks out pretty good with history and ability for payment, etc.

    As an extra quirk, they put a mini-home on the property without subdivision it out at that time. There should be a lot of equity, especially if the value of the second home after subdivision is considered.

    If anybody knows a reputable lender, especially with flexibility and creative thinking; please let me know.

    Thanks,
    SV

  2. #2
    Senior Member goosesniper's Avatar
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    Is this a farm property? Typically out buildings do not add value to a property. Having a mini home on it could be a liability. Regardless, to little info on the property type to give any specifications or recommendations.


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  3. #3
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    Quote Originally Posted by goosesniper View Post
    Is this a farm property? Typically out buildings do not add value to a property. Having a mini home on it could be a liability. Regardless, to little info on the property type to give any specifications or recommendations.
    Sent from my iPhone using Tapatalk
    No sense going into a lot of details on mostly private affairs.
    Looking for alternative lenders, not regular banks. As for mini home, it's opportunity not liability. As soon as title around it is registered, it's worth about as much as any other house.

    Only recommendations looking for are contact names better than random googling, is all. Alternative lenders can be flexible and see how to take advantage of future value, etc.

  4. #4
    Senior Member goosesniper's Avatar
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    Quote Originally Posted by SIR VEYOR View Post
    No sense going into a lot of details on mostly private affairs.
    Looking for alternative lenders, not regular banks. As for mini home, it's opportunity not liability. As soon as title around it is registered, it's worth about as much as any other house.

    Only recommendations looking for are contact names better than random googling, is all. Alternative lenders can be flexible and see how to take advantage of future value, etc.
    Private affairs. The only thing private is the names of the people, address, and other personal information. Telling the property type and more detail does not violate privacy. Anyways.


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  5. #5
    Senior Member goosesniper's Avatar
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    Sorry then. Can't help.


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  6. #6
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    OP:

    You do realize they've recently been seriously cracking down on folks who don't play by the rules when it comes to financing, right?

  7. #7
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    Quote Originally Posted by firemachine69 View Post
    OP:

    You do realize they've recently been seriously cracking down on folks who don't play by the rules when it comes to financing, right?
    Never said I was looking for illegal options.

    But there are options and flexibility in amounts, conditions, etc. between lenders. Some of the payment options may seem painful, but it all depends on both sides and possible negotiations.

    Instead of straight mortgage concept, maybe land development as part of supporting the financing. Part stays in family, part pays everything off, both sides happy with their returns. As one example.

  8. #8
    Señor Member Dewey Cox's Avatar
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    Try farm credit Canada.
    I'm assuming it's farmland?
    Or there might be a provincial equivalent in your province.
    Why does the rest of the country get first dibbs on half my income?

  9. The Following User Liked This Post By Dewey Cox

    SIR VEYOR (03-24-2017)

  10. #9
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    Quote Originally Posted by Dewey Cox View Post
    Try farm credit Canada.
    I'm assuming it's farmland?
    Or there might be a provincial equivalent in your province.
    It would best be considered dormant woodlot/farmland at best.

    Thank you, I'll give them a look

  11. #10
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    Quote Originally Posted by Dewey Cox View Post
    Try farm credit Canada.
    I'm assuming it's farmland?
    Or there might be a provincial equivalent in your province.
    Figured it was time to update this for anyone looking for similar.

    This wound up being their final option.
    Provincial farm board was almost rude when conventional agriculture already in full operation wasn't the situation.
    FCC was very comfortable with all options, dormant, woodland, etc.
    FCC said amount was very small for what they normally finance, had a lot more flexibility in evaluating than most banks.
    Apparently mini homes don't scare them and can even use them as a separate collateral option.
    Off farm income is not a bad thing in their opinion.
    Business plan needed, but level of detail needed, and financial income expectations was reasonable and obtainable.

    They are very early on, but are quite happy with FCC so far and are looking at some other things they offer.

  12. The Following User Liked This Post By SIR VEYOR

    coastal (10-31-2017)

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