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Deal Of The Month

Review a real-life deal so you can learn and apply new techniques to your business.

 

The goal of the deal of the month is to provide other agents with info on how to solve a tough scenario. It’s also a great way to showcase a lender option that others might not know exists.

Calling all brokers to submit your juicy deals! Please send your deal scenarios to Shannon at shannon@gopineapple.com

Case Study

Here’s an example:

Purpose: Primary home purchase

Challenges: High liability due to a mortgage that the client previously co-signed for but never lived in

Possible solutions: Alternative lender, refinancing the non-subject, have his name removed from the mortgage and title, have the non-subject property sold

Solution and why: Refinanced the property to reduce the monthly liability and added potential rental income to increase the overall income on file. Previously plans to get off the title and sell the property fell through within 5 weeks of the closing date

Lender: Scotia bank

Rate: PRIME-1.00%

LTV:  64%

Credit Score: 747 and 842

GDS: 37.9

TDS:39.1

AM: 30

Product: Scotia Step

Outcome: closed and funded