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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: Purchase – 2nd home

Challenges: 3 Applicants originally, but 2 applicants had massive debts, and they had a 3 week closing when I received application. Clients already had the approval in hand from an alternative lender, and they had  reached out to me to see if we can do better. There were 2 appraisals required with one home located in Sauble beach and the other in Stouffville.

Possible solutions: Purchase the home as owner-occupied using the rental offset and drop 2 of the three applicants to ensure the timeline is met. Options for lenders: MCAP (would not qualify) or B2B under our special concierge service.

Solution and why: Two of the borrowers carried all the major debt putting this into an alternative lender space.  So we dropped 2 of the 3 borrowers to simplify the application and to ensure we could meet the timeline. Accounted for Borrower 1 current home as non-subject property and used rental offset to allow qualification through mainstream side of mortgages.

Lender: B2B

Rate: 2.25% – P-0.45%

LTV:  80%

Credit Score: 734

GDS: 38.086%

TDS: 43.311%

AM: 30 Year

Product: Using non subject rental offset at 80%, purchased home as an owner occupied residence.

Outcome: Successfully closed on time April  28, 2022…Big shout out to Susie & Mark over at B2B for giving the extra push to make this happen!

Mortgage Agent: Jeffrey Kioussis

Underwriter: Kevin Sankar