Quote:
Originally Posted by Eff-1
That's a good point. In the podcast, she did mention that the South Surrey couple were originally told no problem by their bank, but then had to turn to private lending which is what she must have been talking about.
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Ah, that makes sense though odd that their bank didn't help them out - it's in the bank's interest to support bridge financing to ensure the deal goes through and they make a little bit of money through the temporary high interest loan. Going to a private lender to make it happen definitely makes it way more complicated and it makes sense why they had to pay extra.
When it first came up that we'd probably need it we weren't sure how difficult it'd be - we had been told by a broker that the process was like applying for another mortgage but our TD guy made it really easy - I think it was basically an extra half hour of time to get it all reviewed and signed. I was pleasantly surprised by it all.