All Forum Posts by: Amir Sperling

@Kevin Khalaf

I realize this is 2 years old but I’ll chime in anyway :)

HELOCs allow you to access up to 80% of your home’s equity at a max. 

Regarding hard money, private lenders will all generally need at least 20% down. As I believe @Roy N. was mentioning, you could partner with someone who would provide the down payment but you’d have to give them some pretty good value in return I’d imagine (expertise, property management, etc.) You can then get the mortgage in a holding company where both of you guarantee the loan. But that’s another conversation. 

Cheers!

@Steven Wocknitz @Luc Boiron @Julie Toh

In Ontario, and I imagine in the rest of Canada too, hard money lenders (called private lenders in Canada) are not allowed to advertise unless they are licensed mortgage agents. So they are hard to find unless they are family/friends. They must go through mortgage agents! The strategy in Canada is to align yourself with a mortgage agent who has access to private lenders. They will also have access to MICs and B-lenders. B-lenders are somewhere in between A-lenders (banks) and private lenders, and many also work exclusively with mortgage agents. Keep in mind you’ll need some money down. The private lenders and b-lenders I work with are great but all require at least 20% down. 

Bottom line is it’s a bit different in Canada and your best strategy is to add a mortgage agent as part of your “team” along with realtor, lawyer, property manager, etc. 

Private lenders (individuals with money to invest) are actually not allowed to advertise in Ontario unless they have a mortgage agent license and I imagine the same is true across Canada. They have to go through a licensed mortgage agent like me to match them with a borrower. So your best bet in Canada is to reach out to a mortgage agent.

No money down would be very difficult. The hard money lenders I work with all require at least 20% down. 

Redfin is great for comps. Go to the filter and click ‘sold’. Make sure you’re only looking in the last month as it defaults to 3. In the market, something that sold 3 months ago might as well be 3 years ago. 

As a Mortgage Agent I’m able to access a report called Purview from the land registry. It shows who owns the property, mortgages on the property, equity, estimated value (the actual value used by lenders in many cases), and comps. It’s a useful tool for investors I work with. 

Hi,

I'm a Mortgage Agent in Ottawa, Ontario, Canada and wanted to introduce myself. I'm interested in investing and to date have not yet made the leap but have helped others with funding their deals. Anyway, hi everyone!

Amir