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All Forum Posts by: Derek Cavanaugh

Derek Cavanaugh has started 3 posts and replied 23 times.

Post: What's stopping you from buying your 1st investment property?

Derek CavanaughPosted
  • Lender
  • Nova Scotia
  • Posts 24
  • Votes 13

@Mark Lopez

Where are you based? I might be able to help. Although I am based in Canada so everything might not translate exactly to US.

Happy to discuss if you like

Post: Canadian Financing Trends

Derek CavanaughPosted
  • Lender
  • Nova Scotia
  • Posts 24
  • Votes 13

Not sure if this is the right section but I wanted to share some trends I am noticing in the Canadian mortgage market place

CMHC insured rates are really low for owner occupied, with rates as low as 1.64% and commercial loans ranging between 2-4 %

There are some B lenders offering unique programs with a return of stated income using only 6 month bank statements as proof

Also seeing a new High Net Worth program which provides almost no TDS component however LTV is maxed at 65% and additional equity is required

65% HELOC and 80% mortgage is available from a couple of lenders. HELOC was at prime plus 2 but rates are dependant on credit score

Private mortgages in Atlantic Canada have not seen a change in pricing with fees from 3% to as high 10% rates between 10-12 % there however a lot of available funds with at least 3 lenders pushing marketing out. LTV typically maxing at 75%

Ontario Alberta and BC are flush with private money and pricing has been effected. Fees are often as low as 2 or3% and recently saw a rate just below 7%. LTV has creeped up to 85%.

As money funds the real estate cycle I hope some of this information is useful

Currently working with a client who has designed a rent to own model that's working extremely well. 

we have options for JV, private lending and ownership investment in a rent to own property. If anyone is interested let me know

Thanks for doing this Janelle. Life works better when we all work together 

Post: Anyone investing in Nova Scotia, Canada?

Derek CavanaughPosted
  • Lender
  • Nova Scotia
  • Posts 24
  • Votes 13

I have already had the pleasure of speaking with a few of you from Atlantic Canada here on bigger pockets. 

perhaps we can use this thread or create one to help with current issues problems or solutions to issues and challenges we face 

thoughts? 

Post: Build your own MIC- Canadian Bigger Pockteters

Derek CavanaughPosted
  • Lender
  • Nova Scotia
  • Posts 24
  • Votes 13

Good day bigger pockets Community

I am in the very early stages of setting up a MIC with some investors. I am seeking out feedback from those in the industry, mortgage brokers, house flippers, those interested in BRRRR, rental properties and construction.

When sourcing funds what challenges do you face?

How could a lender better service your requirements?

if you could create your own mortgage product what would it look like? ( Please go head with a zero interest no fee suggestion😋)

i have some experience on the borrower side and tons of experience on the lender side but I'd love to get feedback from others on what they feel their market needs.

Post: Anyone investing in Nova Scotia, Canada?

Derek CavanaughPosted
  • Lender
  • Nova Scotia
  • Posts 24
  • Votes 13

Have lots of property and private lending opportunities in Nova Scotia 

what types of projects are you looking for?

Post: Investing in Sydney, Nova Scotia

Derek CavanaughPosted
  • Lender
  • Nova Scotia
  • Posts 24
  • Votes 13

Sydney itself is a pretty good market.

Post: Investments in Rural Nova Scotia

Derek CavanaughPosted
  • Lender
  • Nova Scotia
  • Posts 24
  • Votes 13
Originally posted by @Daniel Kelley:

Damn, no. LOL Annapolis MD, US

 Jordan we should connect at some point!

Post: Investments in Rural Nova Scotia

Derek CavanaughPosted
  • Lender
  • Nova Scotia
  • Posts 24
  • Votes 13

I have investments in Pictou/ new Glasgow area and have just picked up a client looking for property on the South shore.

happy to connect and chat