This weeks been confusing to say the least, but we, as a team, are super proud of everyone thats moved their offices home, started working remote for the betterment of our community and are working around the clock to help those in need!
This week we have already taken questions on status of funding existing clients mortgages to supporting clients requiring relief from their mortgage payment to clients looking for access to capital and others wanting to take advantage of the stock market and everything in-between.
Here are our thoughts so far on lending during these unique times:
For Mortgage Relief - We have been referring clients to their respective lenders. its not very clear what the process is for evaluating who qualifies for relief and we don't want to speak on lenders behalf. We are sure communication with come and clarify this but which we will share with our community, but in the meantime, the best thing you can do is connect with the lender direct.
If You Are Business For Self - We have directed clients to BDC or other government websites for clients whose supply chain or business activities has been disrupted due to COVID-19. There looks to be good funding available and fairly quick, under $100K and options for over $100k with deferred payments for 6 months and repayment over a 5 year period of time. We are happy to direct clients accordingly.
Access To Capital - We are supporting clients looking for access to capital but its a different lending environment this week from weeks past.
-We have access to unsecured lending products up to $30k which clients can apply for online.
-We have access to refinancing current mortgage and taking advantage of some low mortgage rates (if you have some time to be patient as lenders work through changes in the market).
-We have access to private capital but its also limited as lenders are reacting to the market conditions
-We have access to reverse mortgages, to help clients that don't have income to support a mortgage
-We have access to information to provide to clients that are business for self as noted above
*The main challanages at this moment, for new mortgage origination, be it refinance or purchase are the third party providers ability to support a mortgage request - appraisal, legal, realty, inspection etc.
Existing Committed Mortgages - We haven't had any issues with our existing book of business and all our clients files look to be funding as planed but we are encouraging clients to prepare for closing well in advance. This may be ordering third party requirements earlier in the process or asking for exceptions to them. We are trying to provide documents to lenders early with staff working under new and/or different conditions and trying to be patient with their response time. We are looking to instruct files ASAP and ensure our clients can het into their homes as smoothly as possible during a tough time in the world of real estate.
*On a positive note, lenders seem to be adjusting their appraisal requirements. Accepting high auto valuations and using more desktop/dry by appraisals which we applaud. This helps reduce human contact and speed up the lending process.
For further information on the above or how our team who is working remotely can help you with your purchase, refinance, renewal, relief or information, email
scott@thewestlaketeam.com or call 416-436-1135