A Barrie Good Solution For One Man – Private Interest Only Loan

I know, I know – interest only loans are dangerous to the Canadian public. Or so we have been led to believe by the government and mainstream media and there are concerns that are legitimate. However would you be surprised to learn that there are many cases where a short term interest only loan was the best tool for the job at hand? And when used responsibly can be an effective method to turn around the bad to good.

Not Your Usual Suspect

It was raining in Scottish fashion, falling straight down er – slightly to the side, when ‘Angus’ entered my office and with a courteous tip of his soaking hat said good day.  He was not your usual suspect when it comes to a typical borrower. Executive car outside, well dressed with an air of success – the truth of the man’s situation wasn’t apparent at a glance. We poured a wee cup o’ tea and got down to business. It seemed from our conversation that Angus had the world at his feet – excellent career path, healthy net worth, and a lifestyle you could come to appreciate. Then the crux of the matter came to the fore – his lady lass was leaving him after 15 years. As hard as this was to hear the worst was yet to come – she wanted to see him six feet under rather than have a penny left over between the two of them.

When A Barrie Bad Situation Becomes Better

Angus was resolute in his desire to make the best of this dire situation. We rolled up our sleeves and looked at his overall financial picture. His choices became quite clear once the cards were on the table. Although his financial wherewithal had served him well to this point in life – this one transaction – if handled improperly would ruin him. Angus could either hope he could work with his soon to be ex on a tit for tat basis (which he readily admits will be more tat for her than tit for him) or go in with a strong offence. The latter appealed to our feisty Scotsman. Our saving grace was that he had owned a rental condo outside of the matrimonial agreement.

Solution – Private Interest Only Loan

Normally a borrower like Angus could secure an home equity line of credit or a conventional mortgage loan to fund his legal cause. In this case he neither had the time nor the desire to jump through the hoops the bank normally make borrowers go through to get access to their equity. He was very interested in a quick private loan as I explained that this will enable him to get the funds with the least amount of disclosure required and maximum flexibility as to the terms of repayment. He was also intrigued when I mentioned that he had qualified for an interest only payment. This appealed to Angus as his intent was to keep a strong monthly cashflow position through this tough period of his life.

The end result was that Angus was able to put together a defence fund in his time of need in short order. The difference it made to one Barrie resident was the confidence to move ahead and make the best of the worst life has to throw at us. At Mortgage Truth our desire is the best outcome for a peaceful resolution to your financial problems. If and when this is not possible, there are loan solutions to ensure that you are in a position of strength to fight for yourself. If you are dealing with a tough marital, tax, or legal situation and there are implications to your property – please reach out to me below and I will do everything possible to assist in guiding you as to your options.