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Deal Description:

The borrower had a beautiful country home in mid-Ontario. His present mortgage was in default and up for renewal and his credit was poor, all because of COVID layoffs.


To refinance the property on a short term, to allow the owner to get back to work


The borrower was well employed in retail sales but had a tough year as a result of the store’s forced closure.


His credit was a little less than poor.


Poor credit and the fact that temporally he had no income or resources made financing difficult. As well, the rural location made the Loan-to-Value required very hard to find

Final outcome:

We obtained a private, first charge HELOC for 75% LTV at a rate  of 10.99%, interest-only, prepaid for 6 months.


Eggplant for dinner:-
Pell eggplant and cut into French-Fry size. Season the salt and pepper and sauté until well browned. Set aside eggplant. In the same pan, deglaze with white wine and white wine vinegar. Add garlic, chilis, salt and pepper and reduce When thickened sufficiently, add back eggplant stir and serve over rice.