Even high-net-worth individuals and families occasionally need a little financing for homes and cottages.
For one family with growing children, the funds were needed to rebuild an existing cabin.
They were initially unable to secure the funds to complete their project. Despite having plenty of equity in their $8-million-dollar cottage, their private banker could not provide any more funds for the construction project based on personal income.
That’s where the mortgage financing experts at Donaldson Capital were able to help.
“The client actually had the funds available in their corporation, but the accountant wasn’t able to loan the funds without paying unnecessary taxes,” explains Donaldson Capital mortgage broker Drew Donaldson. “We ended up lining up a refinance for the family by paying out the existing mortgage and registering a new first mortgage on the property.”
Doing this, they were able to bring the total mortgage amount from $1.8 million to $2.8 million, with $1 million deposited into the clients’ bank account on closing to fund the construction project.
“The quick refinance, appraisal and cash out allowed construction to start immediately,” says Drew. “In the end this family will soon have a beautiful guest cabin their kids can enjoy for many summers to come.”
Finding strategies like this provides significant added value, far beyond just finding a mortgage.
The Donaldson Difference
The company continues to embody and build upon its four core strengths: key relationships with lenders, market experience in Toronto and Muskoka, personal experience, and a committed team.
“Having built homes and cottages over the years, our team has sophisticated knowledge of the construction process,” says Drew. “We have a deep understanding of designs, plans, construction budgets and timelines, which we share with our clients as we determine the best financing options for them.”
Building knowledge and strategies throughout their 16-plus years in the industry, they are experts in providing residential, second home, and construction financing for high-value properties.
As well, by keeping their fingers on the pulse of the real estate market and economy, they can provide relevant and useful financing advice.
“We are experts at developing and executing high level strategies and service to achieve our clients’ financing goals,” says Drew. “We help them finish their construction projects, while keeping their cash flow fluid.”
In this world of fluctuating markets, having a team of experts to help navigate the mortgage financing process is more important than ever.
TEXT CHRIS OCCHIUZZI | PHOTOS SCOTT TURNBULL
