Cottaging in Muskoka is about spending time with family, sharing traditions with each generation, and continuing to make memories.
But, sometimes, the family can outgrow the cottage and renovations or additions are needed. This was the case for the Smiths, a family of generational cottagers who had outgrown the original small cottage after decades of use.
The parents and their adult sons – one of whom lives in the U.S. – own the cottage jointly. And all four have varied “non-traditional” income sources, including through investments and self-employment.
It’s not an unusual situation in Muskoka, but it can be a huge roadblock when it comes to financing a renovation, says mortgage broker Drew Donaldson.
“Every situation is different when buying or refinancing cottages, and conventional lending institutions aren’t always equipped to deal with ‘different,’” he says. Other non-traditional income can include dividends, rental income, freelance contracts, sales commissions, and more. “Knowing how to find financing solutions for a variety of non-traditional income and ownership situations is essential to meeting our clients’ needs.”
This is where experience and hands-on knowledge came into play. Drew and his team were able to secure construction financing that allowed the Smiths to build a family compound so they could all enjoy the cottage for years to come.
The Smith family are grateful for what Donaldson Capital was able to do for them: “From the bottom of our hearts, thank you so much for all your efforts to help make this lifelong dream a reality! We are so grateful to you and the entire team for making this happen despite all the challenges.”
Whether the project involves construction, buying a second home, or purchasing a primary residence, Drew and his team have developed a clear-cut process they take their clients through when applying for a mortgage. They ensure every client gets the same high-level experience, remaining involved from the appraisal to the final payment of funds.
With offices in both Toronto and Muskoka, Donaldson Capital is well situated to handle their clients’ needs and provide the comfort of knowing your mortgage broker is close by.
“Purchasing or building homes and cottages, or doing extensive renovations, is already a very stressful situation,” says Drew. “The last thing you want to worry about is finding financing. We’re here to help navigate that part of the process for our clients, whether they’re in the city or in the heart of cottage country.”
TEXT CHRIS OCCHIUZZI | PHOTOS SCOTT TURNBULL
