Over the years we have helped hundreds of people.
Here are a few Case Histories:

Case #1 Single Mother

This mother of 2 was 42 years of age, divorced for 2 years, with 2 children (9 & 12). She owned and operated an accounting business out of her home. Her home was valued at $310,000 - she had a 1st mortgage in the amount of $120,000 with her local bank. Her accounting business was very successful and she found that she needed to hire an assistant accountant to help keep up with her rapidly expanding business. Her only debt other than the bank 1st mortgage, was a car loan with the same bank in the amount of $15,000.

She applied to her bank to borrow $75,000 for purposes of adding an office to her home (which could be used as a bedroom if she ever sold the house). The bank turned her down for the loan, advising her that they felt that her business was expanding too rapidly and that she should wait to hire an employee until she could afford to pay for the addition to her house with cash.

She did not want to wait the 3 or 4 years it would take to save enough money to pay for the addition and expand her business. We provided second mortgage financing for her in the net amount of $90,000 so that she could pay off the bank car loan and complete the addition to her house.

Case #2 Small Business Owner

A retired couple in their 60's, along with their recently divorced daughter, 26 years old, contacted our office to borrow $50,000 to invest in inventory for their mail order/internet business. Their daughter operated the business with the help of her parents. The business was doing very well and they needed to increase the amount of inventory on hand, to fill the ever increasing number of orders which were coming in by mail and over the internet.

The retired couple owned their home which was valued at $225,000 - free & clear! They approached their bank to borrow the required $50,000. The bank turned them down.

We provided these industrious people with first mortgage financing in the net amount of $50,000. They paid our mortgage in full at the end of 2 years. We spoke to them 3 years later, at which time their business was still operating successfully, and they now owned not only the original house, plus another house (which the daughter lived in), and 2 rental properties - all free & clear.

Case #3 Retired Couple

A retired couple in their 70's owned their home valued at $550,000 free & clear. They also owned a duplex lot next door, upon which they were in the process of building a duplex, which would provide sufficient rental income to ensure a comfortable retirement. They had owned the duplex lot for many years and had expended their savings building the duplex. They needed $75,000 to complete the project. The value of the lot and duplex (upon completion of construction) was $625,000.

They applied to their bank to borrow $75,000, offering the bank first mortgage security on both properties, which had a combined value of $1,175,000. The bank turned them down.

Without question, we provided these people with the $75,000 they required.

Case #4 Family of Four - Over Extended

This couple was in their early 30's with 2 young children and had lived in their house for 7 years. The house was valued at $305,000. Their 1st mortgage with the bank was $125,000. They had 2 car loans with the bank for a total of $32,000. They had a home improvement loan with a credit union in the amount of $25,000, and they owed Visa $17,000 on 2 credit cards, plus they owed 2 department stores a total of $11,000.

Their total debt was

Only the husband worked. This couple was over extended and the total monthly payment on all of their debt, was much greater than they could afford, even before the cost of food, clothing, gas, utilities, and insurance. Bills were piling up.

They tried their best, but they were behind in all of their payments, including their 1st mortgage with the bank. They realized that they were over extended and they applied to their bank for a new mortgage for the purpose of consolidating all of their debt into one payment. They thought that the bank would lend them the money, since they had lots of equity in their house and he had a good job.

What did the bank do? The bank turned them down and commenced foreclosure proceedings on their house.

They did not know what to do. Their whole world was upside down! They contacted our company and we provided this couple with new 1st and 2nd mortgage financing, which paid off the bank and all of their other debt and at the same time reduced their total monthly payments by over 40%. They now had payments they could live with and also add a small amount to their savings account every month.

Case #5 Layed off - No Income

A gentleman in his mid 40's called our office. He was married, with 3 teenage children. The company he worked for, for the past 11 years, had been bought out by another company. As a result, he had been laid off 1.5 years before he contacted us. In the process of seeking new employment and covering the everyday living expenses of his family, he had expended all of his savings, had borrowed small amounts of money from several banks & credit unions and had run all of his credit cards to the limit. He was behind in all of his payments, including the 1st mortgage with his bank, which had started foreclosure on his house.

Things did not look good, however, he had recently found a new job with an oil company and was to start work overseas in 4 months. However, he still had to live and pay his expenses until he received his first pay cheque.

His financial situation was as follows

Assets

Debt

He went to the bank that held his mortgage. They were foreclosing on his house. He explained his situation and applied for a new mortgage loan in an amount sufficient to pay off all of his debt, plus additional funds to carry him through to the first pay cheque from his new job. The bank turned him down.

We helped him with sufficient funds, by way of a combination of 1st and 2nd mortgages. He paid off all of his debt, plus had additional funds sufficient to cover his monthly payments and living expenses for 5 months until he received the first pay cheque from his new job.

Summary

In the 5 cases above, we have shown examples of everyday people who have very strong margins of equity in real estate. We have shown examples of everyday people, who had separate, distinct and very real personal reasons to borrow money. In each case, when the bank was asked for assistance, the answer was a resounding NO!

Why the bank would not assist these people, is anyone's guess. What is clear, is that if your financial situation is similar to any of the examples shown above, Aaron Acceptance is here to help you!

Broker/Lender fees may apply

Calgary
Phone: (403) 541-0002
Toll Free: 1-877-222-2766
Email : Michael Addams

Edmonton
Phone: (780) 421-1600
Toll Free: 1-866-414-1600
Email : Roy Choma