There is a genuine comfort in knowing your mortgage broker is nearby to help, especially when buying or building a new home or cottage.
An experienced brokerage can help alleviate the already stressful situation of buying or building by taking the uncertainty out of the financing. Having in-depth knowledge and experience finding mortgage solutions for complex circumstances is essential to creating a smooth process.
“Cottage financing can often be a bit tricky,” says Drew Donaldson, mortgage broker at Donaldson Capital. “Recently, clients came to us with a beautiful Muskoka property they were looking to refinance. They had purchased the property for $6 million originally with a higher rate and now with interest rates trickling down, they were looking to save on their interest costs.”
Using their deep relationships and expertise, the Donaldson team found a way to restructure the mortgage, pay off other debts, and keep lending accounts open in case they were needed for future projects.
“With second homes, it’s often the case that the Loan to Value (LTV) is maxed out at 65 per cent of the property value,” explains Drew. “However, we were able to structure the deal so that the clients could increase their mortgage amount to take advantage of lower interest costs and get the LTV up to 70 per cent.”
Another recent client was a family with a beloved generational cottage. As the matriarch passed and the family grew, though, the cottage was simply too small to accommodate everyone wanting to gather there.
The property is owned by two brothers, one of whom lives outside Canada. They needed help getting the construction financing to build a family compound to serve the generations to come.
They approached the Donaldson Capital team, who were able to find a lender for the project.
“From the bottom of our hearts, thank you so much for all your efforts to help make this lifelong dream a reality!” wrote the brothers. “We are so grateful to you and the entire team for making this happen despite all the challenges! We are still over the moon with excitement! We have dreamed of this day for 17 years since our grandmother passed away! Everything worked out in the end. Thank You!!!!”
Drew and his team are well-versed in navigating multi-million residential mortgages for high-net-worth clients, securing construction financing, and finding flexible forms of capital to help clients grow their wealth.
“The Donaldson Difference, which separates us from any other mortgage company in the industry, is encompassed and built upon by our four core strengths; key relationships with lenders, market experience in Toronto and Muskoka, our own personal experience, and our devoted team.
TEXT CHRIS OCCHIUZZI
PHOTOS Scott Turnbull
