“I loaned a family member $20K three years ago to help them with a liquidity issue while they were closing on their house. I asked why they didn’t borrow against their Yaletown condo but the response was that they had already borrowed against it for their place at Whistler. They bought the house with a DP from the Whistler equity. The loan was only for 3 months…still haven’t been paid as the bank won’t loan them any more.
They are going to pay me back half next month after going to the loan shark (Alpine credits). Scary $hit! I bet my folks they will be back in Yaletown in 5 years with no house and no Whistler property.”
- yltnboomerang at VREAA 10 Jan 2012 8:57am
Most Vancouver RE speculators are far less obvious about it than these cowboys.
Jumpin’ the loan shark.