“A lower-mainland home “owner” who is a client of these friends has FIVE mortgages on his property, for total mortgage debt of 115% of the value of the underlying home.”

real_professional at vancouvercondo.info December 10th, 2010 at 4:11 pm
“Today I had the pleasure of going to lunch with a couple of old University friends who are in the Mortgage and Private Financing business. They have been in this line of work for a number of years and to provide some additional background, these guys are the types that definitely tell things the way they are.
As lunch progressed I asked them how business is and to no surprise they said, “slow”, and not just seasonally slow, but down right slow.

A lower-mainland home “owner” who is a client of these friends has FIVE mortgages on his property!!! I guess I was too much in shock to ask what the structure of the loans are, so I am forced to assume that two of these are through proper CMHC insured mortgages and the remaining three are privately held. But the worst part of it is, the total value of the mortgage debt amount to…. drum roll…. 115% of the value of the underlying home!”

One response to ““A lower-mainland home “owner” who is a client of these friends has FIVE mortgages on his property, for total mortgage debt of 115% of the value of the underlying home.”

  1. I didnt know that Vreaa achives jokes as well.

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