If you are here that means you’ve completed both Modules One and Two and have also completed your workbooks including your sample opportunity assessment. Congratulations!

This opportunity as previously mentioned is one that I lent my own funds out on in 2022, and the mortgage is still going strong. I have been blessed with great clients who make their payments on time, every month and have an exit plan for the end of their term.

This is the same opportunity that I refereanced throughout the entire program and is the one in which we did the review together of application, and credit details in Module Two.

Join me HERE as I walk you through my thought process on the comprehensive review, credit, document verification and what I ended up offering the client in regards to rate, terms and fees on their mortgage commitment.

Mortgage Brokers can be one of your best allies when it comes to sourcing opportunities for investing your RRSP and TFSA funds in private mortgages because their daily life is wrapped up in sourcing financing for clients.

Alternative lending might not be talked about a lot with friends and family, however this is typically 50% of a Mortgage Broker’s business. More often than not, there are borrowers that just do not fit the typical big bank box and need some sort of alternative option for financing their property.

Year over year, we are also seeing a rise in self employment numbers, social media influencers, and many other alternative types and sources of income and so, there is a growing market for this type of alternative lending every day that passes which the government and the banks stick to their old ways of thinking about how financing should be offered to the general public.

One of the best aspects of working with a broker is that when an opportunity makes it way to you it has already been reviewed, credit has been pulled and the broker will likely forward on a submission package for review up front, making your job of determining what you can do much easier.

These relationships have the ability to become even more fruitful because if you prep your broker on your thresholds for spend limits, loan to values and other details for the types of opportunities you’d like to see, you will only receive contact about opportunities that meet your lending criteria.

As part of this program and your completion and graduation from it you will be offered an exclusive space on my personal Lender Opportunity List, which means that you will be one of my first go to contacts when a potential deal crosses my desk that might fit your criteria. Once you have completed your program and workbooks, and have chosen a trust company to move your funds to, you will be ready to begin lending, and that will be the perfect opportunity to email me to let me know all fo your details.

Feel free to save the following link, or come back to it here in the module whenever you are ready. M-POWERED LIVING EXCLUSIVE LENDING OPPORTUNITY LIST

Due to the nature of private lending it is imperative that you have at least one lawyer that you are comfortable working with on this projects, and one that is comfortable with preparing private mortgage draft documents for Arm’s Length Mortgages.

While you might think that all Real Estate Lawyers will be available for this service, this is not the case.

I suggest making contact with a few Real Estate Lawyers in your area, and your preferred lending area to ensure you have ready access to their services. It would also be beneficial to have a few questions ready when speaking to them to ensure a smooth transaction process on both ends.

Some questions I would ask are below. I will also include this as a download under TIPS FOR SUCCESS at the bottom of this page. You can use this download as a checklist for interviewing lawyers.

1. Does your office/ lawyers facilitate the document preparation of private Arms Length Mortgages?

2. If yes, in which provinces are your lawyers able to offer this service?

3. Do you have a standard cost for the preparation of a draft mortgage document for Arm’s Length Mortgages?

4. Will your office prepare the draft mortgage and also close on the actual mortgage transaction for the borrower, or do you require a separate lawyer for the borrower?

5. If your office will perform both the draft preparation and the closing for the borrower, what is the additional cost for the borrowers portion of the closing process? Or how is this cost determined?

6. Are there any self Directed Investment companies that you do not work with for these transactions? Are there any that you prefer to work with?

7. Who is the best contact person to speak to when an opportunity arises? What is their contact information?

8. How long does the draft mortgage preparation process typically take on your end when you have all documents you require?

9. Are there any specific documents that you require up front in order to ensure the transaction is facilitated as smoothly as possible? If, so could you provide me with a list of those documents?

***Another bonus of working closely with a Mortgage Broker is that they will likely already have a list of vetted lawyers that they use on a regular basis for these types of transactions, ensuring the leg work is already done for you.

TIPS FOR SUCCES

Once you start talking about this program, and how you learned to lend your own RRSP and TFSA funds out in private Arm’s Length Mortgages with higher than average rates of return, naturally the conversations are going to happen. Often these conversations lead to questions, and once people know about the potential to lend their own funds, or to potentially have alternative options for financing you may find yourself with new opportunities just by nature of human relationships and word of mouth.

Always remember these mortgages must be arms length, and you should always go through proper channels and assessments no matter how solid or wonderful a deal seems to be from the onset.

The more opportunities you review the more will come yoru way. And the more you work with yoru partners, the more success you will have in the lending opportunities.

Below you will find downloads for a complete Opportunity + Assessment Package. This package has been carefully curated to work hand in hand with the knowledge provided within this program. It contains everything you will need to effectively review and assess future opportunities for lending RRSP and TFSA funds within private Arm’s Length Mortgages.

***Please note that the package comes in two separate downloads as the Letter of Commitment with APR Calculator must remain as a WORD document due to the EXCEL spreadsheet embedded within it. If you were to convert to pdf or any other format the embedded spreadsheet will no longer function.

DOWNLOAD PART ONE: OPPORTUNITY + ASSESSMENT PACKAGE HERE

DOWNLOAD PART TWO: LETTER OF COMMITMENT + APR CALCULATOR HERE

As important as it is to understand the process of assessing and underwriting your opportunities, if you don’t have an application package that is easy for your borrower to complete with the required information you need to do a proper assessment, you will find the process much more difficult than it needs to be, and much more time consuming with a lot of unnecessary back and forth.

For this reason I have curated a full Borrower Application Package that you can utilize for each and every opportunity that comes your way. Keep in mind that if you are receiving your opportunities form a partner such as a Mortgage Broker, you may not require this package to be completed, but if you want to request that borrower use your documents, that is completely ok! Remember, your rules!!!

DOWNLOAD THE COMPLETE BORROWER APPLICATION PACKAGE HERE

Congratulations!!! You have reached the end of the Make Money in Mortgages mentorship program, and you now have the knowledge and tools needed to succeed in private Arm’s Length Mortgage lending in Canada! Where you go from here is up to you, but I can assure you that positive returns on investments are in store for you now that you have knowledge, a partner + a plan!

I have taken the liberty of including a program checklist that will outline all of the steps we have reviewed in the program to get you well on your way towards your first lending opportunity. Ensure that you follow the checklist diligently to ensure that when that first opportunity comes along, you are indeed prepared for it and have your funds, paperwork and other ducks in a row.

DOWNLOAD GRADUATE CHECKLIST HERE

***Keep your eye on your email inbox over the next few days for your follow up and next steps email.