Why Use a Professional Mortgage Broker for your Initial Mortgage?
First and foremost, a good professional mortgage broker knows each of his specific lender's loan preferences. This enables the broker to focus on a few select commercial lenders in BC that have an appetite for your specific type of loan. This avoids the "Shotgun Approach", whereby commercial loan requests are fired off to multiple lenders, in the hopes that the more mud that is thrown against the wall, the more that will stick. The real harm from this approach is that lenders do not like loan applications that have been shopped all over town, and usually view these files disdainfully. Let's be honest, as there are currently so many loan applications and so few lenders, the lending officers are very selective. Every advantage you can get counts toward a timely mortgage approval.
Secondly, commercial mortgage lenders have said that if they can't understand the basics of a mortgage application in less than 15 minutes, they deem it either poorly organized and presented or too complicated. In either case, they discard this file and pick up the next one. As a CPA/CGA, I talk their language, I know how to establish the basic highlights and potential problems with your application. I present the facts to a lender in a clear, concise manner. This technique alone greatly increases our chances of obtaining a commercial mortgage lender's approval.
Finally, always remember it is the lending institution that pays the lending officer's pay cheque. Thus, when push comes to shove, the commercial lending officer will ultimately favor his employer in any lending negotiations. In contrast, as you are my only client, I owe an undivided fiduciary duty and loyalty to you. This fact will be of great importance to you as I negotiate the mortgage interest rates and terms on your behalf.
When you think about it, your time is very valuable and you are not a commercial mortgages specialist. Since you wouldn't use an amateur to a job worth hundreds of thousands or even millions of dollars, you can either spend years learning how to be a commercial mortgage specialist or hire someone who already has the experience. Many companies and investors are now making their commercial mortgage broker a valuable, long-term member of their commercial investment property team, along with their lawyers and accountants.
Hiring a professional commercial mortgage broker frees you up to do what you do best, grow your business.
" I have worked with Mike Mullin twice in purchasing businesses with property and have found him to be very knowledgeable with a large amount of experience to draw upon. He is a man of integrity and wisdom that helped me to do a deal that was, despite it's challenges, fair and safe for both myself as buyer and the vendor. I look forward to working with Mike Mullin in the future." Terry Burnett, Sayward, B.C.
My husband and I were most fortunate to have found you, Mike, as our real estate agent. Our purchase of a 6 suite apartment building in Port Alberni and residential rental home in Courtenay in June 2016 was extremely successful because of your professionalism, superior knowledge of financial strategies, and impeccable attention to contract details and due diligence. Your love of real estate and experience made it easy to trust you completely to find us the best possible properties. We would highly recommend you Mike, to anyone buying commercial or residential real estate!
With sincere thanks, Terry and Brian Olsen
To Whom It May Concern:
Mike Mullin has been my commercial realtor and mortgage broker for various multi-family properties over the last three years. His advice has always been sound and his work organized and beyond diligent – he always went the extra mile to make sure we were on tract and more often than not, he did the buyer’s research for us! Absolutely nothing is missed with Mike. He isn’t a pushy salesman; he is a true professional you can trust to assist you in every aspect of a commercial real estate decision and purchase. Carole Tootill. Nanaimo, B.C.
I have met many a realtor, but none like Mike Mullin. Mike’s background in corporate finance gives him the unique ability to see investment real-estate through the numbers in a way I have never experienced. Combine that with his mortgage capability and the conversation around the quality and opportunities of a property are vastly different and in-depth on the things that matter. Mike’s personal commitment to service is more than stellar. He writes offers so complete our lawyer was amazed! Mike is exceptionally committed to a client’s goals to the extent that he has recommended walking from a deal late in the purchase process, because it is the right thing to do in the circumstances. For most of us, that is very hard to do when you are that vested in a deal! Laird Robertson, Nanaimo, B.C.
Free Mortgage(s) Analysis
Copyright © 2014. R. Mike Mullin, CPA, CGA. All rights reserved.
Your client referrals are my very best advertising and undeniable verification to me that I am providing the best service possible to all my clients. Furthermore, they are greatly appreciated. If you do recommend me to someone, please ensure that either you or they let me know about your referral. You may use the contact form on the below if it is convenient for you.
1) Negotiated $2,512,000 of financing for the purchase of a mobile home park located in North Eastern Alberta with 3 mortgages, an institutional first, a VTB second and a re-finance of another rental property.
2) Secured a first mortgage on a mobile home park on Vancouver Island with excellent terms in less than 14 days.
3) Secured a construction mortgage for a developer to build a 4 suite apartment building in Old Nanaimo Centre with initial funding to assist with the property purchase and construction draws to build the project.
• CMHC Insured Multi-Family Residential Mortgages
• Multi-Family Residential Properties Conventional Mortgages
• Mobile and Modular Home Park Mortgages
• Land Assemblies
• Construction & Development Properties
• Motel & Hotel Properties
• Retail Liquor Stores & Pubs
• Mini Storage Facilities
• Plaza, Office, Retail & Industrial Buildings
Being a CGA is not the end all or be all in commercial mortgage brokerage or commercial real estate. But my extensive financial background does give me a great advantage when analyzing and developing presentation packages for commercial lenders, buyers and/or sellers. Further, this enables me to negotiate with all parties from a position of strength, thereby greatly increasing our chances of success in the field of commercial mortgages.
• Acquisitions of IC&I Properties
• Re-Financing of IC&I Properties
• Construction Project Financing
• Distressed Property Financing
• Foreclosure Financing
R. Mike Mullin, CPA, CGA - Licensed Commercial Mortgage Broker, throughout B.C.
Commercial Mortgages, Investment Mortgages, ICI Mortgages, Re-financing Mortgages, CMHC apartment building mortgage insurance
Multi-Family Mortgages, CMHC Multi-Family Mortgage Correspondent for Purchases, Re-financing & Construction Mortgages
Based on Vancouver Island, serving All of BC
Vancouver, Victoria, Nanaimo, Comox Valley, Courtenay. Comox, Port Alberni, Campbell River, Port McNeill, Port Hardy
Commercial Mortgage Broker, for both CMHC Insured & Conventional Mortgages, on Vancouver Island & throughout B.C.
Head Office: Mortgage Alliance Commercial, 200 - 205 Sheppard Ave., Toronto, ON M2J 5B4
Regional Office: Mortgage Alliance Commercial, 310 - 130 Brew Street, Port Moody, BC V3H 0E3
• CMHC MLI Flex Insured - Affordable Residential Rental Construction Mortgages up to 95% Loan to Cost, 40 year amortization with a DCR of 1.10
• CMHC Market MLI Insured - Residential Rental Construction Mortgages up to the lesser of 85% Loan to Value or 100% Loan to Cost with DCR's of 1.20 or 1.30
• Mobile/Modular Park Mortgages throughout BC
• Commercial Mortgage Broker throughout BC
• Investment Property Mortgages throughout BC
• Business Loans
• Financial Projections
• Feasibility Studies and Analysis
In these times of historically low interest rates, many times you can save significant interest on your rental property mortgage(s) by refinancing. However, this is not an easy analysis, due to all the different variables that enter into the scenario.
That being said, with my financial expertise, extensive knowledge and favorable working relationships with many commercial lenders,I am very experienced in this type of mortgage comparison. To accept my offer of an ABSOLUTELY FREE mortgage analysis, please complete the input form below and I will contact you shortly to explain and hopefully begin the process.