Anyone have a good relationship with someone at CIBC?

[RedlineBrett]

I have a client that is looking to get a HELOC on a property with substantial equity but is running into a wall with the people at his small town branch.

I`m wondering if there is someone out there who knows a great CIBC rep that they would be willing to refer to me so I can help out my guy.

Thanks!

BT

 

[PeterKinchMortgageTeam]

QUOTE (RedlineBrett @ Mar 10 2009, 02:39 PM) I have a client that is looking to get a HELOC on a property with substantial equity but is running into a wall with the people at his small town branch.

I`m wondering if there is someone out there who knows a great CIBC rep that they would be willing to refer to me so I can help out my guy.

Thanks!

BT


Does it need to be CIBC? Different lenders have different policies, but often the same products. PCF for example with do HELOC`s on owner occupied properties up to 75% without income confirmation. Other lenders will do them up to 80% if qualified.

Hope that helps,

 

[RedlineBrett]

QUOTE (CanadianMortgageTeam @ Mar 10 2009, 03:11 PM) Does it need to be CIBC? Different lenders have different policies, but often the same products. PCF for example with do HELOC`s on owner occupied properties up to 75% without income confirmation. Other lenders will do them up to 80% if qualified.

Hope that helps,


Property is now a rental. CIBC is only counting half the rental income on his app and he is short on income due to recently taking reduced hours due to an injury at work.

 

[PeterKinchMortgageTeam]

QUOTE (RedlineBrett @ Mar 10 2009, 03:28 PM) Property is now a rental. CIBC is only counting half the rental income on his app and he is short on income due to recently taking reduced hours due to an injury at work.

That`s going to be a tough one. Most lenders won`t use disability income especially if it is short term. If he really wants to access the equity, he might have to look to some private lenders, or he can always try another local branch......see if he can get any farther.

 

[RedlineBrett]

He`s hoping to use the LOC $ as a DP on a principal residence with him and his wife and they will both be on the app together. However, this is a rental property in his name only.

Might have to wait until the guy heals up by the sounds of it.

QUOTE (CanadianMortgageTeam @ Mar 10 2009, 03:41 PM) That`s going to be a tough one. Most lenders won`t use disability income especially if it is short term. If he really wants to access the equity, he might have to look to some private lenders, or he can always try another local branch......see if he can get any farther.

 

[GarthChapman]

Brett, have him call me and let`s see if I can get him looked after.

 

[geoffjulie]

QUOTE (RedlineBrett @ Mar 10 2009, 03:39 PM) I have a client that is looking to get a HELOC on a property with substantial equity but is running into a wall with the people at his small town branch.

I`m wondering if there is someone out there who knows a great CIBC rep that they would be willing to refer to me so I can help out my guy.

Thanks!

BT

Why CIBC?
I have great bankers at TD, ATB, BMO, Scotia, RBC. I have had troubles with CIBC too.

Let me know if you would like a contact. these are Edmonton area bankers. fyi

- Julie Hoffman 780 203 2203
JulieHoffman@telus.blackberry.net

 

[RedlineBrett]

hangup is that he has a first mortgage at a great variable rate with CIBC... (prime -1) and doesn`t want a higher rate (prime +x) if he moves to a different lender.

He wants an LOC that he can draw his DP from to purchase a new property... not a second mortgage where he gets dinged with payments right away.

Hence the desire to work with CIBC on an LOC. Am I out to lunch here? Is there a way to have him keep his current mortgage and get an LOC up to 80% LTV and market rates?

QUOTE (geoffjulie @ Mar 16 2009, 02:40 PM) Why CIBC?
I have great bankers at TD, ATB, BMO, Scotia, RBC. I have had troubles with CIBC too.

Let me know if you would like a contact. these are Edmonton area bankers. fyi

- Julie Hoffman 780 203 2203
JulieHoffman@telus.blackberry.net