What banks have you had the most success with - in your Lease to Own ventures?

[hanwellboy]

I currently have my personal home mortgage through Firstline. They seem easier to deal with than the major banks. I just wanted to get some opinions on what other investors use. I`m looking at getting a mortgage for a home I hope to offer up as a lease to own property.
Do most investors split other peoples money they use to buy properties between the banks and private?
Any info would be greatly appreciated!

Aaron

 

[MonteDobson]

QUOTE (hanwellboy @ Sep 23 2009, 04:42 PM) I currently have my personal home mortgage through Firstline. They seem easier to deal with than the major banks. I just wanted to get some opinions on what other investors use. I`m looking at getting a mortgage for a home I hope to offer up as a lease to own property.
Do most investors split other peoples money they use to buy properties between the banks and private?
Any info would be greatly appreciated!

Aaron
Hi Aaron,

I would suggest you find a good mortgage broker that specializes in LTO purchases. They are an integral part of your team that can help pre-screen and pre-qualify your LTO buyers before you ever move them into a house.

 

[Cargren]

QUOTE (hanwellboy @ Sep 23 2009, 03:42 PM) I currently have my personal home mortgage through Firstline. They seem easier to deal with than the major banks. I just wanted to get some opinions on what other investors use. I`m looking at getting a mortgage for a home I hope to offer up as a lease to own property.
Do most investors split other peoples money they use to buy properties between the banks and private?
Any info would be greatly appreciated!

Aaron

Hi Aaron,

I have a HELOC with Firstline and mortgages on RTO with Firstline, Scotia, BMO and RBC. Firstline and Scotia seem to be the most open towards rental properties. But I think they are more concerned with stable income and the term than they are about LTO or not. In fact, I`d say they don`t really want to know about the LTO end of it. Just my experience.

We did have RBC turn us down on our last purchase because "they thought we were doing LTO as a business" so was risky and/or should go commercial. Duh, I believe the best risk is if the investor treats it like a business. Right, Mr Don Campbell?