The following post is a exerpt from my personal private mortgage blog www.sonofabroker.com
In the Case Study I use the example of James a client we recently worked with. James was in the processes of buying a new home in Oshawa Ontario that needed some reno work to bring it up to date. Due to some past issues with his credit repayments we could only secure a mortgage up to 75% of the value of the property meaning he'd have to close with 25% down payment and no money for renos.
Using one of our trusted private mortgage lending partners we were able to secure a private second mortgage for $22,000 which represented 5% of the purchase price.
James was able to show up with 20% down payment and hold on to $22,000 of his own cash for reno costs.
For full details on how we were able to help James with his purchase plus improvement using a private 2nd mortgage visit my post: