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Posted March 24, 2020 Mortgage News

Help for small and medium sized business owners

The Business Development Bank of Canada (BDC) is devoted exclusively to entrepreneurs.

Here is a quick outline of some BDC Financing Options

Online Financing:

Been in business for more than 2 years (at least 24 months of sales)
Looking for a loan of $100,000 or less
They can fill in the application using the link below. If they don’t have a rep, leave it blank

https://www.bdc.ca/en/financing/pages/default.aspx

If you require more than $100,000, there is another program being offered by BDC which the details have yet to come out. Rumor has it will be based on completion of (a) statement of personal affairs form by each shareholder (b) application for financing and (c) last 2 years of financials prepared by a CPA

Support for entrepreneurs impacted by the coronavirus COVID-19

Effective March 18, 2020, new relief measures for qualified businesses include:

Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;
Postponement of payments for up to 6 months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less;
Reduced rates on new eligible loans;
Additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, to be announced in the coming days.

View BDC.ca special support initiative to learn more.

As always, I welcome your comments, calls and questions.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Your best interest is my only interest.

Posted March 24, 20201 Comment Finance

Update from Goldman Sachs

There’s a document floating around the internet from Goldman Sachs. Have you seen it? It’s a private client summary regarding the coronavirus. 1,500 companies dialed in to this call.

For the record, Goldman Sachs has said the summary text was not authorized by them and it contains erroneous information which was not used during the call. Still, there seems to be a consistent message here. I wanted to share this with everyone because I do believe in much of what is being said. Have a read. It’s a summary but a bit lengthy. I strongly recommend reading the entire summary as the message in the end is positive and is in line with historically recovery patterns.

Important Mortgage Updates Thursday March 19

Posted March 19, 2020 Mortgage News

Mortgage Updates 03-19-2020

Welcome to today’s update.

Canada and the banks announced a six month deferral of mortgage payments. I have been fielding many calls on how this works and the answer is different for each financial institution. I will be posting updates as they become available. Some of the financial institutions have not yet come out and said they will give a full six months of deferred payments, while others have. It’s still early but I will keep you informed as the details roll out.

Another update on the rates. Fixed rates are up again slightly. Variable rate pricing for new applications has increased as well. Most financial institutions are now offering variable rates at prime (Prime: 2.95%) or just minus .05%. No surprise as stock market jitters is spooking everyone.

This will pass and we will come out okay on the other side of this. That’s my message. We’re all in this together and we will come out of it together. Call or message me if you need anything. My team and I are here to help.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Posted March 18, 2020 Mortgage News

Important Mortgage Updates 03-18-2020

There have been many changes lately and there will be many more to come. As this is a critical and fast-moving situation, I wanted to get these updates out and will be updating you regularly as we all work through this.

We’ve all heard about the Bank of Canada rate cuts. Two one-half percent rate cuts in less than two weeks. Unprecedented. And while common logic would dictate that mortgage rates would fall, that’s not exactly happening.

Posted March 16, 2020 Mortgage News

Beware of those so-called 'SPECIAL OFFERS' from your Banker or Mortgage Lender

Stop… don’t sign any mortgage renewal, refinance or other mortgage offer from your banker. It is important to remember that they are not your friend. They are employees of a huge corporation paid to push you into the most profitable product for the bank.

Here’s what you need to know…