Thank-you Google! You just gave us a $1.1M Condo Corporation Loan. How many other mortgage brokers can say that Google earned them $16,500 in commission?! That’s the 1.50% broker fee we earned on this particular deal.
How Google Alerts Can Help You Spot Condo Corporation Loan Opportunities
A Google Alert sends you an email when new results for a topic come up in Google Search. In our case, we set Google Alerts to notify us any time “Condominium Special Assessment” is mentioned in the news.
Step #1. Go to “Google Alerts” https://www.google.com/alerts
Step #2. Set Your Alert “Condominium Special Assessment”
Step #3. Read relevant articles and make contact!
A Condo Corporation Loan is the preferred route to go vs. a Special Assessment, to deal with upcoming repairs. Condo owners and the condo board prefer using a condo corporation loan as it’s a far less stressful financial option vs. coming up with a huge lump sum.
Here’s the original article Google Alerts notified us about ($1.1M Special Assessment):
“Condo owner says board’s lack of transparency regarding needed repairs cost him $25K
Instead of a two-bedroom, two-bathroom, move-up property, Richard Lemaire plans to do some couch surfing at friends’ homes for the foreseeable future, after an unexpected $25,000 special assessment ate away a good chunk of his down payment.
Lemaire says it’s far from the image he had in mind when he decided to sell his 880-square-foot, two-bedroom condo in the Beltline last summer.
“So am I moving up or am I trying to rebuild?
“I had, you know, a nice trustworthy car, a new condo, and was going to buy something different … that was the plan, and the reality is completely the opposite,” said Lemaire.
That plan changed a week after the sale of his condo in an older building went through.
Lemaire and everyone else in the 52-unit building were sent a $1.1-million special assessment. His portion is $25,000, and legally he’s on the hook for it.”
The above article was written by CBC News, Jan 28th, 2020.
Join us for our Condo Corporation Loan Master Class on Feb 27th!!
This master class will give you the A – Z on how to find, structure and close these transactions.
Date: Thursday February 27, 12pm EST
Format: Zoom conference call
Duration: Please allow 2 – 3 hours. This is a live call where you will get a chance to submit questions in real time.
Downloads Included: Blueprint on how to sell Condo Corporation Loans, Sample Email Scripts, Case Study, Condo Loan Proposal, Document Checklist, Broker Fee Agreement
Course Instructor: Cameron Mackie, DLC Forest Funding Top Producer