Why does my credit score matter?

There is a lot of advertising and information available about your personal credit score but most people are not aware of the impact their credit score can have on their borrowing. The lowest mortgage rates are available to individuals with high credit scores and if you do not have a high score you may end up having to pay a higher interest rate for your mortgage. There are many private lenders in the marketplace that will charge as much as 5-10% more than a bank for lending money to someone who does not have a high credit score. Banks have specific products available for individuals that have high scores and also change their lending criteria for these individuals. A borrower with a 700+ credit score could borrow more money than a borrower with a score of 699 or less. Your credit score is very important and if you would like more information about how it could impact you - email me at dylan@bridgecap.ca or visit www.bridgecap.ca/dylan.

Two businesses, same challenge

We were approached recently by two businesses that were looking to restructure their existing financing to save interest and improve cash flow. In one case a business had used unsecured debt to finance renovations to his business properties resulting in double digit interest rates. In the other case, a business owner with substantial net income has an opportunity to purchase another business property and his bank can't seem to understand the various parts of his existing business. Both businesses were not able to talk to their bank about their situations and we were able to understand their need and get them the options that made sense. If you want to discuss your situation, please send me an email at dylan@bridgecap.ca or visit www.bridgecap.ca/dylan