Desperate Times!

Call for desperate measures. What if a tragic event happened in your life (like death of a spouse, loss of employment or divorce) how would you handle it? Are you prepared for it financially. Would you have enough money? Would you have to borrow from the bank, friends or family, or have to liquidate assets. Something tells me that you would just find a way. It’s because in those moments of great need we develop a very strong sense of urgency. If you needed 5K by Friday to fly to Germany to be with a loved one who was terminally ill then you would just find a way to make it happen. Then why are we lacking this same sense of urgency in the running of our everyday lives? If it is not important, then why are we doing it?

Wouldn’t it just make us more effective and productive people? Success at all costs attitude! You have met those people and aren’t they fun to be around.

I remember watching a documentary a few years ago about a experimental cancer treatment. The physician running the trial told the patients (who had stage 4 cancer and had tried every conceivable treatment) to follow a very specific diet and cut out certain things like chocolate, coffee and alcohol. Some of the patients were making very good results, however a few were discovered upon follow up to not to have given it an honest try. If you were faced with certain death, wouldn’t you want to pull out all the stops. I lost my mother to breast cancer a few years ago and right up to the final 2 weeks, she fought with all her might.

Just think of how different your life could be if you adopted a sense of urgency and applied it on a daily basis. The world would be your oyster as they say and anything would be possible. Ask yourself when you wake up each day this question ” What would you like to see happen? Then start your day with the expectation of achieving your goal. You will be surprised at just how quickly your whole world changes. If you would like to make some drastic changes to your finances, please feel free to give my office a call.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Take this job and shove it!

So that is what you are thinking, but you don’t have the guts to say it or lack the exit plan to leave just yet. So what do you do? What are you passionate about? Can you get paid to do it? Do you have other people who you support? Will they be negatively affected by the decision?  Once you (and your spouse or significant other) are satisfied with the outcome of these questions, sit down and develop a plan. As optimistic as you feel, you must develop a worst-case scenario.

Now what does this have to do with financing? Well I help entrepreneurs out all the time. A lot of information is vital when it comes time to finance your project. Funding sources want to know if it is a new venture, franchise, proven concept, developing market, manufactured product, professional service or a home based business. There are plenty of loan programs available from both private and institutional sources.

If you need help in securing financing for your dream project, please give my office a call so we can see how we can help get you closer to telling your current boss to take this job and shove it.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Shhh, it's Private!

Private lenders that is. Why they are important, when to use one and who they are:

Private lenders are important because they provide a source of capital to investors or homeowners when they would not other wise be able to access funds. This saves people from foreclosure, allows business owners access to important working capital or the ability to purchase the property they wanted.

Timing is everything, and when it comes to using private lenders, it may come down to the fact that you do not qualify for a loan by any other means.  It could also mean that you may need the loan very quickly and do not have the time to go through a long drawn out bank process.

These lenders go by many names, some of the most common or at least the ones that I can print here are like the lenders of last resort, bridge lenders, hard money lenders or angel investors. They can be your cousin Roger, your Uncle Carl or Basil your friend from High School. However most often they are seasoned business owners with access to cash to lend.

Just because they have money does not mean they will lend out on any project. They desire a set rate of return and always have a risk tolerance that they are willing to follow. Once you meet their guidelines, you will find that they fund very quickly and allow you to repair your credit, fund your project or purchase the property you wanted. Last but not least, remember they are not long term lenders, plan on being with them no longer than 12-18 months. Every successful application will have an early exit strategy. They want to know how they are going to be paid out so they can fund the next project.

If you have a project that would benefit from a loan from a private lender, please feel free to contact my office. Remember the interest rates will be inline with the risk to the lender, and that means currently 12% (vs 4-6% for bank money) or more, and expect to pay a lender’s fee on top of that of up to 10% ( or up to 6% for insured bank loans).

Cheers,

Pat

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Put a few notches in the win column!

We have all had those times where we think that nothing is going our way. I was having one of those days and one of my good friends sent me this:

When things go wrong, as they sometimes will,
When the road you’re trudging seems all uphill,
When the funds are low and the debts are high,
And you want to smile, but you have to sigh,
When care is pressing you down a bit,
Rest, if you must, but don’t you quit.

Life is queer with its twists and turns,
As every one of us sometimes learns,
And many a failure turns about,
When he might have won had he stuck it out;
Don’t give up though the pace seems slow–
You may succeed with another blow.

Often the goal is nearer than,
It seems to a faint and faltering man,
Often the struggler has given up,
When he might have captured the victor’s cup,
And he learned too late when the night slipped down,
How close he was to the golden crown.

Success is failure turned inside out–
The silver tint of the clouds of doubt,
And you never can tell how close you are,
It may be near when it seems so far,
So stick to the fight when you’re hardest hit–
It’s when things seem worst that you must not quit.

– Author unknown

So to summarize that, persist until you succeed. If your goal is to get in better shape, then decide to do something about it by starting a health & fitness program, If you want to improve your relationship(s), then work on improving “you” and if you want to improve your finances, then pick up the phone and contact my office and we would love to see how we could improve your situation.

Cheers,

Pat

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What the Frack!

Hey I like sci-fi, and it is much better than the alternative. But seriously, what the Frack! What have you done with your life so far? Are you were you want to be? Financially? Spiritually? Socially? or Physically? Are you currently building long term equity? Paying down debt or just getting by? What ever your current situation you have made the choices whether consciously or unconsciously that brought you to where you are now. You are also the only one who can do anything about it. So unless your life is perfect, exactly what you want, you got some work to do.

Today my wife and I packed our our kids ( we have 3) and took them down to see the Buskers at the Halifax International Busker Festival. While we were down there we caught a show, had lunch and walked till we were all tired. The thing that stuck in my mind the most from our trip to the Halifax waterfront was not the performers or the crowds of people, it was the 2 mega yachts that I saw while were were there.

I assume if money were no object we would all live the high life. Is it that only a very small percentage of people aspire to greatness and the rest just settle for a life of mediocrity? This reminds me of a passage from Napoleon Hill’s book “Think and Grown Rich“; “

I bargained with Life for a penny,

And Life would pay no more,

However I begged at evening

When I counted my scanty store.

“For Life is a just employer,

He gives you what you ask,

But once you have set the wages,

Why, you must bear the task.

“I worked for a menial’s hire,

Only to learn, dismayed,

That any wage I had asked of Life,

Life would have willingly paid.”

Wouldn’t you rather have a Mega Yacht too? I know I would. To get there I want to help as many as I can get back in control of their finances and put them on the path to prosperity. If you are or know anyone I may help, please feel free to let me know.
Cheers,
Pat

Bite Me!

Yea you heard that right, bite me. That is what you would like to say to your creditors. I imagine if you won the lottery you would say that to most people then move off to some exotic tropical island. However since this is probably not the case, you are most likely resigned to just mumble it under your breath.

With proper planning that day may come sooner rather than later. There is no better time than the present to get a handle on your finances. Sit down and make a list of all your income and outgoing expenses. Do you have anything left at the end of the month, or is it all going to service debt and pay your bills. How would you like to lower your overall cost of borrowing and possibly lower your debt service payments. All while showing you how to pay off your debt quicker and get you on a plan to build financial freedom.

If this appeals to you, please feel free to contact me so we can see how to improve your current situation. If not, keep buying lotto tickets and hope that tomorrow may be your day to tell someone to “Bite Me”.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Free Will!

Or settle for what life gives you. You decide. Grab life by the horns or sit in the bleachers, you have heard it all before. Are you working your plan, or working some else’s? It is either one or the other, there is no in between.

Chances are if you are reading this right now, you do not live in a communist country. So weather you believe it or not, you free will is your greatest power. If something is not going the way you want, then get off your butt and do something about it. Looking for something or someone to blame is not the answer. If you need more sales then go prospecting, want to get in shape then make the time to workout and eat better or if you want to be in a better financial position then do something about it now.

Start first by making the decision that you will go for it and not settle for what life gives you.  Focus on where you want to go, then take immediate and massive action, notice what is working or not and be persistent. Chances are that whatever you want has been done before, study who has done it before. Success leaves clues, you do not have to reinvent the wheel. Seek out experts to help you, get support from your loved ones or start a master mind group.

If improving your financial position is at the top of your list, give my office a call and I would be honored to help.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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You Suck!

Yup you heard that right, You Suck! Don’t take it too personally, we all suck in some shape or form. However in this instance it is about how you manage your money, and specifically your debt. Here are some indicators that may apply to you.

1)You have used your credit card to pay for a small ticket item. (something less than $10)

2)You make only the minimum payment on your credit card statement.

3)You consistently carry a balance on your credit card(s).

4)You have used one credit card to pay another credit card’s monthly payment.

5)You have occassionally gone without making your minimum monthly payments.

6)Last but certainly not least, you have next to nothing in a long term savings plan.

This is not the end of the world, but it should be a wake up call. There is still time to put yourself on the right track. All it takes it a plan, and believe it or not, it may be possible with the money that you are currently making and spending. Please contact my office today so we can help you develop a plan that works for you.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Recession over? You tell me!

Last year this time, I found myself heaping praise on Wells Fargo for being basically the lone survivor in the Canadian Sub Prime or Alternative mortgage market. Now as of yesterday they are no more, they have thrown in the towel and hitched up their wagon and left town, just like all the others. See the note below. However there is one silver lining to this story, as I believe that we live in a vacuum, as one leaves another arrives. Earlier this week we received an announcement that Toronto Dominion bank has their own alternative lender ( called VFC)  now open for business. So now even if your credit is less than perfect, or you are self employed and can only qualify for a stated income mortgage ( because you make 150K but only claim 25K for example) there are still options available for you. If you have any questions please feel free to contact my office.

Cheers,

Pat

Wells Fargo Financial Corporation Canada discontinues residential real estate lending

Effective July 30th, 2009, Wells Fargo Financial Corporation Canada will no longer be accepting residential mortgage loan applications through its consumer branch and indirect broker network channels.

Please treat this writing as notification of immediate cancellation of any Mortgage Broker Origination Agreement or other real estate lending agreements you may have with Wells Fargo Financial Corporation Canada or Wells Fargo Financial Corporation Canada HomePlan Mortgage.

To the extent Wells Fargo Financial Corporation Canada HomePlan Mortgage has issued a valid fully executed mortgage commitment, provided the applicant or applicants fulfill all of the terms and conditions of the mortgage commitment (including any time specified for closing or expiration of the mortgage commitment), we will honour those commitments.

Current customers and/or brokers with questions about a Wells Fargo Financial mortgage can contact our Corporate Customer Relations team at 1-800-461-8794.

We thank all of our broker partners, vendors and customers for their business and support over the years.

Sincerely,

Rick Valade
President
Wells Fargo Financial Corporation Canada

Wells Fargo Financial Corporation Canada is associated with Wells Fargo & Company, a company that is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company.

Wells Fargo Financial Corporation Canada operates in Quebec as Société financière Wells Fargo Canada.

TM,Trademark Wells Fargo Financial Corporation Canada.
P.O. Box 250, Stn. A, Mississauga, ON L5A 3A1
Ontario Brokerage License Number: 10239

© 2009 Wells Fargo Financial Corporation Canada. All rights reserved.

Hey Psst! Check out my stimulus package!

Get your mind out of the gutter, that is not what I was thinking. Although in truth you may not be far off, as noting can kill romance faster than worrying about paying your bills . Every where you look there are stories about companies getting billion’s of tax dollars so they can keep their poorly run companies afloat. AIG got over 130 Billion! Billions to Citibank, Bank of America, GM & Chrysler. At last count the amount of the US bailout package was over 787 Billion, or that would work out to $2,623.00 for every person in the US right now!

Ask yourself the following questions:

1) How are your tax dollars being spent?

2) Are companies using it to reduce debt, cover operating costs, grow the business or to give out as bonuses?

3) Are goverments creating policy that will foster long term economic growth or just mortgaging our future for poorly run companies?

4) Should these companies be allowed to fail?

5) Would the best use of the bailout fund be to return them to the tax payers and allow them to stimulate the economy?

The trouble is that there is no right answer, or just one answer. We are in challenging economic times, yet there are business that are thriving ( Take Apple for example). Even though unemployment rates are rising, 94% of people still have their jobs, and there is a light at the end of the tunnel, and no it is not in the form of an oncoming train. We can all play a part to insure that we all make it through these challenging times no worse for wear. Here are a few suggestions that can be used for business or personal finances. Know what your income expense ratio is, finance only what increases in value or adds to overall profitability and cut out any unnecessary expenses and use savings to pay off your debt as quickly as possible.  

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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