What do apartment owners look for in a lender?
When Kevin Green is contemplating the purchase of a multi-million-dollar apartment building, he wants a lender with expertise in the multi-family asset class, someone “who understands a buildings’ bones.”
Ideally, the lender should be “your financial team-mate, partner, advocate,” says Green, president of Greenwin Inc., one of Canada’s largest privately-owned residential property management firms.
While many buyers decide on the property they want to purchase and then enlist a mortgage broker to shop around at the banks for the best rates and terms, Green likes to involve his lender from the outset.
“We want to acquire assets, so we hunt like a team, we do things as a team,” he says. He switched from a bank to First National Financial LP shortly after a meeting in Starbucks with Robert Fleet, a financing specialist and Assistant Vice-President at First National, Canada’s largest non-bank mortgage lender.
“It was a good move for Greenwin”, says Green, whose style is to move and act quickly when purchasing a building. First National has a quick and reliable eye for evaluating the value and condition of the property being considered, Green says, and they provide sound strategic advice.
For Green, the relationship with his lenders goes beyond transactions, valuations and discussions about roofs and boilers. His company is involved in providing social programs for families in some of Toronto’s more impoverished neighbourhoods, he says.
“We want to make it safe. We want kids staying in school and getting jobs.”
Read the entire piece on The Globe and Mail’s website by following this link.