What do apartment owners look for a in a lender? Greenwin's very own Kevin Green had lots to say about this important topic in Canadian Apartment Magazine.
Below is an excerpt featuring some of Kevin's insights, and you can read the entire piece on the Canadian Apartment Magazine website:
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 building's 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 that 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," he says. He switched from a bank to First National Financial LP shortly after meeting 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 act quickly when purchasing a building. First National has a reliable eye for evaluating the value and condition of the property, Green says, and they provide sound strategic advice.