Quote:
Originally Posted by Weitz
It also says he earns money as a property manager and from a business in India. I imagine they are doing fine.
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Or at least that's what his Brampton mortgage application says...
But yeah, sounds like Mr. Uber may have been a little optimistic about his mortgage prospects, plunked down the $260k to the builder and is now royally ####ed.
Edit #2 - so it seems like there was a year between contract and closing. This was no-doubt intentional and part of the brilliant plan... Buy at the low, low pre-construction discounted price of $2mm. Put down $260k to secure this glorious opportunity. By the time the build is complete in 12 months, the property would have appreciated 20%, because, like, why not? So now you can get a $2mm mortgage on a home valued at $2.4 and you get your $260k deposit back from the builder... And that's the math without the ####ery of the Brampton mortgage bro.
Edit #3 - And of course, with your $260k cash back in your hands, you're able to carry that low interest, $2mm mortgage for, 3-4 years, all while enjoying that sweet, compounding appreciation of 20%, yoy, cause that gravy train ain't ever stopping... right? So a few shenanigans in the ol' mortgage bro's office (located in Brampton), and an unreasonably (idiotically) high risk tolerance, and Mr. Uber can cash out in 4 years, when he has used up his $260k to carry his $2mm mortgage, that's now worth over $4mm and he has >$2mm in equity... Again, 'cause it would never stop... Right?