It was my pleasure recently to meet a new [to me] mortgage professional. Being from a Commercial Lending background I am somewhat more aware than most agents of different financial programs and policies of Lenders. I came across Peter Majthenyi who is a Mortgage Broker with Mortgage Architects.
Our conversation touched on many different issues related to today's turbulent mortgage market, rampant fraud, buyers overheated bids, inflated market evaluations, but most striking contrast was Peter's personal commitment to the mortgage business and his service attitude towards clients. The business has purchased a commercial condominium unit [storefront] at the Loggia Residencial Condo complex at the foot of Islington and The Queensway in Etobicoke.
Peter believes [as I do] that this neighbourhood of South Central Etobicoke has many amenities that will continue to draw business owners and families alike. The proximity to downtown Toronto, via the Gardiner in just 12 minutes, makes one understand why the Condos at iLofts, California and the Humber Bay Shore are in such strong demand.
The conversation turned to Commercial Condominium Units, a very neglected and understated business. Units that are at or near 1,000 square feet are almost non existent within the city core unless you are able to move to the outskirts of the 905 in Vaughn or Mississauga. Business owners have long known that controlling expenses is critical to the survival of the business so what better, then to purchase a condo and be your own tenant.
- Guaranteed Return on Investment
- Annual Growth in Equity
- Known Tenant
- No Collection Problems