Meet Larry and Adam Rachlin.
They're mortgage brokers in Ontario, and our newest poster children for the Canadian Housing Bubble.
Larry has Bachelor of Arts degree in Political Science & Speech Communication (honours) and is a 27 year veteran in mortgage financing and brokerage. He has an even longer tenure in the financial services industry including secured and unsecured funding, debt consolidation as well as personal & business tax preparation.
Adam is Seneca College graduate with a Diploma in Financial Services Underwriting. He's been in financial services for over 21 years including mortgage & loan underwriting, personal & business income tax preparation as well as commercial leasing & property management.
Together they run Mortgages Unlimited, a mortgage brokerage whose slogan is "We don't say 'NO', we offer an alternative."
Larry recently posted a youtube video (you can see it here) promoting their services and here is the opening pre-amble:
Every day someone calls and tells me they have an urgent cash crisis.
They tell me nobody is able to help them, they're ready to give up.
They say I'm their last hope. And I tell him this: I don't care if you have bad credit. I don't care if you can't prove income. I don't care if you have tax arrears or if you haven't filed an income tax return. Or even have mortgage arrears. I don't even care if you won't be able to make any payments for a while.
All I require is that you have a good story and own a home that has some reasonable equity. If you have that, I'll get you the money you need. And I'll let you have up to 12 months with no monthly payments. Got a good story if so call me Larry Rachlin.
Your house is an ATM machine and all you need is a "good story".
Speaking of good stories, did you ever hear the one about the US housing crisis of 2008 and HELOC's?
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