Lawyers Hussein Hamdani and Paul Demarco, of Simpson Wigle Law, join Carmen and Jordan to talk about all of the most frequently asked questions investors have when it comes to private and syndicate mortgage investing. Their knowledge in the industry brings clarity to many common misconceptions, and, in this episode, they also describe their roles at Simpson Wigle, define a number of pertinent investment terms, and explain the closing process, the payout, as well as the risks involved and how they can be mitigated. The sheer amount of knowledge that they possess in what can be perceived as a complex process will both astound and inform you as you listen in today.
Episode Highlights:
- Hussein and Paul’s responsibilities at Simpson Wigle Law
- What a mortgage investment is
- Definitions of terms such as General Security Agreements, Assignment of Rents, Loan-to-Value, and ID Attestation
- Their role in these investments
- How the closing process works and why it can take some time to complete
- The payout and the possible delays involved
- The risk involved and how to mitigate it
Quotes: “It’s a registration against a piece of real estate.” “Every mortgage investment will have a registered charge on title because that’s the best protection we have.” “There’s a number of tools available to the lender…to help recoup their money if need be.” “We will not release anybody’s money until we’re satisfied that that security is in place.” “No one gets paid until it closes…we all have a vested interest in making sure it’s done correctly.” “We need to make sure that that investor, in fact, signed those documents.” “Lawyers are not investment planners or investment advisors. All we do is ensure that…the legal, technical security, is in place.” “Investors really need to make their own decisions.” Links: 30 Minutes to Wealth homepage: https://www.30minutestowealth.com/ Pro Funds Mortgages homepage: https://www.profunds.ca/ Simpson Wigle Law is a sponsor of 30 Minutes to Wealth http://www.simpsonwigle.com/
Outfits featured by Carmen and Jordan are courtesy of Ti Vesto Boutique, which is a family-owned clothing shop featuring unique and fashion forward Italian designers. http://www.tivestoboutique.com/