In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, writer, talks with Sheldon Brow, Independent Mortgage Broker. Sheldon Brow talks about how mortgage lending and debt in general work differently for business owners than they do for the average consumer. He also provides guidance and tips on how to make your life easier as a business owner when you need to apply for debt.
Episode Highlights:
● 01:12 – Sheldon Brow describes what he does in his career.
● 02:44 – Why do business owners have such a hard time getting mortgages?
● 05:53 – Why are independent mortgage brokers such a beneficial option?
● 04:20 – What does the approach to applying for debt look like?
● 10:12 – The vast amount of financial training is unfortunately focused on sales.
● 11:20 – What are his best practices to make access to credit easier for business owner clients?
● 14:17 – Sheldon talks about various types of business loans that people commonly need to take out.
● 21:25 – For business lending, it is really helpful to have big, extensive contracts with big companies, reliable cash flow, assets, and invoices that you have coming in.
3 Key Points
1. Among the plethora of business mortgage lending, some of the variables
include not just credit scores, but also debt-service coverage ratio.
2. Seek a long-term relationship with your broker with an ecosystem of financial
experts, not just a transactional situation.
3. The better you know your client, the better you can advise.
Tweetable Quotes:
● “I broker mortgages. I am able to shop across more than 30 different lenders and many, many different types of products for both personal and business lending.” – Sheldon Brow
● (Business lending) “A lot of people think you just need a good credit score, and that is a huge misconception.” – Sheldon Brow
● “Why brokers are better in every level of finance, in my opinion, is because they’re not just giving the kind of tunnel vision of what is appropriate at that bank.” – Sheldon Brow
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● FintechImpact.co – Website for Fintech Impact
● jasonpereira.ca – Jason Pereira Website
● sheldonbrow.com – Website for Sheldon Brow
● Linkedin – Sheldon Brow
● Call Sheldon Brow – (902)440-2663
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