Donald Greene

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Donald Greene | Why change? | Why a mortgage line? | Managing liability | Corporate Mortgage Program | Current rates | Plani-Alert

 

Donald Greene

Donald has worked in the financial world for the past 18 years as a medical and industrial equipment finance broker. On the medical side this also included financing  buy/sale transactions in optometry, dentistry and pharmacy. In 2008, he joined Planiprêt with a license to do mortgage backed loans as well as Registered Education Savings Plan (RESP). Since May 1st 2010, with the new law and the new OACIQ, he has become a mortgage broker.

Donald has a B.A. from l’Université de Montréal and went to McGill in Science (Math and Computer  Science). An avid skier and member of the Ski Instructor’s Alliance (CSIA), he thought skiing at Mont-Tremblant, then worked in the ski business. On the Alpine side, he helped start the Quebec Ski Council and the Discover Skiing (INISKI in French) program as well as sponsor the Crazy Canucks.  On the cross-country side, he selected Pierre Harvey for sponsorship and eventually became his business manager.

Later, as general manager of an optical company, Donald was introduced to lease financing to promote sales in the optical instrument division. For health professionals, it is best to acquire state-of-the-art equipment as soon as possible and better still with other people’s money. By using leasing as a buying tool, they also get the advantage of a mini Asset Protection Plan and a 100% write-off.

In 1992, Donald arranged the first finance-by-leasing of an excimer laser (for the eyes) in Canada. Other lasers followed with doctors in other specialties and also in hospitals. In the middle nineties, Cash Damming was judged legal making it possible to transform a residential mortgage into a business loan. When done properly, the interest then becomes a business expense. This technique is used mostly by health professionals but it also can be used by most self-employed workers.

PS : Please note the Saint-Eustache address on Donald’s business card is the head office of Planiprêt .

Why change?
Since your last mortgage, your property has probably increased in value and most likely your income has also increased. You are probably in a better bargaining situation to renew your mortgage, even more so with a broker and also because the maximum mortgage is now 80% for a non-insured loan (maximum used to be 75%). Therefore, when renewing or transferring (by subrogation), you should get a better rate and better conditions from a new lender.

Remember that if your income has increased or if you have just reached 2 years seniority in your job, renewing or transferring is even more interesting.


Why a mortgage line?
Planiprêt’s mission is to help its customers maximize the management of their debt and achieve their objectives. When your line of credit is approved and ready-for-use, there is no obligation to use it. Excessive debt is not the objective; however strategic debt may help improve your quality of life. If a need arises, writing a big cheque without having to beg or justify yourself in front of a loan officer … is nice … but should not be an excuse to go on a spending spree

Getting a mortgage line of credit is an even better idea when the value of your property and your income are at their highest (or higher). If you are close to retiring, a mortgage line is a must since the approved line will stay at approved level even when your income drops. If you wait till you retire, your income being less, your line will also be lower.

Getting a mortgage line of credit, especially with absolutely no intention of using it, is a great idea. Remember, the definition of a lender is someone who lends you an umbrella when there’s no rain and takes it away when it starts to rain.

Managing liability
Managing liability is just as important as managing assets.

If the equity-to-date in your property is smaller, managing your debt means lowering payments but also balancing fixed and variable portions over the best terms.

If the equity-to-date in your property is bigger, a mortgage line is for you. The hard-to-get-to-equity in your property will then become cash-available-on-demand, without justification to a lender, and at very low rates. Donald enjoys suggesting new creative uses for maximizing a mortgage line. The line could be used to invest in the increase or improvement of the financial, educational or medical well-being of your family. Or, it could be used to invest in your company as a shareholder or by becoming your own lender.

Corporate Mortgage Program
In joining the dynamic team at Planiprêt, Donald is also focused on developing Corporate Mortgage Programs with businesses. As with group insurance, a Corporate Mortgage Program helps employees of a company, as a group, get better terms and conditions. Whether for a new mortgage on a new property, the renewal or refinancing of an existing mortgage or getting a mortgage line, Donald is dedicated to find the best strategy to match EACH employee’s specific needs.

Donald Greene,
Mortgage Broker,
(514) 241-7448 ext.