Langyi Foundation and Lishi Gao Mortgage Investment Fund announced a joint cooperation to promote the Langyi Garden project
Langyi Garden is a senior residential project jointly developed by Huihong Development Group and the Langyi Foundation, a federally registered charity organization in Canada. It is located in a prime location in the center of Wanjin City, with convenient transportation and complete living facilities. It is specifically designed to create high-quality lifelong rental apartments for retirees and the elderly.
The Langyi Foundation takes caring for the elderly as its mission and is committed to meeting the diverse needs of the elderly in the area, thereby creating long-term social value. The foundation focuses on developing, promoting, and investing in various innovative and sustainable projects and plans by building a collaborative platform, with the aim of improving the quality of life for the elderly. At the same time, lifetime rental apartments or charity rental apartments will be provided to eligible seniors to help them enjoy their later years in peace.
Since 2013, the Lishi Gao Mortgage Investment Fund has been committed to helping Canadians achieve their dream of owning a home, providing flexible mortgage loan options for borrowers who do not meet the approval criteria of the "Big Five" banks. These borrowers include self-employed individuals, individuals earning cash or commissions, or investors who wish to provide funding for rental income or property renovation. So far, Lishi Gao has provided over $137.76MM in mortgage loan funds through its two mortgage investment entities (MIEs) - RESCO Mortgage Investment Corporation and RESCO First Mortgage Fund LP.
Wilson Tran, Chairman of Langyi Foundation
This cooperation effectively solved the problem of cash flow faced by most prospective buyers of lifetime lease apartments and other pre construction properties during the payment process. Wilson Tran, Chairman of the Lavida Foundation, pointed out, "Many of our lifetime lease apartment buyers are retirees. They generally find it difficult to pay the deposit, and usually have to pay a 30% deposit in installments from signing the contract to settlement. They cannot afford it, but most of the funds have already been invested in existing properties, resulting in insufficient cash flow and difficulties in fund allocation in the short term
In response to this demand, Lishi Gao Fund Group has launched a mortgage loan product specifically designed for retirees - the Home Deposit Mortgage Loan. Chris Cheng, Chief Operating Officer of Lishi Gao, said, "We have always provided customized mortgage solutions to meet the actual needs of our customers. With a mortgage loan, prospective buyers of lifetime rental apartments or other pre built properties can flexibly use the assets of their existing homes to make installment payments for their future pre built homes. The application process is simple and fast, usually approved and funded within a few working days. Considering that most buyers of lifetime rental apartments are retired individuals with limited income, all interest expenses and fees will be added to the mortgage loan until the customer repays it. Traditional banks cannot provide such flexible arrangements for mortgage loans because they require stable income proof and regular repayment ability
Under this cooperation, Lishigao will provide buyers of Langyi Garden with housing deposit mortgage loans at preferential interest rates. The Langyi Foundation has decided to extend some of the deposit days to 360 days after signing the contract, allowing buyers to save some loan interest. The Lavida project also donates 2% loan interest to buyers to help elderly people in need
Wilson Tran added, "This collaboration is undoubtedly a true win-win situation for all participants. Through tailored mortgage products from Lishi High, buyers can flexibly utilize the assets of their existing properties and smoothly transition from their current residence to Langyi Garden. As they grow older, this type of living environment designed specifically for the elderly will better meet their living needs, allowing them to enjoy a peaceful life
A comfortable and convenient life in old age