Equity destination club, M Private, has partnered with Alberta Private Client at ATB Financial to offer a financing and payment option for new member investors.
New members can receive financing for up to 100% of M Private Residence shares, choose between unsecured or secured payment options, and receive a low interest rate of prime plus 2%. These investors can choose to borrow a minimum $50,000 up to a maximum of $300,000, with payments spread over 60 months. The current prices of shares in M Private vary between C$147,500 and C$295,000 for between 21 and 60 days of use each year.
Garry Leitch, VP of Marketing and Sales at M Private Residence's states, "Our philosophy is simple: We will use our passion and knowledge of people's dream vacation lifestyle to help our clients find their ideal vacation home ownership plan. Now with ATB, our clients can easily take advantage of the M lifestyle immediately through Alberta Private Client's financing program. It is a win-win for everyone."
Alberta Private Client is the wealth management arm of ATB Financial, the largest Alberta-based financial institution. "We're very excited to partner with M Private to provide our clients with access to this exclusive equity destination club," says Lisa Murphy, Vice President of Alberta Private Client, "ATB Financial and M Private are both proudly Albertan companies, so we couldn't be happier to partner with a company that shares our customer-centred focus and values of innovation and entrepreneurship."
Here at SherpaReport we saw several funding partnerships like this before the 2008-9 recession, but these disappeared as the economy soured. So seeing these partnerships come back is a sign that the overall economy has returned. It's also a sign that ATB Financial has faith in the real estate market for high end vacation homes and in the management structure at M Private.