Page 45 - Sports Energy News, Cornwall, Issue No 112

www.sportsenergynews.com Issue #112 May 2022 45

A Breath of Fresh Air: High School Sports Make a Difference

By Casey Leger their seasons, too.
“You can feel a difference in the
here’s something different about school,” says SJCSS Principal Joy
Tschool when education isn’t just Martel. “There’s a positive energy
books and the daily learning grind. and school spirit is certainly affected.
One lesson that can be drawn from It’s great to have extra curriculars
the recent - some would say ongoing back.”
- pandemic is that children need more When one considers that most
than a classroom education. They school sports run at four different
need their peers and a place to interact levels - boys and girls, senior and
so they can experience a normal life.
junior - there are literally hundreds
In high school, sports play an of people involved in school sports.
integral part in many students’ lives. Keep in mind that each team needs at
“In terms of student engagement,” least one coach (most often a teacher
says Saint Joseph’s Secondary School or community volunteer), and each
Vice Principal Michael Whelan, “it’s event requires officials. Practices
like night and day.” are often held after school hours and

How popular are sports in high in school facilities, which impacts The SJCSS junior boys soccer team prepares for the season.
school? Since the floodgates opened custodial and support staff. Parents are Photo Submitted
earlier this year, and students were usually on the hook for transportation the easing of restrictions. The St. With a full return to the normal
once again allowed to compete to and from practices, and sometimes Joe’s music department is currently school year slated for the fall,
to and from games.
in school sports, Saint Joe’s, for producing a musical, an endeavor students, coaches, teachers, parents,
example, has fielded badminton, Although sports often get the lion’s that was (and hopefully will continue and administrators are looking
volleyball, basketball, hockey, tennis, share of publicity at school, there are to be) an annual event at the school.
track, and running teams. Soccer and other important activities that have Also, the school’s leadership and forward to the potential of September
baseball are currently gearing up for also been allowed to resume with social justice clubs are back in action. 2022 and the freedom of 2023.

Continued from page 44 them to consider a private lender. lenders are considerably more flexible and refinance
Private lending restrictions and compared to banks. Private loan applicants • Credit score is low, but the borrower is
requires, and as such are subject to
automatic disqualification. requirements: Many private lenders will find less documentation and restrictive going through a debt consolidation process
Some common private lending cases specialize in a particular market niche in measures heavily focused on the applicant. to improve credit score
include: which they are comfortable lending. A Employment documentation and credit • Have another property listed for sale and
lender may only dabble in construction history are not as critical if you can prove require interim financing until that sale
• Rental investment properties
• Multifamily (i.e., four-plex) properties financing as they have expertise in that you have the financial resources to • Awaiting inheritance or a legal settlement
• Second mortgages home construction and may feel more make the necessary loan payments. The Private lender fees: Because private
• Self-employed borrowers comfortable in this lending scenario primary concern of the lender is the equity lenders are taking on higher risks, they
• Unverifiable employment income compared to a lender that only wishes in the asset against which you are seeking also charge higher interest rates when
to lend second mortgages on residential a loan. Meaning, if you have $40,000 in compared to the banks.
• Non-residents
• Low credit score homes. equity on a $100,000 home, and the lender The interest rates vary among private
• Higher debt load than acceptable by Lenders may also impose geographic is comfortable leveraging your home up lenders and can range from a few
banks constraints within their lending criteria. to 75%, then you would be eligible for percentage points above a bank’s rates to
• Construction financing They may restrict their lending policy to a second mortgage of $15,000 in this double-digit rates. The rate depends on
avoid smaller townships, for example. scenario.
a multitude of variables that contribute
• Vacation homes
• Interim financing There is no one defining a global lending Another typical requirement of private to the level of risk associated with the
Here’s a typical scenario that private policy that is agreed upon by private lenders is an exit strategy indicating loan. These variables typically include
lenders see - a mortgage prospect is lenders or by which they are regulated. how you intend to repay the loan at the the equity percentage in the property,
nearly complete with the construction of They set their own conditions and policies, completion of your loan term. Essentially, mortgage position (i.e., first, second),
and it is advisable for borrowers to seek a a borrower needs to convince the lender property type, as well as what degree of
a new home, and they’ve gone over their
projected budget. Their bank, which has private lender that fits their circumstances, how they will repay the loan and what documentation is provided. The lower
already extended a mortgage, has turned not only to get more favourable rates the source of those funds will be. Some the equity percentage in the property, the
down their request for additional funds. and terms but also to take advantage of a common exit strategy examples include: higher the risk exposure undertaken by the
How are they to fund the remainder of quicker loan fulfillment process. • Renovate and resell (fix and flip) lender, and hence, the interest rate charged
In terms of qualification criteria, private • Develop a home on a vacant plot of land
their home construction? One option is for Continued on page 46