True North Mortgage on Dragon's Den

[ucheHapers]

suddenly they are interested and now greedy

[webdesigner70]

I saw where you didn't take the money, good for you! You don't need their money for what you are generating and profiting every month! When they offered 51%, I was crossing my fingers that you would not accept that, that is crazy!! You're a smart guy, keep doing what you are doing, you're making money, you are profitable, you don't need them!!

[VideoShow416]

Hey good stuff, when your Toronto store opens I will be checking it out.

[TheMissLainey]

@mortgageguycanada i almost died when you accepted the deal. i was thinking - he's losing 50% of his company when he can make $10K a month from it! Then I saw your comment that you didn't accept the money from them. What a relief! lol = a very good way to promote your product though *wink* good job!

[tech4156]

why not licence this idea somehow so if anyone else does it you get a revenue cut.

[djwattz06]

i think u guys will do better with out the dragons money they were trying to ripp u

[MistaMajani]

You were an idiot for even CONSIDERING this deal. You just don't give away 50 % of a hugely profitable business at one go, you just don't. Thank God they allow entrepreneurs room to wriggle out of the deal after the show

[WhyOweYou2b]

WHY DO YOU NEED $10,000/month salary? With that kinda of money, you can start a new business EVERY MONTH.

[RICHUNCLEPENNYBAGS77]

@WhyOweYou2b Why not? You get to make that call when you start your own business.

[ika6667]

Way for not taking that offer!

[spectrum2000now]

Sometimes people are deceive about the promises of mortgage company. It is important that this company stated all the information that their clients needs to know. People should also know about on what to ask before availing any loan to finance or refinancing their property to avoid any financial problem that could happen in the future.

[supertech4]

I think there's definitely something wrong with company and really question why the deal did not take place. $500,000 in Revenue for 2007, and a Profit of $370,000 ? And give up 50% of company for $250,000 in cash?

There's something really wrong with the guy or the company.

[vancedev]

Wow,why didn't the dragons just shoot the guy in the head and pick his pockets while they were at it.

[varekaidream]

Is Dan sexxxxay or what? Can I hug you to "celebrate" your Montreal location? :-)

[Emanusmell]

University credentials mean nothing these days...its become a failed social status symbol.

[themonrovian]

@Emanusmell Agreed, this guy went to RI so he could learn how to get raped....i can't even stand to watch this clip. 50% plus a 7% interest payment! sheesh

[yourmain]

There are sooooo many fucking mortgage broker companies in Calgary, Van, TO that it is not even funny.

[adityamodernite]

4:00 Richard Ivey School of Business!

[renegade420]

Congrats @mortgageguycanada -- you stuck it out and got a 50-50 deal.

[r0rozx]

I'm not in favor of this deal , His business is working like hell with impressive number , If he had insisted on 35 , he would have made a deal as the dragons were very very interested in such successful company .

He put himself in a dangerous position if the company goes puplic and this will probably happen by putting the company under pressure and then the dragons will like this position , the will lose some money at first but then they will control the whole company .

[PODIUMcalgary]

If your a fan of Dragon's Den, I wanted to let you know about PODIUM Participation Funds. It's the online version of Dragon's Den, except instead of 5 Dragon's, we will have 5000 shareholders who have all invested $5000, and will vote/comment on what local Calgary deals they think should receive funding. You can sign up to be a participant (no charge) to see the first round of video deal submissions and to vote/comment on what deals should get put through to the second round!

[altagolfer]

5:55 guy looks at Kevin thinking, "you're so damn greedy." lol

[ZionNeo1]

dragons at their greediest

50! u gotta be kidding me, poor kid..

[secretwmp]

are you serious? why would he take the deal? a 50-50 for a business that's already generating so much profit?

[Zordrack]

350k of profit a year, they would get their money back in 3 years, but that's if it doesn't grow, but it can only grow, so they would get their money back a lot faster, and then the rest is profit... greedy bastards, I would never ask them for investment... they always undervalue good business with great profit.

[Zordrack]

I really don't know how these dragons calculate the value of a business. Are they out of their minds or just the worst sharks ever??? 350K in profit and they evaluate the business at 500k... I saw another episode with a business that had revenues of 2.5 millions a year and 800k in profit and they told the guy the business didn't worth 2.5 millions but 1 million instead... I am new in investment but i really think that a business worth more than 1 or 2 years worth of profit...

[secretwmp]

The 'dragons' are obviously trying to rip everyone off in this show.

[RICHUNCLEPENNYBAGS77]

@Zordrack Hello? They are on a TV show, which is not where I would go looking for a fair shake.

[RadioactiveBraunMan]

@Zordrack well, a business "value" is a quite subjective term nowadays.

if youre being ultra conservative (which is smart often..) a business's value would be somewhere along the lines of assets + accounts receivable - obligations. Every cent beyond that is technically speculative. And as with all speculation its an odds game in my ways.

However, this here is a tv show long before it is anything else. The british equivalent is closer to "real" business, but still quite far off. This is fiction

[craigwardan]

I love dealing with True North.  Will recommend to all my friends.

[salemkid1979]

"i want to wet my beak" "give some to daddy" classic....

[TheBlueRose2008]

Best Canadian show happining right now!

[uclhhca]

i am so proud of my cousin!!!!!!!

[kingtwenty20]

give some to daddy :)) hahhhhh yahhh thats what im talking about :) i LOVE this show :)

[TheBlueRose2008]

Or just when he sez "Respect the Money!" kills me every time!

[duellegend71]

how was bein infront of teh dragons ?

[mortgageguycanada]

Not yet. We have opened in Toronto and we can take mortgage applications from across Canada.

[Bulacanos]

open any locations in vancouver?

[adnank21]

these canadian dragons always want to much stake. they are the real dragons.

[altondesu]

to hell with calgarians

[bearstearn3]

good job rejecting the dragons money

[danishh1]

I dont see why no dragon asked him why he's asking for money when he's making ''$ 470,000'' a year (before his salary is deducted)

[jaekn]

10 X 12 months is 120,000 right?

[Zwizzlezar]

to open 2 more outlets and make 1.5 million next year

[macradude]

Good stuff. It was a greedy deal. I think O'Leary likes the MBA guys cos they're the guys with the brains that he ends up employing. You gotta love James Caan's rachett systems...very cleaver

[kaasis85]

I don't like those MBA types...they are not true entrepreneurs...they are used to big salaries and cozy places...idea not bad but isn't that implemented long ago in internet

[mickeykozzi]

try doing an MBA then say something

[benzbubblecat]

irrelevant

[newsociety1978]

why would you go 50/50 and intrest if you were already clippin 120k per year? No way I would give up that large of a chunk. I think your growth would have been the same without them.

[mortgageguycanada]

We are pleased to announce that we will be opening our third location and it will be located downtown Toronto.

[clarkvaughan]

Wonderful!! It was a bad deal and you were RIGHT to reassess. Good luck to you, and to True North Mortgage. Revenues are up because you are a GOOD businessman.

Best Wishes, sir.

[daveygravey123456]

this twat caused the credit crunch

[clarkvaughan]

The UK dragon's are not this vicious. Bannatyne and Paphitis always say "we don't want to take so much that the person won't want to wake up in the morning." They rarely go over 40 percent, even when they partner up between each other!

This was depressing. I felt bad for the guy. In the end he begged not to be taken over. He should have cut his own pay for a year or two and financed this himself.

[WERTY123]

That bald guy is a shark still funny though.

51% of the company. with a 7% interest on the investment money. those are some harsh terms.

probably james caan would have made an offer with a ratchett system on the investment . diliver on sales and the investment stake would be reduced. something that he did with the chalkbox.

[rlui123]

what do you need the dragons money for? you have the means to accumulate $240,000 in 2 years just by your salary alone, so why do you want to give up 50% of your entire business to get it up front? sorry, but it just doesn't make any sense. so tell us, what was the reasoning behind your decision?

[mortgageguycanada]

After the show we reassessed our situation and never took the Dragons' money.

[Igosuki]

@mortgageguycanada

Can't imagine what the face of the guy who thought he'd bought a billion dollar business for two hundred k was :D

[Frankii3]

@mortgageguycanada sounds like you dont know what the fuck your doing bro.

[JoeMamma23]

@mortgageguycanada That's good, Kevin's deal sounded so horrible.

[StickyickyX]

@rlui123 It's called free marketing.

[rlui123]

@StickyickyX He got "free marketing" when he appeared on the show, he didn't need to accept any ridiculous offers. It makes him look stupid, I rather have no marketing than BAD marketing.

[StickyickyX]

@rlui123 Well, first of all, the show matches 10% of whatever offer they reach with the "dragons". Second of all, very very few, if any of these supposedly accepted deals ever go through after the cameras stop rolling. It's just TV, it's not real. Third of all, it's free marketing & publicity for the companies/individuals and contrary to your belief, it's not bad marketing.

[BrokHomz]

congrats, i checked out your website,,, i still only see 2 locations in Canada (Calgary)..... is this business going to be a slow growth deal? I assumed from the presentation that there would be more locations by now. Thanks, and God Bless.

[mortgageguycanada]

We are pleased to announce that we will be opening our third location and it will be located downtown Toronto. We never took the Dragons' money in the end.

[BelgianRonPaulFan]

Dain, nice business. What I don't get, you state the following numbers:

Revenue 500K

Your salary 120K

Profit 350K

=> How can you only have 30K in costs for rent, admin, taxes and payroll?

[mortgageguycanada]

Revenues were a lot higher.

[justnottrue]

This is just horrible...! Watch the UK version...

[yvonneperfect]

God bless you Lawrence Lewin xxx May you rest in peace now xx Thank you for everything good you have done in your life xx

[shamama23]

holy this guy is a richard ivey alumni...must be a bright guy!!

[FUQQED]

Nice job ! 50% was wise at minimum.

I am looking into your business for my own mortgage.

If these guys like you...You must be solid.

[OpenHousesInc]

hey dan, if your company's projections were to net $350k next year, your company would have had a potential valuation of at least $2,450,000 (factoring at a 7 times multiple). what made you decide to give them 50% for only $250k? also, being that the partnership is 50 / 50, who controls the board? I am always trying to learn more and this is why I ask. I ask this question with the utmost respect.

[paul0309]

Im so glad that you didn't give them control. Good luck with the business :)

[pynal]

Congrats, man. I'm glad you didn't give them 51%. Good luck with it all.

[linagee]

Why would I shop for a mortgage at a mall instead of online where I have thousands of lenders to choose from?

[pynal]

Why would you comment as a reply to me instead of in the general forum, where there are twenty other comments?

[mortgageguycanada]

Good question. True North Mortgage started as an online only mortgage brokerage. In fact, we won the award for best web presence in Canada for 2007. (Presented by CIMBL)

We found people were growing more and more hesitate to put their private information online. They wanted the security of a "bricks and mortar" mortgage brokerage that had a solid online presence. (Particularly, client with good credit.)

[mortgageguycanada]

Given that our target market is good credit clients, and since our primary competition is the banks and not other mortgage brokers, we needed to have a "bricks and mortar" solution with full-time non-commission staff like the banks. That is what we are building.

In any event, you will find our rates match or beat any online only mortgage brokerages.

[Rawful42]

damn, i want this show to keep airing on cbc >=[

[JimTDragonsDen]

He is a good businessman indeed.

[mortgageguycanada]

Thank you for the compliment.

Our second location will be opening later this month and the third location is scheduled for later this year.

I will take some video footage of the new mortgage store after the renovations have been completed.

[downwiz2]

hi are you willing to do franchises? i would like to open up a shop under the name.

[mortgageguycanada]

We are not willing to franchise. We believe a franchise model will diminish are ability to provide clients with consistently low rates. Franchisees maybe motivated by how much they get paid from a lender and not motivated enough by providing the single lowest rate in the market to clients.

[manukhan1987]

british version better and better ideas

[Mthtmty]

I compleatly agree. Way Way way better.

[Jon20202]

That's negotiations..... back and forth.

[alvask8z2000]

Dan is the best. I had no idea he was the CEO! I dealt with him directly from Ontario and I thought he was just a working guy that returned my calls promptly. He is awesome with mortgages and reccommend him 100%

[orangejump11]

Good job man, u didint let em get 51 % that got me mad that they wanted they wanted the 1 % Good for you :) good luck with your buisness

[sajid1979]

these dragons are blood sucking leeches!!

millionaires!!.. but still want more..

[jimboy162]

BASTARDS! They want a controlling stake? that's really fucking bad. If they go public he could liquidate the whole damn company and walk away laughing.

[b3rs3rk]

u got it man u didnt let them rob you either fabolous job

[abracad2k]

Good deal. Potential to make a million easy.

[xxayub]

these dragons are not dragons they are hyenas!

The UK dragons take 40% highest but these guys want to get everything and these people don't have the guts to say no. MY GOD.

this is not right. THEY ARE ANIMALS!

[iamtraviss]

No. It is business. They are business men that know what they are doing. You're ont going to put 250,000 pounds into a business with potential of loss. These are business men that know what they are doing, and with control can make this a viable sound business.

[jakz70]

it was a legitimate transaction, not robbery. If his mouth was foaming too much for him to deal effectively, that's his fault.

[michael0845]

I hope they do not get any of their money back as they clearly have tried to rob the Dude.

[KillQuick3]

Great idea ! Definetly one of the better ideas on season 2.

[justinhio]

call the cops i think you got robbed. good luck with the business

[bobgusford]

Congratulations Dan!

Good luck with your business.