LENDING GUIDELINES

Our guidelines are flexible and based on common sense underwriting. We have no hidden fees, transparent and fair renewals, same day Letter of Intent, and fast turn-around times.

We encourage you to Contact us to review a potential deal and for submission instructions.

Read more about How to Submit A Deal To A Private Lender.

We are an equity-based lender. Regardless of income or credit, if there is sufficient equity, you are APPROVED!


GENERAL GUIDELINES

Brokers: You set and keep 100% of the broker fee
Position: 1st mortgages and 2nd mortgages (3rd mortgages on case-by-case)
Location:
All provinces in urban locations or in close proximity
Property Type: Residential, small commercial, and rural (includes construction/renovation)
Credit: No minimum Beacon/FICO scores and reject OK
GDS/TDS: No GDS/TDS requirements (must show ability to make payments or LTV may be reduced)
Terms: 12 months interest only closed (open and amortizing options available on case-by-case)
Penalty: Max. 3 months interest
Renewals: Min. fee subject to mortgage performance
Payment Frequency: Monthly payments on first (1st) or fifteenth (15th)
Minimum/Maximum Loan Amount: Min. $15,000 and max. on case-by-case
Minimum/Maximum Property Value: Min. $75,000 and max. on case-by-case

  • Rural, Agricultural, and Raw Land LTV may be reduced
  • Bankruptcy, Consumer Proposal, and Orderly Payment of Debts must be paid out with funds
  • Mortgage arrears, property taxes, and condo/strata/HOA fees must be paid up to date with funds
  • Foreclosure/Power of Sale and CRA arrears considered on case-by-case basis
  • Pre-paid mortgage options available up to 12 months
  • We allow second/third/VTB mortgages and gifted equity

FIRST MORTGAGES

Loan to Value (LTV): Max. 80%
Rates: Starting at 4.99%
Fees: Starting at 1%

SECOND MORTGAGES

Loan to Value (LTV): Max. 85%
Rates: Starting at 7.99%
Fees: Starting at 5%

HOW TO SUBMIT A DEAL BASICS

  1. Application – Current and consistent with rest of package (Filogix preferred)
  2. Credit Bureau – Current Equifax
  3. Summary – 5 C’s of Credit – Character/Credit, Capacity, Capital, Collateral, and Conditions/Exit
  4. Income Docs – LOE, paystub, NOA, bank statements, financials, net worth, contracts, etc.
  5. Property Docs – OTP, mortgage statement/commitment, title/tax, lease, appraisal if any, etc.

Ready to get started and use our services? Contact us, we look forward to working with you!