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.

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


OUR GUIDELINES

Brokers: You set and keep 100% of the broker fee

Location: All provinces in urban locations or in close proximity

Property Type: Residential, small commercial, and rural (includes construction/renovation)

Position: First mortgages and second mortgages (third mortgages on case-by-case)

Loan to Value (LTV): Max. 80% on first mortgages and 85% on second mortgages (rural may be reduced)(AG max. 70%)(raw land max. 60%)

Rates: Starting 4.99% on first mortgages and 7.99% on second mortgages

Fees: Starting 1-3% on first mortgages and 5% on second mortgages ($1,500 min. fee)

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 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

  • 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

HOW TO SUBMIT A DEAL BASICS

  • Application – Current and consistent with rest of package (Filogix preferred)
  • Credit Bureau – Current Equifax
  • Summary – 5 C’s of Credit – Character/Credit, Capacity, Capital, Collateral, and Conditions/Exit
  • Income Docs – LOE, paystub, NOA, bank statements, financials, net worth, contracts, etc.
  • 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!