Lending Guidelines

Who We Help

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.

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

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 (BC and AB primary locations)
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/or amortizing options available on case-by-case)
Pre-Payment Penalty: 3 months interest
Renewals: Min. fee 5 % subject to mortgage performance
Payment Frequency: Monthly payments on first (1st) or fifteenth (15th)
Minimum/Maximum Loan Amount: Min. $20,000 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 usually required to 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. 75%
Rates: Starting at 8.99%+
Fees: Starting at 1%+

Second Mortgages

Loan to Value (LTV): Max. 85%
Rates: Starting at 9.99%+
Fees: Starting at 2%+

We specialize in Bundle Mortgages and helping Co-Brokers.

How It Works

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.

Synopsis

Reason funds requested, explain affordability and solid exit strategy

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