{"id":830,"date":"2020-05-07T15:22:33","date_gmt":"2020-05-07T15:22:33","guid":{"rendered":"https:\/\/myprivatelender.com\/?page_id=830"},"modified":"2023-06-27T18:12:33","modified_gmt":"2023-06-27T18:12:33","slug":"lending-guidelines","status":"publish","type":"page","link":"https:\/\/myprivatelender.com\/lending-guidelines\/","title":{"rendered":"LENDING GUIDELINES"},"content":{"rendered":"<div id=\"cs-content\" class=\"cs-content\">[cs_element_section _id=&#8221;1&#8243;][cs_element_row _id=&#8221;2&#8243;][cs_element_column _id=&#8221;3&#8243;]<h1  class=\"h-custom-headline cs-ta-left h5\" ><span>LENDING GUIDELINES<\/span><\/h1><div  class=\"x-text cs-ta-left\"    ><p>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.<\/p>\n<p>We encourage you to <a href=\"https:\/\/myprivatelender.com\/contact\/\">Contact us<\/a> to review a potential deal and for submission instructions.<\/p>\n<p>Read more about <a href=\"https:\/\/myprivatelender.com\/how-to-submit-a-deal-to-a-private-lender\/\">How to Submit A Deal To A Private Lender<\/a>.<\/p>\n<p><strong>We are an equity-based lender. Regardless of income or credit, if there is sufficient equity, you are APPROVED!<\/strong><\/p>\n<\/div><hr  class=\"x-hr\" style=\"border-top-width: 1px;\">[\/cs_element_column][\/cs_element_row][cs_element_row _id=&#8221;12&#8243;][cs_element_column _id=&#8221;13&#8243;]<div  class=\"x-text\"    ><p><strong>GENERAL GUIDELINES<\/strong><\/p>\n<p><strong>Brokers:<\/strong> You set and keep 100% of the broker fee<br \/>\n<strong>Position: <\/strong>1st mortgages and 2nd mortgages (3rd mortgages on case-by-case)<br \/>\n<strong>Location:<\/strong> All provinces in urban locations or in close proximity\u00a0(BC and AB primary locations)<br \/>\n<strong>Property Type:<\/strong> Residential, small commercial, and rural (includes construction\/renovation)<br \/>\n<strong>Credit:<\/strong> No minimum Beacon\/FICO scores and reject OK<br \/>\n<strong>GDS\/TDS:<\/strong> No GDS\/TDS requirements (must show ability to make payments or LTV may be reduced)<br \/>\n<strong>Terms:<\/strong> 12 months interest only closed (open and\/or amortizing options available on case-by-case)<br \/>\n<strong>Pre-Payment Penalty:<\/strong>\u00a0 \u00a03 months interest<br \/>\n<strong>Renewals:<\/strong> Min. fee <strong>5 %<\/strong> subject to mortgage performance<br \/>\n<strong>Payment Frequency:<\/strong> Monthly payments on first (1st) or fifteenth (15th)<br \/>\n<strong>Minimum\/Maximum Loan Amount:<\/strong> Min. $20,000 and max. on case-by-case<br \/>\n<strong>Minimum\/Maximum Property Value:<\/strong> Min. $75,000 and max. on case-by-case<\/p>\n<ul>\n<li>Rural, Agricultural, and Raw Land LTV may be reduced<\/li>\n<li>Bankruptcy, Consumer Proposal, and Orderly Payment of Debts\u00a0usually required to be paid out with funds<\/li>\n<li>Mortgage arrears, property taxes, and condo\/strata\/HOA fees must be paid up to date with funds<\/li>\n<li>Foreclosure\/Power of Sale and CRA arrears considered on case-by-case basis<\/li>\n<li><strong>Pre-paid mortgage options available up to 12 months<\/strong><\/li>\n<li>We allow second\/third\/VTB mortgages and gifted equity<\/li>\n<\/ul>\n<p><strong>FIRST MORTGAGES<\/strong><\/p>\n<p><strong>Loan to Value (LTV):<\/strong> Max. 75%<br \/>\n<strong>Rates:<\/strong> Starting at 8.99%+<br \/>\n<strong>Fees:<\/strong> Starting at 1%+<\/p>\n<p><strong>SECOND MORTGAGES<\/strong><\/p>\n<p><strong>Loan to Value (LTV):<\/strong> Max. 85%<br \/>\n<strong>Rates:<\/strong> Starting at 9.99%+<br \/>\n<strong>Fees:<\/strong> Starting at 2%+<\/p>\n<p>We specialize in <a href=\"https:\/\/myprivatelender.com\/bundle-mortgages\/\">Bundle Mortgages<\/a> and helping Co-Brokers.<\/p>\n<p><strong>HOW TO SUBMIT A DEAL BASICS<\/strong><\/p>\n<ol>\n<li><strong>Application<\/strong> \u2013 Current and consistent with rest of package (Filogix preferred)<\/li>\n<li><strong>Credit Bureau<\/strong> \u2013 Current Equifax<\/li>\n<li><strong>Summary<\/strong> \u2013 5 C\u2019s of Credit &#8211; Character\/Credit, Capacity, Capital, Collateral, and Conditions\/Exit<\/li>\n<li><strong>Income<\/strong> <strong>Docs<\/strong> \u2013 LOE, paystub, NOA, bank statements, financials, net worth, contracts, etc.<\/li>\n<li><strong>Property Docs<\/strong> \u2013 OTP, mortgage statement\/commitment, title\/tax, lease, appraisal if any, etc.<\/li>\n<li><strong>Synopsis:\u00a0reason funds requested, explain affordability and solid exit strategy<\/strong><\/li>\n<\/ol>\n<p><strong>Ready to get started and use our services? <a href=\"https:\/\/myprivatelender.com\/contact\/\">Contact us<\/a>, we look forward to working with you!<\/strong><\/p>\n<\/div>[\/cs_element_column][\/cs_element_row][\/cs_element_section]<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-blank-4.php","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - 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