BORROWERS

WHAT SETS US APART?

  • We are not restricted by minimum income, income verification, or credit score requirements. 
  • We understand that income can be in a number of forms driven by your personal circumstances and we maintain a holistic view of your financial picture to support customized payment abilities.
  • Payments can be structured as interest only, regular amortizing, blended, interest reserve or other forms that suit your needs.
  • We specialize in second position mortgages.
  • We provide quick funding.

“A low beacon score doesn’t always mean a bad payment record. We have seen beacon scores that just don’t make sense which is why we feel it’s important to look beyond the numbers. We look to understand your story.” Parm Soor, Managing Director

WE PROVIDE MORTGAGES FOR

  • Self employed clients
  • Residential or commercial properties
  • First time home buyers
  • New to Canada
  • Second homes or investment properties
  • Home renovations or new construction (spec and custom)
  • Land loans
  • Refinancing
  • Debt consolidation
  • Borrowers with unverifiable income, challenged credit, or bankruptcy/consumer proposals

RECENT MORTGAGES FUNDED

  • $750,000 2nd position construction mortgage.
  • Funds were needed to complete construction.
  • Interest payments are fully covered by an interest reserve i.e. funds set aside from funding proceeds so the borrower does not have to worry about making payments during construction.
  • $450,000 2nd position mortgage behind a bank on a luxury condo.
  • Funds were used to pay out a private loan and provide an equity take-out.
  • The bank could not provide additional financing due to their “sliding scale” limit i.e. they could only finance up to 50% of the value of the condo that exceeds $1.5 million.
  • $655,000 2nd position mortgage on an industrial warehouse property.
  • Funds were needed for the business to buy inventory and for working capital when the bank turned down the borrower’s credit application given the business is in a turnaround stage.
  • Also funded with an interest reserve so the business can focus on growing cash flow and not have to worry about making mortgage payments during the term.

FAQ

We don’t require minimum credit / beacon scores. We look past your credit score by reviewing all the details in the credit report to understand your total financial picture.

Yes – we are able to use rental income from multiple properties to provide mortgages on other properties. Unlike traditional bank lenders, we don’t have restrictions on how many rental properties you can hold or how much of your rental income can be included in your mortgage application.

We are not restricted by GDS / TDS ratios that the bank’s use to calculate your maximum mortgage limit. As long as there is enough equity in your property, we can accept your mortgage application.

Currently we lend to borrowers and properties in B.C.

Absolutely!

As a mortgage is a legally registered document, it must also be legally discharged. If you wish to pay out your mortgage, you must arrange for a lawyer or notary to act on your behalf. They will contact us for a payout statement, send us funds upon completion, and prepare and register the discharge documents at the land titles office.

Our mortgages are usually written for 1 year terms, but we are happy to offer renewal if the mortgage is not in default. We send out renewal offers 1-2 months prior to maturity.

Along with the signed renewal documents and mortgage disclosures, we generally require the following updated information:

  • Updated prior mortgage balance (if applicable)
  • Proof of property taxes paid
  • Confirmation of property insurance
  • Updated property appraisal (if applicable)

Most of our mortgages are set up with pre-authorized payments. If you have missed a payment, just send us an email giving us instructions to re-take the payment amount plus applicable fees. NSF fees are usually $150.00 per missed or late payment.

New mortgages are typically set up with interest only payments.  Upon renewal, we can set up principal and interest payments, customized payment amounts or new amortization periods. We pride ourselves on being flexible with our clients – feel free to contact us to discuss your options.

We require proof of current property insurance at all times. The insurance company may notify us if your policy is cancelled midterm, but they will not always advise us if you change insurance companies upon renewal. If you do make a change, please send us a copy for our records.