Lending Guidelines

Position
1st and 2nd mortgages (3rd mortgages on case-by-case)

Location
BC and AB (other provinces on case-by-case)

Property Type
Residential (small commercial and agricultural on case-by-case)

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 and/or payment reserve may be applied)
Terms
12 months interest only closed (open options available on case-by-case)
Pre-Payment Penalty
3 months interest

Renewals
Minimum fee subject to mortgage performance
Payment Frequency
Monthly payments on first (1st) or fifteenth (15th)
Minimum Loan Amount
$15,000
Minimum Property Value
$75,000

Minimum Equity Requirements
$35,000

Minimum Lender Fee
$1,500

Broker Fee
You set your own fee

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Miscellaneous

• We do 2nd mortgages behind other private lenders

• We allow second/third/VTB mortgages and gifted equity

• We do not charge premiums for an interest reserve

• We do not charge premiums for blanket/inter-alia

• 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

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Premiums
(*In general, these situations add 1-4% to rate/fee)

• Current or recent arrears on mortgage, property tax, condo fee, paying out existing private or paying out proposal/bankruptcy

• Credit score below 500 and/or extremely poor credit

• The property is located more than 30min/50km outside of a major city or town with less than 10K population (LTV may be reduced)

• The funds will be used to do renovations (holdback TBV)

• The property is a condo apartment, recreational property, acreage, mobile home, or commercial

• The property is in below average condition

• The property is a rental that does not cash flow and/or have non-verifiable/non-conforming rental income

• The 1st mortgage is a private lender

Loan to Value (LTV)
Max. 75% (80% on case-by-case)
Rates
Between 8.95%-11.95%+
Fees
Starting at 1%+

Loan to Value (LTV)
Max. 85%
Rates
Between 9.95%-15.95%+
Fees
Starting at 2%+