CMP Lending Guide 18.02

NEW PATHS TO FUNDING

Borrowers in unique income situations are finding success at alternative and private lenders

Lenders adapt to a changing market

ADAPTING TO support an increasing number of borrowers who work in the gig economy, higher interest rates, and a return to seasonal markets are just some of the challenges facing lenders so far this year.

Though the pandemic is receding in our collective rearview mirror, the lower supply of housing stock and the rising demand for housing from customers ranging from immigrants to first-time buyers and boomers looking to downsize are creating unique-to-2023 challenges in the market.

CMP spoke with some of the country’s most prominent lending industry leaders to get their views on the current lay of the land – as well as what could be coming down the line in the future.

What have been the main changes you’ve noticed in the mortgage market in 2023, and how has your company been adapting to those changes?

Steven Lang: The main changes in 2023 have been the increased complexity of applications; cash flow challenges with borrowers; and the increased expectation of borrowers to be provided with all the financial details of the mortgage in a clear way, with no surprises.

VWR has increased its internal training and focus on customer service when interacting with mortgage brokers and

borrowers. This includes making sure we are doing business with mortgage brokers who are aligning the borrower’s goals or exit strategy to the lender’s mortgage offer. At renewal, VWR’s focus is on touchpoints with borrowers prior to renewal through multiple channels, including mail, email, and phone calls. This helps provide time for borrowers to re-evaluate their situation, ask us questions, and for us to offer support. An example of support can be as simple as providing tips on cash flow challenges, or simply reminding them of their mortgage broker, should further restructuring appear to be a solution.

Grant Armstrong: We have noticed a bit of a shift back to seasonal markets. We had a spring market this year, where we saw transactions spike, and we saw fundings spike during the historical and traditional seasons. In the previous two years it was more of a straight run, or a straight slowdown. But right now, Canadians are planning their home financing needs further ahead, rather than reacting.

Kevin Fettig: Borrowers have been challenged by higher rates and increasingly strict qualification rules at banks and other prime lenders, so we’ve seen a growing number seeking alternative mortgage solutions.

We continue to build our operations across the country to support these borrowers. We’ve been able to scale our volume while managing the quality of our originations. Our objective, as always, is to meet borrower needs while ensuring the suitability of the solution.

We continue to rely on our collaborative

Three lending experts weigh in on the challenges facing the market, how their companies are adapting to change, and what opportunities may present themselves this year and in the future

MEET THE EXPERTS

Steven Lang National sales manager, VWR Capital Corp.

Kevin Fettig President, CMI Financial Group

Grant Armstrong Director of originations, Community Trust

approach with brokers to accomplish this. We always encourage them to reach out for advice and to discuss scenarios and possible solutions.

Have you noticed any different types of clients or applications coming through in the changing market?

Grant Armstrong: Canadians are contin-

uing to evolve their financial situations to adapt to their needs. We continue to see more non-traditional borrowers, borrowers with gig-type employment, and a transition of wealth between families. So, what we have done is update our policies and procedures to accept these unique income situations. We are taking the time to learn about these types of incomes and how they can be reasonably supported.

Kevin Fettig: Yes, definitely. Tight lending guidelines and changing market conditions are skimming more and more borrowers out of the traditional lending space. We’re seeing many credit-qualified borrowers with strong income who are simply unable to meet the rigid documentation requirements at banks and other prime lenders.

Since the pandemic, there’s been a strong trend toward freelancing, gig work and other forms of self-employment. These are practical and often lucrative employment opportunities, but many are considered non-traditional income sources and fall outside of B20 lending regulations.

So, beyond documentation requirements, rigid rules around employment status create a further challenge for homeowners and buyers looking to qualify for mortgage financing. We’re seeing – and helping – more and more of these borrowers.

Steven Lang: At VWR, applications this year have seen new home purchase requests lead the way for mortgage requests, even during a time of low supply. Many of these applications trend toward borrowers with higher credit scores. Although we don’t have a minimum credit requirement at VWR, we do require a bureau, and it’s reviewed by underwriting. The commentary on these deals, along with conversations with mortgage brokers, is centred around continued tightening of lending criteria at A and even B lenders, leading to many clients coming to the private lending space for their financing.

What are the main things you’re encouraging mortgage agents and brokers to keep top of mind about the current market?

Kevin Fettig: Our key message to our partners is that the market has changed, and we’re not going back to the way things were with record-low rates and soaring house prices.

We’re also really emphasizing how vital it is to provide solutions with viable exit strategies – and to be proactive throughout

“We’re emphasizing how vital it is to provide solutions with viable exit strategies, and to be proactive throughout the mortgage term to ensure the strategy remains viable”

Kevin Fettig, CMI Financial Group

the mortgage term to ensure the exit strategy remains viable. In a rapidly evolving market, circumstances can change quickly.

As trusted experts and advisors, it’s important that brokers educate their clients on the current market. Also, they must spend a little more time gathering information on their clients and the subject property to make sure it will fit lending criteria so there are no shortfalls in funds needed at closing.

It’s about being proactive to ensure clients are prepared, well informed, and there are no surprises.

Steven Lang: The obvious items for mortgage brokers to keep top of mind are knowing your borrower and knowing your lender.

the property is located. Many brokerages have an underwriting centre nationally, which can assist in submission and communication with the lender in the event the broker/agent is not licensed. Co-brokering is another way to submit this type of deal.

The less obvious one is the large increase in interprovincial migration of Canadians, and the licensing requirements of the submitting mortgage broker. It’s important to know that VWR does require the submitting broker or agent to be licensed in the province where

“The most important factor to keep top of mind is advice. Partnering with a financial advisor to help clients is one of the best partnerships you can have today”

Grant Armstrong, Community Trust

Knowing the licensing requirements ahead of time can ensure a timely and accurate commitment for the broker and, ultimately, the borrowers.

Grant Armstrong: While the rates are higher, this market is not out of the range of normality. Fixed rates at a prime lender in the early 2000s were typically 6 to 7.5 percent, so these rates are in the more normal range. What is unique is the average mortgage size of Canadians now, versus the early 2000s. So, the most important factor to keep top of mind is advice. How are you going to help this borrower in today’s current marketplace? Partnering with a financial advisor to help clients is one of the best partnerships you can have today.

What type of market do you think is coming in 2024?

Kevin Fettig: We expect to see some easing in overnight rates and bond rates through next year. But the record-low rates we saw during the pandemic are gone. Housing prices should be up, but more increases will be more modest. We see continued demand for alternative mortgage solutions as strict

lending guidelines make qualifying for traditional financing increasingly difficult.

Grant Armstrong: I am personally optimistic because I believe we will have a strong and stable market. We will not see the volume that we saw in 2020 and 2021, but we will continue to see growth over 2023.

Steven Lang: The mortgage market in 2024 looks promising when you look at only the anticipated easing of interest rate hikes and the lower volatility in market values; however, there are still signs of large gaps between the income level of borrowers compared to mortgage payments. Add to this the increased debt load nationally, and

one has to wonder, how can these borrowers sustain these payments based on their current income stream? In the private equity lending industry, having a story around the income sources is key, even if we don’t have a debt servicing requirement. This helps provide some peace of mind, knowing we are not putting the borrower, or ourselves, in a difficult situation.

With that said, there are plenty of opportunities for growth and success at VWR. We will be investing in our employees’ knowledge through increased training and are in the midst of a technology journey that aims to improve processes and communication with our partners.

What is your assessment of where things stand in Canada’s alternative lending space?

Grant Armstrong: Alternative lending has never been more important than it is today. The market needs non-traditional methods of financing. Specialized lending is needed to support the unique and diverse needs of Canadians.

Kevin Fettig: Market conditions are generally positive for the alternative lending space. OSFI has been tightening its policy framework, and we expect that its policy focus will not change. This will continue to shrink the segment of bank-qualified borrowers and drive more volume in the alternative lending space.

“The hope is more questions are being asked when brokers are meeting clients ... Canadians need to know the alternative and private lending space is a viable option”

Steven Lang, VWR Capital Corp.

Steven Lang: Although the regulatory environment seems to have increased requirements, we see this as a positive for the industry. With additional educational requirements for mortgage brokers and lenders in many provinces, the hope is more questions are being asked when brokers are meeting clients instead of simply performing a transaction to obtain financing. Canadians need to know the alternative and private lending space is a viable option that needs to be presented in many borrower situations. VWR Capital has been in business for 30-plus years, which provides brokers and borrowers with the track record and peace of mind that the alternative lending space is sustainable and

continuously evolving to assist Canadians in obtaining housing.

Is there anything else you would like to mention?

Grant Armstrong: Community Trust is already primed for the changes that we expect to occur over the next year and beyond. We welcome the evolution of the marketplace and stand with our broker partners to support them and their clients.

Steven Lang: VWR is always looking to improve how we do business with our partners. Recently, we aligned our fee structure on our simple one-year first and second mortgage terms. The goal of this was to

simplify what brokers have to remember about VWR’s products. We know mortgage brokers are dealing with so many different lenders and constant changes. We always invite feedback on any of our products or processes at any time, from all our partners. We compile the information, looking for trends, and then review feedback that brings value to the table for everyone.

Kevin Fettig: It’s been a tough year, but this is the new norm. Setting realistic expectations with clients is the key. There is not going to be a reversal to low rates – those are gone. As mortgage professionals, we need to ensure borrowers are prepared to face and accept these higher rates going forward.

With uDrive, you’re in control.

We work diligently to find creative solutions for your clients who don’t qualify for traditional financing.

• uDrive: No Fee or Lower Rate

• Residential 1st and 2nd mortgages

• Fully open options available

• Lending in BC, AB, and ON

• Maximum LTV of 75%

What makes a top private lending partner?

CANADA’S MORTGAGE market is continuing to present its fair share of challenges for agents, brokers, and their clients – and with the popularity of private borrowing options surging, it’s never been more important to make the right choice of lender in that space.

For Taylor Lewis – director, mortgage operations and strategic partnerships at Canadian Mortgages Inc. – it’s essential to keep four key factors in mind when making that decision: relationships, resources, range, and reputation.

CMI’s focus on a relationship-driven approach means it employs brokerage relationship managers rather than business development managers – a deliberate decision, Lewis says, to prioritize building and furthering connections with brokers rather than simply engaging with them transactionally.

Key factors for brokers to consider in developing a relationship with a lender, Lewis adds, include the resources available to them, the lender’s ability to service deals, and the strength of its organiza -

GROWING INFLUENCE OF PRIVATE MORTGAGES

Private mortgages in Ontario soared 72% to $22.4 billion in 2021 from $13 billion in 2019, according to a report from the Financial Services Regulatory Authority of Ontario (FSRA)

A poll by the FSRA this past winter showed that 10.6% of mortgages brokered in 2021 were private (35,568)

According to a Financial Post report, Mortgage Investment Entities originated 10.2% of residential mortgages in the third quarter of 2022 compared to 8.43% a year earlier and 8.25% in the third quarter of 2020

Lewis tells CMP that relationships ultimately trump transactions when it comes to building connections in the mortgage space, a fact that CMI has been attuned to throughout nearly two decades as a lender.

“People remember how you made them feel versus what you’ve done for them,” he explains. “If you can create a good standing relationship with them, that just puts us all in a better position.”

tional structure and support staff.

At CMI, which has surpassed $2 billion in lifetime mortgage funding, flexibility in terms of the solutions provided to borrowers and their clients is also critical.

“People are coming to us for a very specific solution,” Lewis says. “We look at everything on a case-by-case basis, using common sense to figure out a solution with an exit strategy that makes sense. We absolutely want to help the client.”

A proven track record

Brokers who transact with a wide variety of client types must be sure that their choice of private lender is able to facilitate that range, according to Lewis.

A private lender’s reputation and track record are also of paramount importance – particularly with the swathe of recent entrants to a lending space that’s grown increasingly turbulent.

“In terms of reputation, it’s important

CMI director Taylor Lewis gives his insights on what brokers and their clients need to keep top of mind when choosing a lender during challenging times

“There’s an increasingly bigger void in the market – and we still want to fill it. Our game plan has not changed” Taylor Lewis, Canadian Mortgages Inc.

TALKING TO THE PEOPLE

to consider whether the lender is able to get the deal done and whether they’re able to put the clients in a better position than when they started,” Lewis says.

Since its founding in 2005, CMI has acquired a reputation as a leader in Canada’s private lending space, ranking in the Globe and Mail’s Top Growing Companies list for each of the past three years.

The company is proud of that hard-earned reputation in the mortgage industry, Lewis says, one that’s a

product of its close work with the broker community, and its commitment to working proactively to help borrowers improve their financial outlook and move back into the conventional space.

“We didn’t just stumble upon this feat by any means,” he says. “We worked very diligently and collaboratively with our broker partners to get to this point. Our success quite literally hinges on their success.

“We help our brokers get their clients

into better financial situations. It’s more of a partnership and a collaboration – and again, more of a relationship than simply a transactional arrangement.”

That approach is underpinned by CMI’s underwriters and fulfilment team, a point of pride for the company whose ability to help deliver quality solutions while also safeguarding the lender’s stability and risk exposure has proven an invaluable asset, Lewis says.

“We still have a duty to our investors to ensure that their investments are safeguarded,” he says.

Adapting to a changing market

Amid a volatile mortgage market that, in recent times, has seen rising interest rates, unpredictable home price movement, and surging borrowing costs, the private space has experienced plenty of uncertainty. CMI, though, has doubled down on its existing approach rather than retreating, Lewis says, an affirmation of its resilience and ability to weather even the strongest storms the economy can produce.

“We’ve always wanted to scale, improve, and get more market share to fill that void in the industry,” he says. “There’s an increasingly bigger gap in the market – and we still want to fill it. Our game plan has not changed.”

After all, the need for private solutions in the mortgage market has only grown as borrowers face an increasingly difficult time qualifying with conventional or mainstream lenders.

That’s why the value of high-profile, well-capitalized lenders with a strong reputation like CMI has never been greater, Lewis says. They offer a solid but safe solution for borrowers who find themselves in need of an alternative to conventional lenders.

“These mortgages are not permanent. You don’t want to keep borrowers on a private mortgage forever,” he says. “But it’s a vital solution, and we want to get them in a better position when they leave us than when they came to us. When that’s happened, we know we’ve done

A poll by the Financial Services Regulatory Authority of Ontario, published this past winter, surveyed 1,028 Ontario residents about their impressions of private mortgages. Among the findings:

Note: The poll was conducted online in November 2022. It had a margin of error of +/- 3.1%, 19 times out of 20.

suburban markets; 75% or less in smaller towns or rural locations. Blanket mortgages are considered on a case-by-case basis

Minimum Beacon: None

Terms: 3, 6, 9, and 12 months. Custom terms are available

Rate type: Fixed

Maximum amortization: Up to 40 years or interest only

Fees: 2–3.5% on first mortgages, 3-6% on

second mortgages. Fees are dependent on location, income, credit, and security

Minimum loan amount: $50,000 on first mortgages, $25,000 on second mortgages

Maximum loan amount: Up to $1.5m in urban markets

Special features: No hidden application fees; early repayment penalties of no more than three months; open mortgages and custom term lengths available. CHIP/reverse mortgage second

mortgages, second behind collateralcharge mortgages, high-ratio mortgage bundles, short-term/bridge loans available

GUIDE

BREAKWATER FINANCIAL LIMITED

breakwaterfinancial.ca

905-806-2292

Lending market: Southern Ontario

Niche/focus: Residential and commercial first mortgages within the GTHA, SWO, and Niagara regions

Products: First mortgages for residential end users and investors, commercial investors and owner-occupier borrowers, and borrowers looking to use existing equity in other owned properties for blanket-mortgage purposes

Customer types: A-, B-, or C-level credit. Salaried; self-employed; investors with portfolios and available equity

COMMUNITY TRUST

communitytrust.com/wecare

888-649-1169

Lending markets: Ontario, British Columbia, Alberta, and Atlantic Canada

Niche/focus: Alt-A lending

Products: Conventional mortgages, non-conforming mortgages, second mortgages, investment properties, business for self (BFS), home equity line of credit (HELOC)

Customer types: Clients with all income types accepted, including traditional and non-traditional income sources. Salary, commissioned, BFS, and various others. Clients with bruised or limited credit, including those with previous bankruptcies, collections, and judgments

Income sources: Salaried; self-employed; income from existing investment properties

Property types: Single-family residential, multi-family residential, mixed use, industrial

Purposes: Purchase, refinance, ETO, bridge loans

Maximum LTV: 65%

Minimum Beacon: 550

Terms: 12 months closed is standard (open to longer/shorter and can be flexible on structure)

Rates: 10–12% (typical)

Maximum amortization: Interest-only is standard; principal and interest is possible and deal-specific

Fees: 2–3% (typical)

Minimum loan amount: $250,000

Maximum loan amount: $5 million

Special features: We work with a lot of investors and offer blanket-mortgage solutions for multiple properties and portfolios. We can be flexible on deal structure while providing reliable and approachable customer service to everyone we work with. Able to fund within three to five business days if warranted

Income sources: Self-employed, salaried, child tax credit/UCB, foster care, maternity/paternity income, seasonal employment, alimony/child support, pension, contract, rental, tip, disability, investment, commission-based

Property types: Single-family homes, row houses and townhouses, condo/ strata, well and septic, multi-unit homes

Purpose: Financing available to purchase or refinance a principal, secondary, or investment property

Maximum LTV: 80%

Minimum Beacon: 500 FICO score

Terms: 1, 2, 3, and 5 years

Rate type: Fixed

Maximum amortization: 35 years

Fee: 1%. No-lender-fee mortgages also available

Minimum loan amount: $100,000

Maximum loan amount: No listed maximum mortgage amount

FIRST SOURCE MORTGAGE CORPORATION

firstsourcemortgage.ca

416-221-2238

About: We are a private lender specializing in mid-sized commercial and development mortgages. Our team has over 130 years of cumulative experience.

Lending market: Ontario

Niche/focus: Urban Ontario from London to Ottawa and selectively north into cottage country

Products: Land, development, construction and income property loans

Customer type: Commercial borrowers – builders, developers, investors, etc.

Property types: Zoned land, commercial, industrial, apartment buildings, residential, retail plaza, office buildings, condominiums, gas stations, self-storage and freehold developments

Purposes: Acquisition, refinance, development, construction, stabilization

Maximum LTV: All deals are evaluated on a case-by-case basis. Typically, up to 60% LTV for land loans, 65% LTV on construction loans, and 70% LTV on income-producing properties

Term: 12–24 months

Rate type: Deal-by-deal basis, generally around prime +4% to 5%

Maximum amortization: Interest-only bridge loans

Fee: 2%

Minimum loan amount: $2 million

Special features: The mortgage broker’s fee is disclosed in our Commitment Letter at the broker’s discretion and is deducted from the loan proceeds and disbursed to the brokerage at closing

When you partner with HomeEquity Bank, you receive: A broker marketing portal with tools to help you promote your business to the 55+ demographic

Grow your business and expand your reach by offering a solution tailored to the 55+ demographic

GRAYSBROOK CAPITAL LTD.

graysbrookcapital.ca

506-380-4950 (Atlantic)

782-409-5701 (Ontario)

Lending markets: Atlantic Canada (Nova Scotia, New Brunswick, Newfoundland, Prince Edward Island), and Ontario

Niche/focus: Graysbrook Capital specializes in providing short-term financing solutions to its clients. As equity lenders, we provide quick funds for clients requiring bridge financing; consolidating debts; building a new home or renovating a home; or simply needing cash flow

Products: First and second mortgages, bridge financing, ETO, construction

HOMEEQUITY BANK

chipadvisor.ca

866-925-2447

Lending market: Canada

Niche/focus: Reverse mortgages

Products: CHIP Reverse Mortgage, Income Advantage, CHIP Max, CHIP Open

Customer type: Canadian homeowners aged 55+

Income sources: Borrower must provide a valid and adequate home insurance and property tax statement (current year or deferred property tax statement)

Property types: Single-family dwelling,

loans and commercial loans

Customer types: All income considered, including salary, commission, BFS, stated income; retired

Property types: Residential, multi-unit, townhouses/semis/condos, cottages, rural case-by-case

Purposes: Purchase, refinancing, consolidation, renovations, cash flow

Maximum LTV: 75% urban

Minimum Beacon: None

Terms: 6 to 24 months (typically 12 or less)

Rate type: Fixed

Maximum amortization: Interest only

Fees: 2–4% on first, 2–6% on second, depending on credit, location, security

Minimum loan amount: $50,000

Maximum loan amount: $3 million

Special features: Prepayment holdback, blanket mortgages, multi-unit construction

detached duplex, triplex, quadruplex, link home, semi-detached, townhouse/row house; condo – townhouse/stacked townhouse; condo – apartment style

Purpose: Canadians aged 55+ can access up to 55% of the value of their home in tax-free cash to retire in the home they love

Maximum LTV: 55%

Minimum Beacon: No minimum

Terms: 6 months; 1, 3, or 5 years

Rate type: Fixed and variable

Maximum amortization: Not applicable

Fees: Closing fee

Minimum loan amount: CHIP Reverse Mortgage $25,000; Income Advantage $20,000

Maximum loan amount: Not applicable

Special features: No monthly mortgage payments required

RECIPROCAL OPPORTUNITIES INC.

roigroup.ca

519-755-6252

Lending market: Ontario

Niche/focus: Direct lender providing mortgage financing for commercial-based activities for developers, builders, business owners, and real estate investors

Products: First and second mortgages

Property types: Development land, construction projects, industrial,

commercial, rental properties, special purpose properties

Purpose: Equity-based lending

Maximum LTV: 70% LTV; all deals are evaluated on a case-by-case basis

Minimum Beacon: Not required

Terms: 1–3 years

Rate types: Fixed and floating

Maximum amortization: Interest only

Fees: 2%

Minimum loan amount: $500,000

Maximum loan amount: $20 million

Special features: Cross-collateralization, interest reserves, revolving construction facilities

ROYAL CANADIAN MORTGAGE INVESTMENT CORPORATION

royalcanadianmortgage.com

647-360-0783

Lending market: Ontario only

Niche/focus: Private lending for first and second mortgages and first and second position HELOCs

Products: Standard mortgages and HELOCs for both first and second mortgages

Customer types: All types

Income sources: Income letters, pay stubs, NOAs for business for self

Property types: Residential ONLY

Purposes: All types, for example mortgage arrears, stop power of sale, pay out consumer proposal, Canada Revenue tax arrears, property tax arrears

Maximum LTV: First mortgage up to 75% LTV; second mortgage up to 80%. HELOCs – firsts and seconds up to 75%

www.mpamag.com/ca/newsletter

Minimum Beacon: Not required

Terms: Up to 12 months

Rate types: Fixed and variable for HELOCs

Maximum amortization: N/A interest-only payments

Fees: 2.50% for first position and 3.50%

for second position

Minimum loan amount: $20,000

Maximum loan amount: $1.250 million combined first and second; $1.250 million first position and $500k second position

Special features: Unlimited funds;

approvals within hours; keeping you informed; working to get your deal funded; providing outstanding service at all times; all deals on a case-by-case basis

THREEPOINT CAPITAL

threepointcapital.ca

800-979-2911

Lending markets: British Columbia, Alberta, and Ontario

Niche/focus: Creative solutions-based flexible lending on marketable residential properties in urban locations for those who don’t qualify for traditional lending.

Products: First and second mortgages

Customer types: Private individuals, non-residents, and new to Canada, as well as holding companies with personal guarantees of all directors

Income sources: Hourly and salaried employees, self-employed, stated income, and retirement income are

accepted, subject to overall comfort on ability to pay

Property types: Residential owneroccupied or rentals; single-family detached; townhouses, duplexes, fourplexes, and condominiums

Purposes: Purchases, refinances, equity take-out, debt consolidation, and renovation projects

Maximum LTV: Up to 75%

Minimum Beacon: 600

Terms: 1 and 2 years. Renewals offered to borrowers in good standing; transparent renewal process provides peace of mind

Rate type: Fixed rate with options for an open term

Maximum amortization: Up to 35 years’ amortization on first mortgages; up to 30 years on second mortgages; and interest-only considered on first mortgages up to 70%

Fees: Our uDrive lending program allows you and your client to choose between no lender fee and a higher rate, or a lower rate and a 1% or 2% fee, depending on what best suits the client’s individual needs

Minimum loan amount: $50,000

Maximum loan amount: $1.5 million on a single property and $2.25 million inter alia on first mortgages, $500,000 on second mortgages

Special features: First mortgage construction financing in BC

Lending markets: British Columbia, Alberta, Saskatchewan, Manitoba, Ontario

Niche/focus: Residential equity-based private lending. Property first lender with low lender fees and 100% transparency

Products: First, second, and third mortgages. The rate doesn’t change with type of term. Purchases, refinances, power of sale/foreclosure, bridge, and your inter alia/blanket mortgage specialists.

Customer types: Any credit level, any income type. Individuals, holding companies, operating companies, developers, and more

Property types: Single-family detached, semi-attached, attached; townhouses, condos, row homes; serviced land, raw land, multi-family. Other properties considered when securing multiple properties

Purposes: Purchase or refinance, equity take-out, debt consolidation, foreclosure/power of sale rescue, investment, business purpose, and more

Maximum LTV: 75% on first and second mortgages

Minimum Beacon: None

Terms: 1-year, open or closed

Rate type: Fixed

Maximum amortization: Up to 35-year amortization; interest-only mortgages <65% LTV

Fees: 1% for open, first and second mortgages with FIXED fees both starting at only $750. Renewals only $200 for a new 1-year closed term

Minimum loan amount: $50,000

Maximum loan amount: $2.5 million

Special features: No downpayment documents, income confirmation, or minimum credit score required. Owneroccupied and rentals (unlimited number) considered at the same LTV and rate. BDMs equipped with full lending policies and empowered to make decisions quickly. Simple and focused broker website