LENDING GUIDE MORTGAGEBROKERNEWS.CA
PRIVATE LENDING New mortgage rules will drive even more Canadians to private lenders. Are you prepared to find new solutions for your clients?
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EQUITY “A” PROGRAM NOW AVAILABLE!
NEW Equity “A” Program! 1st Mortgages up to 80%LTV Rates: 4.25%-6.99%, Lender Fees: 1%-2% Max TDS/GDS – 70%!!!!! Bankruptcy – 1 day discharged! (no waiting period) Consumer Proposals – Accepted (may be left unpaid – contact your BDM for details) 6mos, 1,2,3 year terms available! Minimal Credit & Income Requirements!
We are excited to launch our new Equity “A“ program to our broker partners! Change is often feared, but rather it comes with great opportunities. We will rise to any challenge and create a unique solution for your borrower. Please Contact Your Director of Business Development & Planning for more Details & Submission Instructions: KIMBERLEE FREEMAN Cell: 905 380 3231 | Toll Free: 1 866 996 8226 x210 | Fax: 1 888 688 4988 | Email: newhavenkim@gmail.com
Please Don’t Forget About Our Existing Equity “Z” Program! If You Have Sufficient Equity… You’re APPROVED! Where’s the property located? How much is it worth? How much are the existing mortgage balance(s) and who are they with? How much do you require and for what purpose? (Please disclose any mortgage or property tax arrears) 1st, 2nd & 3rd mortgages available! (certain conditions may apply for thirds) NO Formal Income or Credit Requirements! NO Formal TDS/GDS!
1220 Sheppard Ave East, Suite 206, Toronto, ON M2K 2S5 email: info@newhavenmortgage.com • www.newhavenmortgage.com F.S.C.O. - Brokerage License No. 10588 Mortgage Administrators License No. 11284
F.S.C.O. - Brokerage License No. 10588 Mortgage Administrators License No. 11284
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CONTENTS
PRIVATE LENDING GUIDE PRIVATE LENDER DIRECTORY
02 SPECIAL REPORT
TURBO-CHARGE YOUR PRIVATE MORTGAGE BUSINESS
For motivated brokers, the latest mortgage regulations offer plenty of opportunities to boost your business
t
04 Cross-Canada directory
Locate the lenders who offer financing in your province
06 Private lender index
The pertinent details on 62 of Canada’s private lenders and MICs
06 Featured listings
Find more information on the products offered by select lenders
MORTGAGEBROKERNEWS.CA CHECK IT OUT ONLINE
m M ORTGAGE COR PORA TION
Creative Non-Bank Mortgage Solutions For Commercial Real Estate
When Your Commercial Deal Needs The Right Lender… Who can provide you with the guidance, skill, knowledge, speed and creativity to over deliver on client needs and demands. We are that Lender. Call us on your next commercial mortgage transaction between $500,000 and $10 million and we’ll prove it! Land • Land Servicing • Construction • Office • Industrial • Retail • Plaza • Special Purpose • Gas Station • Hotel • Bridge Loans • First Mortgages • Acquisition • Refinance
Call: 416-221-2238 • David Mandel x22 • Skip Walters x25 • Lisa Collis x33 • Paul Labelle x27 Principal Broker First Source Mortgage Corporation (License # 10434) Principal Administrator First Source Financial Management Inc. (License # 12594)
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SPECIAL REPORT
PRIVATE LENDING GUIDE
New rules may turbo-charge your private mortgage business The latest mortgage rules pose new challenges for brokers. But new challenges bring with them new possibility and, according David Mandel, co-founder of First Source Mortgage Corporation, great opportunity. Here’s how private mortgages can help FOR THOSE of you whose mortgage business relies on prime residential mortgage deals, it’s time to shift some of your focus to private mortgages. If you don’t have a stable of knowledgeable, reliable and timely first and second private mortgage lenders, it’s time to get to know them in support of your business. The new federal regulatory changes, which went into effect on October 17, mandated the implementation of a tighter ‘stress test.’ The new rules also included provisions to close tax loopholes for capital gains exemptions on principal residence
sales, and proposed the adoption of a new risk-sharing model for lenders. Unfortunately, these rules were implemented with limited industry consultation, and the effects will be far-reaching. The greatest effect will be to require a huge portion of potential homebuyers to reduce the size of their planned home purchase or be deterred from the pool of homebuyers completely. However, for some, the prospect of decreasing the size of their planned home purchase will simply be unacceptable, and many will look for a private mortgage alternative.
The private side Private lenders are not governed by the same rules as institutional lenders and do not have or require access to default insurance. Because private lenders shoulder the risk of default and underwrite to various standards of property, credit, income and interest rate risk, their rates are substantially higher than institutional lenders. Although many private lenders weight equity in the home as the most important lending criteria, the new rules will place a greater responsibility on both private lenders and brokers to better adjudicate
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borrower income. Why? A wise man once told me that anyone can lend money – that’s easy. It’s making sure that the loan gets paid back that requires all the expertise. Lenders are going to want to know that there is a strong likelihood that their mortgage will in fact be paid back on or before the end of the term. Also, borrowers are usually not well suited to paying high or premium rates on their mortgages for extended periods of time. People best suited to borrow from private lenders are those who may be expecting a wage increase or inheritance in the short term. Unfortunately, this represents a narrow band of new homebuyers and is not likely to characterize your future borrowers. When private mortgages go beyond their initial term of, say, one or two years, there are added renewal or extension fees, which further increase the cost of borrowing and which your clients need to be made aware of. As it is likely that many new homebuyers will be looking for private mortgage solutions whether or not their income will rise in the near term, mortgage brokers now need to pay even greater attention to disclosure relating to suitability.
Full disclosure The concept of suitability is very broad, and if not presented in your disclosure documentation properly, could leave you and
your brokerage exposed to a potential E&O claim. This takes on added importance in private mortgage situations since the actions of private lenders are not as predictable or well documented as institutional loans. You should be sure to document your meeting with your borrower and ensure that your disclosure statement confirms
mortgage brokers that strictly lend money on mortgages provided through the broker channel, much like monoline lenders do. They may also be seen as more predictable. Unlike a private individual, an organized private lending company is a licensed entity. It operates according to certain and familiar policies and procedures, which
For some buyers, the prospect of decreasing the size of their planned home purchase will simply be unacceptable, and many will look for a private mortgage alternative that you have reviewed the risks of borrowing with the client, suggested that they discuss the terms of the commitment with their lawyer and financial advisors, and that failure to repay the mortgage on time or an extension of the mortgage may cost the borrower additional fees, for which costs are currently unknown and cannot possibly be determined. You might be able to mitigate the sticker shock of such disclosure by dealing with an organized private lender such as a MIC, mortgage trust or mortgage syndicator. Organized private lenders are typically
are either outlined in their commitment, or are evident in practice and experience, which you can discuss with them and with your borrower. No doubt we are in changing times, and there is no better way to deal with change than to be prepared for it. David Mandel is the president of First Source Mortgage Corporation,a private commercial real estate mortgage lender and syndicator offering flexible term and construction lending solutions, and serving mortgage brokers and agents in southern Ontario.
Small town Equity Lending specialist
Flexible. Creative. Solutions.
For over 30 years, Kokanee Mortgage has been providing equity lending in small towns and rural areas in Western Canada. Now lending in British Columbia, Alberta, Saskatchewan, Manitoba and Whitehorse.
Let’s connect 250 828 2849 | 844 KOKANEE | www.kokaneemortgage.com
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SPECIAL REPORT
PRIVATE LENDING GUIDE
CROSS-CANADA DIRECTORY
Discover the private lending options available in your province
Yukon Kokanee Mortgage
Bayfield Mortgage Professionals Saskatchewan
Canadian Mortgage Inc.
Fisgard Capital Corporation
Fisgard Asset Management Corp.
Kokanee Mortgage VWR Capital Corp.
Kokanee Mortgage
Canadian Mortgage Inc.
Prince Edward Island Atlantic Signature Mortgage & Loan
VWR Capital Corp. Ontario
Canadian Mortgage Inc.
Canadian Mortgage Inc. First Source Mortgage Corp.
British Columbia Bayfield Mortgage Professionals Blueshore Pacifica Alternative Mortgage Centre Canadian Mortgage Inc. Cove Mortgage Fisgard Asset Management Corp. Kokanee Mortgage VWR Capital Corp.
Fisgard Asset Management Corp. Alberta
Magenta Capital Corporation
New Brunswick
Bayfield Mortgage Professionals
New Haven Mortgage Corp.
Atlantic Signature Mortgage & Loan
Canadian Mortgage Inc.
Canadian Mortgage Inc.
Fisgard Asset Management Corp.
Oppono Lending Company Pillar Financial Services
Kokanee Mortgage
Tribecca Finance
VWR Capital Corp.
VWR Capital Corp.
eXPeRts
talk to the experts in private lending
Fisgard is one of Canada’s largest private Mortgage Investment Corporations and a leader in private and alternative lending solutions. BC to ontarIo
O
Fi Se
Newfoundland & Labrador Atlantic Signature Mortgage & Loan
Manitoba
P
. no lender Fee . Fully open . Interest only payMents
Nova Scotia Atlantic Signature Mortgage & Loan Canadian Mortgage Inc.
asset management corporation
For all deal inquiries contact:
Hali noble t: m: e: w:
866.382.9255 250.480.8883 newdeal@fisgard.com fisgardmortgage.com
Residential • CommeRCial • ConstRuCtion British Columbia Brokerage #X022176 | Alberta Brokerage #MW-1411086 | Ontario Brokerage #12560 Admin #12500
#1
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Private Mortgages
Ontario-Wide
First Mortgages From 5.99% Second Mortgages From 7.99%
Debt Consolidation
Bridge Mortgages
Renovation Financing
Fast & Dependable
Great Service
Brokers Protected
CMI is a private mortgage lender that you can trust. With a focus on residential mortgages, we are able to service loans from $25,000 up to $1M in urban locations, and we offer lending in smaller towns and rural locations for marketable properties as well. We are a broker focused lender, servicing the mortgage brokerage community. www.canadianlending.ca deals@cmiloans.ca
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SPECIAL REPORT
PRIVATE LENDING GUIDE PRIVATE LENDER DIRECTORY COMPANY
WEBSITE
PHONE NUMBER
COMPANY
WEBSITE
PHONE NUMBER
7 Park Avenue Financial
www.7parkavenuefinancial.com
416-319-5769
IC Savings
www.icsavings.ca
416-784-0200
Aaron Acceptance
www.aaronacceptance.ca
866-434-9992
Kokanee Mortgage
www.kokaneemortgage.com
250-828-2849
Accepted Financial Corporation
www.acceptedmic.com
604-727-6111
KV Capital
www.kvcapital.ca
780-433-1222
AP Capital
www.apcapital.ca
778-328-7401
Magenta Capital Corporation
www.magentainvestment.ca
888-267-1744
Armada Mortgage Corporation
www.armadamortgage.com
888-467-6449
www.mandatemortgage.com
604-731-2899
Atlantic Signature Mortgage & Loan Atrium Mortgage Investment Corporation Bancorp Financial
www.atlanticsignature.com
902-406-1250
Mandate National Mortgage Corporation
www.atriummic.com
416-607-4209
Mid-Island Mortgage & Savings (Qualicum)
www.midislandbroker.com
250-752-6944
www.bancorpfinancial.com
604-608-2717
Mortgage Alliance – The Mortgage Boutique
www.mortgagealliance.com/ themortgageboutique
647-403-3332
Bayfield Mortgage Professionals
www.bayfieldonline.com
604-533-4478
Mortgage Company of Canada
www.mcoci.com
905-886-5352
www.blueshorepacifica.com
604-899-3780
Mortgagequote.ca
www.mortgagequote.ca
866-948-7283
www.chmic.ca
403-278-0249
New Haven Mortgage Corporation
www.newhavenmortgage.com
416-636-0000
www.canadalend.com
905-881-0242
Oppono Lending Company
www.oppono.com
905-886-5352
Canadian Mortgages Inc.
www.canadianmortgagesinc.ca
855-340-8543
Pacifica Mortgage Investment Corporation
www.pacificamortgage.ca
604-899-3799
Capital Direct
www.capitaldirect.ca
800-814-2578
Peace Hill Trust
www.peacehills.com
506-455-3430
Capital West Mortgage
www.capitalwest.ca
604-899-3799
PHL Capital Corp
www.phlgroup.ca
604-575-7408
www.robinsonsgroup.com
613-279-2116
Blueshore Pacifica Alternative Mortgage Centre Calvert Home Mortgage Investment Corporation Canada Lend
Caplink
www.caplink.ca
888-429–0114
Pillar Financial Services
Classic Mortgage
www.classicmortgage.ca
888-869-4912
Pioneer West
www.pioneerwest.com
604-987-1420
www.pogacapital.com
800-919-4410
CMLS Financial
www.cmls.ca
416-646-1005
Poga Capital
Community Trust Cooper Pacific Mortgage Investment Corporation Cove Mortgage
www.communitytrust.ca
800-268-1576
Premier Mortgage
www.mortgagescanada.net
866-470-4404
250-475-2669
Private Lender Inc.
www.myprivatelender.com
403-253-2022
www.covemortgage.com
604-929-8156
Romspen
www.romspen.com
416-966-1100
CYR Funding
www.cyrfunding.com
905-731-1111
Tekamar Mortgages
www.tekamar.ca
800-658-2345
Terra Firma Capital Corporation
www.tfcc.ca
416-792-4700
Tribecca Finance Corporation
www.tribecca.ca
416-225-6900
Unimor Capital Corporation
www.mortgageapprovalhelp.ca
519-255-9505
Verico The Mortgage Leaders
www.petermenicucci.com
877-777-7308
VWR Capital Corp.
www.vwrcapital.com
866-907-5407
www.cooperpacific.ca
Effort Trust
www.efforttrust.ca
416-924-4680
First Circle Financial
www.firstcircle.ca
604-986-3200
First Source Mortgage Corporation
www.firstsourcemortgage.ca
416-221-2238
Fisgard Asset Management Corporation
www.fisgard.com
250-382-9255
Ginkgo MIC
www.ginkgomic.com
416-901-5133
Home Fund Corporation
www.homefund.com
416-696-9866
This list is not a complete directory of Canada’s private lenders and MICs. If you would like to be added to the next list, please contact Trevor Biggs at trevor.biggs@kmimedia.ca.
Featured lender
ATLANTIC SIGNATURE MORTGAGE & LOAN
Lending markets Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland
Niche/focus: Residential, multi-units, renovation and construction, commercial mixed use, land
Maximum LTV: 80% residential in urban core, 65% commercial, 50% land
Products: First and second mortgages
Minimum Beacon: None
Customer type: Consumer, small business, developer, experienced builder
Terms: Typically one year
Property type: Single-family, multiples, large homes, mixed use, condos, land Purpose: Common-sense solution-based lending for bridge financing purposes
Rate type: Fixed Maximum amortization: Typically interestonly Fees: 4% lender fee Preferred loan amount: $50,000 to $5 million
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SPECIAL REPORT
PRIVATE LENDING GUIDE BAYFIELD MORTGAGE PROFESSIONALS
Lending markets British Columbia, Alberta, Manitoba
Niche/focus: Common-sense, equity-based lending on residential properties with some commercial properties on exception
Maximum LTV: 75%
Products: First, second and occasional third mortgages
Terms: One- to two-year terms available with easy renewals (shorter terms available upon request)
Customer type: Salaried, self-employed, holding companies, operating companies, bruised credit, new immigrants
Rate type: Fixed and fully open terms
Property type: Single-family, duplex, townhouse, bare land, construction (draw financing), condos, small acreages, leased land (on exception)
Fees: All fees are fair and negotiable
Minimum Beacon: None
Maximum amortization: 25 to 40 years
Preferred loan amount: Up to $1 million
Purpose: Home purchases, refinance, revenue property, equity take-out, bridge financing, interalia, serviced/raw land, construction/renovation financing, readvanceable line of credit available on select applications
BLUESHORE PACIFICA ALTERNATIVE MORTGAGE CENTRE
Lending markets British Columbia
Niche/focus: Common-sense lending for borrowers with realistic repayment plans
Terms: One to two years for Pacifica; one to five years for Blueshore Financial
Products: First and second mortgages
Rate type: Fixed or floating
Property type: Residential properties
Maximum amortization: Interest-only or 30-year maximum
Purpose: Purchases, refinances, and ETOs Maximum LTV: 75% Minimum Beacon: None; credit reviewed on a case-by-case basis
Fees: 2%; typically split with the broker Preferred loan amount: $100,000 to $5 million; we will lend over $5 million under the right conditions
CANADIAN MORTGAGES INC.
Lending markets Ontario, British Columbia, Alberta, Manitoba, Atlantic provinces (primary and secondary markets)
Niche/focus: Residential owner-occupied, rental, renovation, urban commercial (retail, multi-family, office, medical, light industrial) and prime building lots in urban cities
Maximum LTV: Up to 85% in Ontario major centres; 80% elsewhere; 75% rural
Products: First, second and low-LTV third mortgages
Terms: One year standard, shorter or longer on exception
Customer type: Salaried, self-employed, corporations, good credit, bad credit
Rate type: Fixed
Property type: Single-family, condos, multiple units, mixed-use, multi-income commercial, prime building lots Purpose: Bridge loans and/or debt consolidation, renovation
Minimum Beacon: None
Maximum amortization: Typically interestonly Fees: Case-by-case; minimum $1,000 Preferred loan amount: $35,000 to $1 million
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SPECIAL REPORT
PRIVATE LENDING GUIDE COVE MORTGAGE
Lending markets British Columbia
Niche/focus: Credit challenges/lack of credit, self-employed income, borrowers with multiple properties, blanket mortgages/inter-alia
Minimum Beacon: None
Products: First, second and third mortgages
Rate type: Fixed
Customer type: All
Maximum amortization: Interest-only (amortized payments upon request)
Property type: Single-family residential, townhouses, condo apartments, rentals, small commercial, serviced lots, recreational Purpose: Purchase, refinance, equity take out Maximum LTV: Up to 75%
Terms: One and two years
Fees: First mortgages start at 1% (minimum $2,000); second mortgages start at 2% (minimum $2,000) Preferred loan amount: $25,000 to $1 million; larger loans considered on a case-by-case basis
FIRST SOURCE MORTGAGE CORPORATION Niche/focus: Income-producing, construction, land, retail, industrial Lending markets Ontario (primary and tertiary markets)
Products: Typically first mortgages Customer type: Experienced builders
Minimum Beacon: 600 Terms: One to two years Rate type: Fixed
Property type: Land, industrial, commercial
Maximum amortization: Typically interestonly
Purpose: Bridge financing
Fees: 2% lender fee
Maximum LTV: 70%
Preferred loan amount: $1 million to $10 million
FISGARD ASSET MANAGEMENT CORPORATION
Lending markets British Columbia, Alberta, Manitoba, Ontario, Saskatchewan (as Fisgard Capital Corporation)
Niche/focus: Fisgard is a niche lender that fills the void for conventional, Alt A and B lenders and Canadian mortgage consumers that require ‘outside of the banking box’ mortgage financing. Fisgard is often referred as a C+ and no-fee lender. Products: Residential first and second mortgages, commercial, construction, mezzanine loans Customer type: BFS, stated income, bruised credit, low-doc, income-challenged, CRA issues, new to Canada, customers requiring bridge/interim financing or short-term financing (up to two years), recent bankruptcy, in foreclosure, in consumer proposal, builders (including owner-builders), and commercial borrowers Property type: Residential (owner-occupied, rentals, recreation/vacation, student housing), construction (single-family, multi-family, renovation), commercial (retail centres, offices, mixed use, fully tenanted industrial, condo inventory, lot inventory)
Maximum LTV: 75% (up to 85% on exception) Minimum Beacon: None Terms: No lender fees (residential), fully open, up to two years Rate type: Residential first: 7% to 8.85% (up to 75%); residential second: 9.85% to 12.85% (up to 75%); construction: 8.5%+; commercial: 7%+ Maximum amortization: Most are interest-only but can be amortized up to 40 years Fees: Residential: no lender fee, no renewal fee (on first renewal and if paid as agreed), no prepayment penalties (fully open); construction: 2%; commercial: 1%+ Preferred loan amount: $30,000 to $5,000,000 (will participate in larger loans)
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KOKANEE MORTGAGE
Lending markets British Columbia, Alberta, Saskatchewan, Manitoba, Yukon
Niche/focus: Smaller towns and rural lending
Minimum Beacon: None
Products: First and second mortgages
Terms: One and two years
Customer type: Non-bank-qualified
Rate type: Fixed
Property type: Single-family, multi-family, rural acreages and small commercial
Maximum amortization: 25 years Fees: 1% to 3%
Purpose: Short-term (one- to two-year) financing solutions
Preferred loan amount: $50,000 to $750,000
Maximum LTV: 70%
MAGENTA CAPITAL CORPORATION
Lending markets Eastern and Southwestern Ontario, primarily urban settings (full city limits plus 10 kilometres)
Niche/focus: Owner-occupied properties, single and multi-unit rental properties, student rentals, commercial, mixed use, construction, renovation loans and raw land
Maximum LTV: 85% Minimum Beacon: None Terms: One to two years
Products: First and second residential mortgages, renovation loans, seasonal properties, lot and land, equity lending, ‘no-doc’ and ‘stated income’ products
Rate type: Fixed
Customer type: Self-employed, salaried, bruised credit, new to Canada, nontraditional income sources – anything that falls outside of regular bank parameters Property type: Single-family, multi-use residential, large homes, apartments, condos Purpose: Purchase or refinance; bridge lending available
info@atlanticsignature.com | 902.406.1250
Maximum amortization: 40 years; interestonly available Fees: Generally a 2.5% lender fee for first mortgages; 3% for second mortgages and raw land. We always cap our fees, and fees could change with any rate/product specials we have Preferred loan amount: Residential properties up to $750,000; no minimum loan amount, but a minimum fee on our second of $2,000
YOU DON’T HAVE TO BE A
WIZARD
ED
APPROV
TO GET YOUR DEAL DONE. Residential & Commercial Financing Short-term lending solutions for Atlantic Canada’s major urban and rural communities. From $50,000 to $5,000,000
Call us today: 902.406.1250
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SPECIAL REPORT
PRIVATE LENDING GUIDE NEW HAVEN MORTGAGE CORPORATION
Lending markets Most Ontario locations
Niche/focus: Equity lending based on the marketability of the real estate (location/value/ condition/LTV) Products: First, second and third mortgages Customer type: Income- or credit-challenged Property type: Most property types, including but not limited to single-family homes, low/highrise condos, rentals, raw residential land, small commercial, cottages/island properties, student housing and some specialty properties Purpose: Refinance or purchase (bridge or blanket options are available)
Minimum Beacon: N/A Terms: Six months to one year (two-year term on exception basis) Rate type: Fixed Maximum amortization: Up to 30-year amortization or interest-only (pre-paid options are available if there is sufficient equity) Fees: First mortgages: 1% to 3%; second/third mortgages on a case-by-case basis (subject to loan amount and overall marketability risk) Preferred loan amount: $10,000 to $3 million
Maximum LTV: First mortgages up to 80%; second/ third mortgages up to 85% (residential in major urban centres)
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OPPONO LENDING COMPANY
Lending markets Ontario (GTA and Golden Horseshoe)
Niche/focus: Residential, construction, commercial
Rate type: Fixed; principal and interest or interest-only
Products: First and second mortgages, construction, commercial
Maximum amortization: 25 years
Property type: Single-family dwellings
Fees: Starting from 2.5%
Purpose: Purchase, refinance, equity take-out, debt consolidation, low doc
Preferred loan amount: $25,000 to $1.75 million
Maximum LTV: 80% (85% in the GTA) Minimum Beacon: None Terms: One to two years
Reputable Lending Company Common Sense Lending Competitive Pricing Same Day Approval Quick and Hassle-Free Closings Renewal Options Available Great Service DISCOVER THE LEADERS IN ALTERNATIVE LENDING!
DOES YOUR LENDER QUALIFY?
It’s time for a new perspective.
TM
www.tribecca.ca | 416.225.6900 Licence # 12225
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SPECIAL REPORT
PRIVATE LENDING GUIDE PILLAR FINANCIAL SERVICES
Lending markets Ontario
Niche/focus: Residential, construction, rural, self-employed, bruised/damaged credit, cottage, agricultural
Maximum LTV: 80 %
Products: First mortgages
Terms: One to two years
Customer type: Those who do not meet the typical lending criteria of most lending institutions
Rate type: Fixed
Minimum Beacon: No minimum
Property type: Single-family residential, multiples, large homes, second homes, rural properties with well and septic, new construction
Maximum amortization: 30 years Fees: 2%, with 80 bps to broker on every deal Preferred loan amount: $100,000 and up
Purpose: Ensuring the long-term financial wellbeing of the borrower by providing solutions in an ever tightening market. Short-term solutions for long-term success
675 Cochrane Drive, Suite 104, West Tower, Markham ON, L3R 0B8
W: 905-886-5352 F: 905-886-5974 info@oppono.com www.oppono.com License # 11887/12558
OPPONO IS A NON-TRADITIONAL MORTGAGE LENDER. WE UNDERSTAND IT CAN BE FRUSTRATING DEALING WITH TRADITIONAL LENDERS AND INSTITUTIONS. We are able to help your clients secure the mortgages they want, when they want. If the deal makes sense, we will fund it.
First and second mortgages on residential homes and condominiums* Loan-To-Value ratio driven Dedicated, broker-focused Business Development Manager ready and willing to close your deals No retainer fees 24 hour turn-around time Ajay Kaith BDM
ajay.kaith@oppono.com 416-669-9274
*First mortgages on condominiums. Downtown Toronto core only. Contact our BDM for details.
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ever-expanding segment know to tap into this What brokers need to PRIVATE LENDING THE SCOOP ON
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SPECIAL REPORT
PRIVATE LENDING GUIDE TRIBECCA FINANCE Niche/focus: Residential and construction financing Lending markets Ontario
Minimum Beacon: None Terms: One month to two years
Products: First and second mortgages, construction mortgages, unsecured personal loans
Rate type: Fixed
Customer type: All
Maximum amortization: 40 years, interest-only available
Property type: Single-family, townhouses, condos, multi-unit, building lots
Fees: 2% to 4%
Purpose: Purchase, refinance, equity take-out, bridge financing, construction
Preferred loan amount: $10,000 to $1,500,000
Maximum LTV: 85%
VWR CAPITAL CORP. Niche/focus: Residential Lending markets British Columbia, Alberta, Saskatchewan, Manitoba, Ontario
Products: First, second and third mortgages Customer type: Individuals, holding companies, operating companies, non-residents and more Property type: Single-family, townhouses, condos, row homes, serviced land, raw land, multi-family Purpose: To finance borrowers who may not qualify at traditional institutions Maximum LTV: 75%
Terms: One-year term – open mortgages available Rate type: Fixed Maximum amortization: Up to 35 years; interest-only available Fees: Starting from $750 for first mortgages, $500 for second and third mortgages Preferred loan amount: $25,000 to $2.2 million
Minimum Beacon: None
Competitive Rates & Terms on 1st, 2nd and 3rd mortgages on most across Competitive Rates & property Terms ontypes 1st, 2nd andBC 3rd mortgages on most property types across BC Celebrating our 40th year of providing private mortgage solutions Celebrating our 40th year of providing private mortgage solutions Heather Briglio President, Underwriter Heather Briglio 604-929-8156 ext 15 President, Underwriter heather@covemortgage.com 604-929-8156 ext 15 heather@covemortgage.com
Lorie Martin Manager, Underwriting and Sales Lorie Martin 604-837-5889 Manager, Underwriting and Sales lorie@covemortgage.com 604-837-5889 lorie@covemortgage.com
Carly Erickson Broker, Underwriting Assistant Carly Erickson 604-929-8156 ext 14 Broker, Underwriting Assistant carly@covemortgage.com 604-929-8156 ext 14 carly@covemortgage.com
Direct submissions to cove_mortgage@telus.net | Visit us at www.covemortgage.com to learn more Direct submissions to cove_mortgage@telus.net | Visit us at www.covemortgage.com to learn more
16 www.mortgagebrokernews.ca
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Credit Income Debt Servicing Title Issues Down Payment Immigration Status
Proudly suPPorting the brokerage community for over 22 years
SIMPLE, FAST, FRIENDLY, DONE. To discuss a potential file to see if it’s a good fit with Magenta’s programs, to learn more about how Magenta can support your sales goals:
Dan Pauls
Regional Manager Cell: 519 500 3330 dan.pauls@magentainvestment.ca
Serving Ottawa, Kingston, Gatineau, London, St.Thomas, Brantford, Cambridge, Guelph, Kitchener-Waterloo, Woodstock and surrounding areas.
Greg Delahunty
Regional Manager 613 230 5014 xt 309 greg.delahunty@magentainvestment.ca
Gatineau • Ottawa •
Kingston •
Guelph • Kitchener-Waterloo • Cambridge • Woodstock • Brantford • London • St.Thomas •
Contact us at
brokers@magentainvestment.ca 580 Terry Fox Drive, Suite 401, Ottawa ON, K2L 4B9
Specializing in first mortgages, second mortgages, and raw land.
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