General Lending Guidelines
- We lend anywhere in Ontario!
- Up to 85% LTV bundle 1st/2nd with population base of 25,000 or greater/minimum home value of $250,000 on town services
Residential Mortgage Solutions
- 1st mortgages up to 75% on town services in major cities – no population minimum
- Residential up to 65% on well & septic
- Rural Residential up to 65% LTV – FULL acreage
Agricultural Mortgage Solutions
- up to 55% LTV
- We value house and FULL acreage; no outbuildings, crops, livestock, etc.
New Construction Mortgage Solutions
- Residential construction up to 70% LTV on the “as if complete” value (55% max initial advance on the land value)
Commercial Mortgage Solutions
- Mixed Use/Commercial up to 55% LTV
- No gas stations or garages (anything that may require environmentals)
- No restaurants/motels/hotels/lodges
Underwriting Policy Highlights
- Interest rates start at 6.99% and go up to 8.99% with lender fees ranging from 1.5/2.5%. Fees will be deducted from advance. We do not pay finder’s fees; brokers are responsible for charging their own fee and providing us with the Letter of Direction. We will collect the fee for you.
- We will amortize up to 40 years at no additional cost.
- We require a minimum of $50,000.00 equity in every deal.
- Our minimum loan amount is $50,000.00
- We do not income qualify, no GDS/TDS requirements. If client is employed, we require a paystub to prove employment only. If self-employed, we provide a self-declared document that needs to be completed by the client(s). We require nothing else for employment verification.
- If we are advancing cash over and above the mortgage and fees, we require a detailed list of where the funds are going.
- i.e., statements, invoices, etc.