95% Loan to Value Second Mortgage

As of today, 2nd mortgage up to 95% LTV is available through selective lenders only as long as the first position lender is a CMHC approved lender. If you are planning to do some equity take out on your principle residence, this will work well. For a business for self (stated income), this program is [...]

List of Large Scale Projects

List of large scale projects:

Construction & Builder Financing
Commercial, Industrial & Residential Mortgaging
Land & Development Lending
Specialized Apartment Building Lending
Bridge & Short Term Lending
Equity & Participating Mortgage Loans
Joint-Venture Financing for Builders & Developers
Mezzanine & Subordinated Debt for long term acquisitions
Distress & Performing Mortgage Loan Purchases
Construction & Development Partnerships [...]

100% Financing – Purchase or Refinance

New Update: 100% available, rate ranges between 9.0% – 12%, first mortgage only.
As long as the applicant has credit score of 640 or higher, with minimum 3 tradelines and 1 with 36 months history, he/she can qualify for the 100% financing or 100% refiannce if he/she can debt service.
For thie program, because the lender self-insures, [...]

Main Reasons for Mortgage Default

A few major reasons for mortgage defaults are:
- Marriage breakdown- Loss of employment / failure of business- Over extended credit / people living beyong their means- Revenue Canada judgement / other large judgement- Health problem / addiction / substance abuse
When you are in arrears for mortgages, it is the best to first contact the lender [...]

Examples of Funds for $10M – $5 Billion Projects

Private fund not only includes private money from investors, it could also be money from instituational mutual funds, international funds and other sources.
Some examples that we will find you funds for include:
-Commercial, Industrial & Residential Mortgaging-Land & Development Lending-Specialized Apartment Building Lending-Bridge & Short Term Lending-Conventional & Non-Conventional Financing-Equity & Participating Mortgage Loans-Joint-Venture Financing for [...]

Alternative Lending Sources

There are numerous alternative lenders. If you are turned down by a bank, chances are there are alternative lenders for you. Keep in mind, the interest rate sometimes will be slightly higher. but it also helps you purchase the house you want now.
Here are a few scenarios and the alternatives matching products:
1. Low credit score
Banks [...]

Criteria for Private Lending

Loan-To-Value (LTV)
Up to 90% LTV for a house with income potential (condo not applicable)Up to 85% LTV for equity take out (ETO)
Credit Profile
Beacon score: 420-700 (avg 560)Current Mortgage arrearsRevenue Canada arrersForeclosures
IncomeSoft Income: no proofHard Income: GDS/TDS not applicable
Lenders however wants to ensure you have enough money to live on
AppraisalSpecial appraisal is ordered for private lendign [...]

Rates for Private Mortgages

Rates
1st Mortgage: 7.25% – 12%2nd Mortgage: 9.50% -14%Equity Take Out (ETO) – 10.50% – 16.0%
Although the rates are high, it does not appear to affect your overall rate as much.See Example:
$100,000 Total Loan Needed
$75,000 first mortgage at 7% => 4.9%$25,000 second mortgage at 14% => 3.4%Your combined rate on $100,000 => 8.4%
Note: All private mortgages [...]

Private Lending – Private Lender – Last Resource

A private lender should be used as your last resource. It is usually not accessible to the general public so if you are interested in learning more, email us at cchien@mortgagegrp.com

There are three key factors a private lender looks at:

Credit: applicant’s credit should range > 420
Income: usually applicant cannot prove their ‘hard income’, in other [...]

Private Lending – Private Lender – Last Resource

A private lender should be used as your last resource. It is usually not accessible to the general public so if you are interested in learning more, email us at 1dayapproval@gmail.com
There are three key factors

Credit: applicant’s credit should range 420-700
Income: usually applicant cannot prove their ‘hard income’ (your goverment taxable income shown you T1)
Property: residential, [...]