Lending Guideline

Purpose of FundPurchase, Refinance, Equity Takeout, Bridge Loan, Debts Consolidation, and Renovation
Loan-to-ValueUp to 70% LTV (75% on exceptional basis)
PaymentsInterest only due on the 1st of each month
Debt ServicingGDS / TDS not applicable
Term– 1 day to 12 Months
– Open or Closed
Interest Rate– First Mortgages Starting at 9.5%
– Second Mortgages Starting at 11.5%
– Pricing is based on credit risk such as beacon score, LTV and location
Credit History– Will consider previous bankruptcy and consumer proposal
– No minimum beacon score
Lender Fees– Starting from 1%
– Depends on the term of the mortgage
Lending AreasMajor urban and surrounding areas such as Burlington, Oakville, Mississauga, GTA, Markham, Richmond Hill, New Market, Barrie, Ajax, etc.
Property TypesResidential Only
Minimum Equity$100,000
Broker ProcessSubmit your deal to deals@rescomic.ca.
Please explain factors regarding the deal so that we can make a fair assessment without delay and please include the following:
– Mortgage Application
– Credit Report
– Appraisal (if available)
– Comments (purpose of fund, previous credit issues and exit strategy, etc.)
OtherWe will go behind any major Financial Institution including the Home Equity CHIP mortgage, but will not go behind another private lender or MIC.