- What are your lending parameters?
We specialize in residential mortgage only and we do not finance commercial and construction deals at this moment. We can finance the residential properties up to maximum 80% in purchase or refinance in both 1st and 2nd mortgage on a marketable residential property. LTV higher than 80% might be considered on a case by case and exception basis. Farm land, residential in rural zone and raw land deals are not within our lending parameters.
- How fast can you fund?
We can offer an approval within 24 hours and funding the deal as quick as 2-3 days if full set of documents are provided upfront including full property appraisal report, and clients’ lawyers fulfill the solicitor’s condition in a timely and efficient manner.
- Do you have the lending guideline and the list of your lending area?
You can find our general lending guideline, mortgage solutions, as well as the updated lending location under the ‘Broker tap’ on our website.
- What documents do you need to underwrite my mortgage application?
We need at least the mortgage application and credit bureau in order to underwrite your mortgage deals. A story of your deal, purpose of the loan and a well-defined exit plan will expedite the underwriting and approval process.
- Will RESCO register a mortgage in a corporate or holding company name?
RESCO is able to register a mortgage in the corporate or holding company name. We will require articles of incorporation and personal guarantees of the principles.
- Will bankrupt applicants qualify for a mortgage?
Clients must be discharged from bankruptcy and priority will be given to those applicants with some minimal re-established credits.
- Can RESCO finance blanket mortgages?
If additional equity is required, we will blanket on a second or third property; this is possible even in second position.
- Does RESCO allow POA closing?
We do not accept POA closing and clients have to be signed at their lawyer office in order to close the deal.
- Will you consider non-resident applicants?
We will consider non-resident deals up to maximum 65% LTV depending on the type and marketability of the property.
- Will RESCO go behind a collateral mortgage?
We can go behind the Bank’s collateral mortgage as long as the total registered credit limit plus our loan does not exceed 80% LTV.
- Do you have an approved appraiser list?
Yes you could find our approved appraiser list as well as the appraisal guideline under the ‘Broker tap’ on the website.
- Will RESCO consider a client who is currently in a Consumer Proposal? Do they have to be paid out?
Yes, we will consider clients who are currently in a Consumer Proposal, but the balance of the proposal must be paid either prior to funding or from the proceeds of the financing.
- Where do you lend?
We can lend in British Columbia, Alberta, Manitoba and Ontario. But we are currently lending in Ontario only.
- What do I do when my mortgage term is up?
We will send out a renewal package three months prior to the terms maturity date.
- What form of payments do you accept for mortgage payments?
A pre-authorized debit will be set up from your bank account. Credit card payment and E-transfer will not be accepted.
- What do I need to do if I want to change the account which my mortgage payment comes out of?
We ask that you contact our office at least 2 business days prior to your next payment date, and we will send you a new PAC form to fill out and send back with a void cheque from your preferred account.
- What do I do if I want to sell my house, or have sold my house?
We will require your lawyer to send a formal request for discharge indicating the closing date. We will then forward a payout statement indicating the amount required to pay off the mortgage. Discharge documents will be sent to your lawyer once we successfully receive the funds to fully payout your mortgage.
- Can RESCO accept a drive-by appraisal?
One of the most important parts of each file is our collateral and we would like to ensure that we have supporting value in the subject property to protect our investment.
- Why is exit plan or strategy so important?
As a short-term lender, our focus is to improve the financial situation of our clients. Once clients have achieved their short term objectives, it is in the best interest of our clients to move to a lower rate and a more traditional mortgage.
- Are you open to the public?
No we do not work directly with borrowers. You must be a FSCO licensed mortgage agent or broker.