Lending Guidelines

BROKERS

 

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LENDING GUIDELINES

Purpose of Fund Purchase, Refinance, Equity Takeout, Bridge, Debts Consolidation, and Renovation
Loan-to-Value Up to 80% LTV on both purchase and refinance
Payments Interest only due on the 1st of each month
Debt Servicing GDS / TDS not applicable
Term – 1 day to 2-year closed
– Open terms available with rate premium
Interest Rate – 6.99-8.99% per annum for first mortgages
– 9.99-12.99% per annum for second mortgages
– 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 – 1-2% for first mortgages
– 2-3% for second mortgages
– Depends on the term of the mortgage
Lending Areas Major urban centers such as Burlington, Oakville, Mississauga, GTA, Markham, Richmond Hill, New Market, Barrie, Ajax, etc.
Mortgage Amount $25,000-$750,000
Property Types Single family homes, Townhouses, Semi-detached, Condo, Rental
Minimum Equity $100,000
Broker Process Submit 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.)
Other We will go behind any major Financial Institution including the Home Equity CHIP mortgage, but will not go behind another private lender or MIC.