CMP 14.11 Private Lending Guide

PRIVATE LENDING GUIDE 2019 MORTGAGEBROKERNEWS.CA

PRIVATE

LENDING

Discover new solutions for hard-to-qualify borrowers, commercial deals and more

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PRIVATE LENDING GUIDE

The world of private lending Private lending isn’t the free-for-all that some people think it is. Here’s what the space looks like today

PRIVATE LENDING is a small fraction of the overall mortgage industry, but it serves as a way for borrowers in any number of situations to get a loan without stellar credit or traditional documentation. In 2018, nearly 8% of the Canadian mortgage market belonged to private lenders, according to the Bank of Canada. That’s a growth of nearly 38% that began in 2017, even before the mandatory stress tests came into effect.

Bryan Jaskolka, COO of Canadian Mortgages Inc. [CMI], says that more private lenders have gotten involved in the residential space, and in areas like the GTA, it’s driven down yields. In other areas, he says, it’s created “a bit more noise” for everybody because a lot of lenders are “offering the same thing in the same places with the same products and the same kind of pitches.”

It’s not unusual for quality to decrease when quantity increases, but that’s not the case when it comes to the deals private lenders are seeing. Mortgage investment corporations [MICs] have been doing much more purchase business, and there are also more opportunities in the commercial space for deals that probably wouldn’t have gone the private route in the past. The quality of those deals has greatly improved as well, says former CMI employee Steve Fabian.

“If you look back to 15, 20 years ago – I’m thinking from the investor side of the private lending world, which is obviously sometimes overlooked – all you saw was garbage, unfortunately,” he says. “Now you see deals where the credit’s perfect. There might be a little bit of an income gap if they’re self-

employed, but the credit’s perfect and there’s net worth, so the quality of opportunity for the investor in the private world has shifted things massively.”

Another notable change in private lending has been brought about by changing land values in recent years.

“From 2016 to 2018, residential and commercial land values increased exceptionally fast, and many lenders were competing for loans where appraisal surplus added substantial value to the lands in question,” explains Skip Walters, senior vice-president at First Source Mortgage Corporation. “Now that land values have dropped, lenders are sitting with land on their books that was once at 65% LTV and is now at 75% to 85% LTV. Many of these loans are nearing maturity, and lenders are having to forebear because borrowers can’t find the required monies to refinance with private lenders.”

B-20 has certainly been on the minds of borrowers, brokers and lenders alike, and Pino Decina, founder and president of Falcon Ridge Management, says that B-20 has also been partly responsible for the changing private lending landscape. Once again, it comes back to credit.

“What’s interesting but not surprising ... is that post B-20, what’s really come into this space is clients with very high credit quality: Beacon scores that would be in line with what the three national mortgage insurers would be looking for in their portfolio,” Decina says. “Their credit would be in line with the prime lenders – all the banks, all of those institutions.”

Private lending enjoys fewer regulations than its A lending counterparts, but that doesn’t mean it’s full of shadowy lenders. In fact, for many brokers, investors and borrowers, private lending is coming out of the shadows and into the light.

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PRIVATE LENDING GUIDE

Choosing a lender Experience and reputation are paramount when selecting a private lender AS THE number of private lenders grows, it can be difficult for brokers to know where to begin a partnership. More than anything, brokers need to do their due diligence, says CMI’s Bryan Jaskolka, who notes that some agents are getting deals as referrals from brokers and taking them to a private lender.

“I’m not saying that there’s absolutely no space in the industry for that type of approach, [but] it always does surprise me a little bit when there are so many large lenders that are advertising and marketing themselves, and

make actual lending decisions.”

It’s also important to meet face-to-face with the lender, says First Source’s Skip Walters.

“Determine the lender’s fee and rate structure, as well as availability of an interest reserve and its benefit to you,” he says.

“Further, it’s important to consider all penalties, bonuses, covenants and extension availability at maturity. Also, make sure that if the lender provides a commitment letter, they are going to be able to fund the loan. Smaller private lenders typically receive their funds

“Brokers should ensure they’re working directly with a lender who has ... the ability to make actual lending decisions” Bryan Jaskolka, Canadian Mortgages Inc. yet we still see deals every single day that have reached us from another intermediary,” Jaskolka says, adding that this process typically only increases the cost for the borrower and lowers the success rate of the transaction. Instead, he says, “brokers should ensure they’re working directly with a lender who has access to capital and the ability to

from private investors; you want to ensure that the lender has the monies available and that the investors are totally committed for the length of the term.”

Commercial lending requires an extra level of scrutiny, says former CMI employee Steve Fabian, who stresses that brokers should always know a lender’s due diligence require-

ments. “Having clarity on that sort of information upfront and certainty that the lender is going to follow through is key,” he says.

Reputation is paramount to both borrowers and lenders, so brokers should start by looking at lenders with experience and a positive track record. RiverRock Mortgage Investment Corporation CEO Nick Kyprianou adds that brokers should seek out a lender that mirrors their business.

“If you’re just doing residential, there’s no use partnering with a MIC that’s just doing construction loans and commercial properties,” he says. “You’ve got to find a MIC that’s basically what you do and then build a relationship with those people.”

Private lending is about working with borrowers through a lifetime of lending needs, which means having a number of solutions available for any borrower.

“Maybe a client that you helped get a mortgage in the past with an A lender, they’ve flipped out of that box because of all the changes,” Kyprianou says. “Now maybe they want to do a debt consolidation, so the only solution is a second mortgage. Having a MIC in your suite can solve that client’s problem.

If you can’t solve it, then they’re going to go to another broker.”

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Making loans that shape skylines.

Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada and the United States. With over $2.9 billion under administration, we offer customized mortgage solutions for term, bridge and construction financing from $5M to $100M. Blake Cassidy or Pierre Leonard | 800 494 0389 | www.romspen.com

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PRIVATE LENDING GUIDE

The future of private lending What’s in store for the private lending space?

THE SENTIMENT on the future of private lending is almost unanimous: Regulations are coming. Whether it happens in one year or five years, it’s undeniable that private lending has gotten a lot of attention in the past couple of years, and increased attention often leads to increased scrutiny.

However, CMI’s Bryan Jaskolka is in favour of more regulation, as he thinks it will weed out a lot of the lenders that give private lending a bad name.

“I think we’re going to see, without question, increased regulation across the board,” Jaskolka says. “That’s going to lead in part to both an increase in the quality

ment to your mortgage broker business, I think with all the new rules they’ll put in place around compliance, it’ll be difficult to maintain that business. I also think that they’ll start increasing education requirements and things of that nature.”

The private lending space is also likely to encounter a long-overdue disruption in terms of technology, particularly when it comes to commercial lending. The industry is recognizing its need to move things forward in that respect, but former CMI employee Steve Fabian says the real push is going to come from brokers themselves.

“The commercial and development

“We don’t see any major changes to the mortgage rules going forward. What will happen, though, is that consumers will continue to adjust” Pino Decina, Falcon Ridge Management of the industry, which I think is a good thing, as well as some consolidations within that space.”

RiverRock Mortgage Investment Corporation’s Nick Kyprianou agrees, predicting that MICs will face more restrictions in terms of how they’re operating and who’s operating them. Inevitably, he says, some MICs will have to wind down or be sold.

“In the next two to three years, there won’t be as many MICs as you see today,” he says.

“If you’re running a small MIC as a comple-

world is very antiquated,” he says. “Slowly, I think that the industry is recognizing that we need to modernize because it is oldfashioned, and it severely lags behind the residential space. The broker marketplace will push lenders to accommodate because [companies] like Filogix or Finastra are always looking at trying to creep into the commercial world.”

As technology adoption continues to increase, there’s also a chance that it will lead to better pricing, which will ultimately

benefit the consumer.

For brokers who are wary of jumping into private lending for fear that it’s just going to become more complicated, Falcon Ridge Management’s Pino Decina says he doesn’t foresee drastic changes.

“OSFI does not have a political agenda, in my view, and I think there’s a lot of individuals in the space who would agree, so we don’t see any major changes to the mortgage rules going forward,” he says. “What will happen, though, is that consumers will continue to adjust. Canadians typically want to better their financial situation, so if they’re in a private mortgage today, they will look at their situation and say to themselves, ‘Working with our broker, what do we need to do in the next 12, 18 or 24 months to graduate this mortgage back to a bank under the new rules?’ You’ll start to see some adjustment that way in the market, where individuals will use private lending as more of a bridge, which historically has been the case anyway, to get back to a bank-type mortgage with the lowest rate possible.”

This isn’t a bad thing, he adds – if anything, it’s a great opportunity for brokers to do more business. There are so many unknowns for consumers, and they want to work with someone who can help them sort through the muck.

No longer is it just about getting the best mortgage available today – it’s about finding a solution for the borrower’s current situation with a plan for a year or two down the road. “It’s a longer-term partnership and a great opportunity for mortgage brokers,” Decina says.

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PRIVATE LENDING GUIDE

AGRIROOTS CAPITAL MANAGEMENT Customer type: Individual farmers or agricultural companies

agriroots.ca

Minimum Beacon: None Terms: Six to 24 months

519-351-5650 Property type: Agricultural properties, food-producing commercial

Lending markets: All provinces except Quebec

Rate type: Fixed Maximum amortization: Interest-only

Niche/focus: Agricultural property financing for borrowers who may not qualify at traditional institutions Products: First and second mortgages

Purpose: Refinance, purchase, debt consolidation, equity take-out

Lender fees: Start at 2%

Maximum LTV: 75% for first or second mortgages

Preferred loan amount: $250,000 and up

Customer type: Self-employed, underemployed, life events

Terms: One year, open

ALTA WEST CAPITAL awcapital.ca

Rate type: Starting at 6.24%

888-554-9075 Lending markets: BC, Alberta, Ontario Niche/focus: Business-for-self Products: 90% LTV first, second and third mortgages

Property type: Single-family, townhouses, condos Purpose: Purchase, refinance, equity take-out, foreclosure/power of sale Maximum LTV: 90%

Maximum amortization: Interest-only or any amortization the broker needs Fees: Yes Preferred loan amount: $30,000 to $1.2 million

Minimum Beacon: None

Tim Hurlbut

BUSINESS DEVELOPMENT (BC/AB)

tim@awcapital.ca T 403.254.9075 x 224 C 403.928.5436 awcapital.ca 6 www.mortgagebrokernews.ca

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BUSINESS DEVELOPMENT (ON)

chris@awcapital.ca T 888.554.9075 x 236 C 647.705.9480 awcapital.ca

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BLUESHORE PACIFICA ALTERNATIVE MORTGAGE CENTRE blueshorepacifica.com

Purpose: Purchase, refinance, equity take-out, bridge

Rate type: Fixed or floating

Maximum LTV: 75%

Maximum amortization: Interest-only or 30-year maximum

Lending markets: Greater Vancouver, Squamish, Whistler, Victoria

Minimum Beacon: None; credit to be reviewed on a case-by-case basis

Fees: 2%, typically split with the broker

Niche/focus: Common-sense lending for borrowers with realistic repayment plans

Terms: Pacifica One-year open term

Preferred loan amount: $100,000 to $10 million; maximum of $4 million with BlueShore NT

Products: First and second mortgages

BlueShore NT One- to five-year closed term/ one-year open term

604-899-3780

Property type: Residential properties

TURNAROUND TIME

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PRIVATE LENDING GUIDE

CANADIAN MORTGAGES INC. canadianlending.ca 888-465-8584

zoned land (urban Ontario only), construction financing (urban Ontario only)

Lending markets: Ontario-wide, British Columbia (urban markets), Alberta (Tier 1 and Tier 2 cities), Manitoba (Winnipeg and Brandon) and the Maritimes (major metros only)

Purpose: Debt consolidation, purchase financing, renovation lending, bridge financing, credit repair, working capital, construction and more

Niche/focus: We are a common-sense lender that makes decisions based on the whole picture, not just a number

Maximum LTV: 80% in urban Ontario, BC and Alberta; 75% elsewhere.

Higher LTVs considered in all locations on a case-by-case basis

Products: First and second mortgages, bridge loans, third mortgages (behind banks only), draw financing and commercial mortgages Customer type: All income types are considered

Minimum Beacon: None

Fees: Loans priced according to risk; minimum $1,500 Preferred loan amount: Residential Minimum loan amount of $50,000 for first mortgages; smaller loans available on a case-by-case basis Maximum loan amount of $3 million in the GTA, $1 million outside of GTA; larger loans available on a case-by-case basis Special features: We offer prepaid terms, and we go behind collateral charge mortgages

Terms: 12 months is our standard; shorter and longer terms available upon special request Rate type: Fixed

Property type: Single-family up to four units in all markets, condos, income-producing commercial (urban Ontario only), development/

Maximum amortization: Interestonly/amortized available (up to 35 years)

GRAYSBROOK CAPITAL graysbrookcapital.ca 902-222-2670 Lending markets: Nova Scotia, Newfoundland, New Brunswick, Prince Edward Island Niche/focus: Residential first/ second, commercial, construction, CRA debt, credit repair, purchase, refinance, equity take-out

Products: Alternative to 75% LTV, business-for-self, high debt ratios, poor credit, rentals and secondary homes, draw mortgages (construction and/or renos), construction LOC

Maximum LTV: Up to 80%

Property type: Residential and commercial

Preferred loan amount: $150,000 to $2 million

Minimum Beacon: None Rate type: Interest-only

Purpose: Lending solutions for clients who don’t qualify for traditional mortgages

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Email lender notes, application, and credit bureaus to:

deals@vwrcapital.com D IMITRI K OSTUROS

Chief Operating Officer dimitri@vwrcapital.com

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P AULA H UTTON

BDM - Prairies paula@vwrcapital.com

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PRIVATE LENDING GUIDE

GREENPATH CAPITAL PARTNERS Products: First, second and third mortgages

greenpathcapital.ca 647-726-1384

Minimum Beacon: None

Customer type: Individuals – salaried, self-employed, bruised credit

Lending markets: Ontario – Toronto, Halton, Peel, York, Durham, Hamilton, Simcoe County, Northumberland County, Guelph, Kitchener, Waterloo and Cambridge Niche/focus: Residential and commercial property financing for borrowers who might not qualify at traditional institutions

Terms: One year; shorter or longer on exception basis Rate type: Fixed

Property type: Single-family, townhouses, condos, multi-unit, commercial property

Maximum amortization: Interest-only

Purpose: Refinance, purchase, debt consolidation, equity take-out

Fees: Start at 1%, subject to loan amount and risk assessment Preferred loan amount: No minimum; up to $1.5 million

Maximum LTV: 80% for first and second mortgages, 82.5% for third

FALCON RIDGE MANAGEMENT Customer type: Alternative borrowers (BFS, new immigrants, stated income, etc.)

falconridgemgmt.ca 365-527-2470 Lending markets: GTA and urban/ suburban centres across Southern Ontario Niche/focus: Residential alternative lending programs, including stated income for self-employed individuals Products: Residential first mortgages, construction and small commercial

Rate type: Fully open and fixed terms available Maximum amortization: Interest-only

Property type: Residential

Fees: 1%

Purpose: Purchase or refinance

Preferred loan amount: $150,000 to $2 million

Maximum LTV: 80% Minimum Beacon: 600 (or less on a case-by-case basis) Terms: One or two years

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1st Mortgages 2nd Mortgages 3rd Mortgages POS Buy Outs Flexible Structures Available

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FIRST SOURCE MORTGAGE CORPORATION firstsourcemortgage.ca 416-221-2238

Products: First, second and occasional third mortgages Customer type: Not specific

Lending markets: Ontario (GTA and Golden Horseshoe) Property type: Common-sense equity-based lending on residential properties (commercial properties on exception). As an equity-based lender, we are not limited to a specific market type, GDS/TDS limits or proof of income

Minimum Beacon: None Terms: One to two years

Property type: Single-family detached, duplexes, townhouses, land, condos, construction, bridge financing

Rate type: Fixed/closed

Purpose: Equity lending

Fees: Starting at 2.5%

Maximum LTV: 75% (80% on a case-by-case basis)

Preferred loan amount: $1 million to $40 million

Maximum amortization: 25 years or interest-only

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PRIVATE LENDING GUIDE

OPPONO LENDING COMPANY oppono.com

Products: First, second and occasional third mortgages

905-886-5352

Minimum Beacon: None Terms: One to two years

Customer type: A, B and C Lending markets: Ontario (GTA and Golden Horseshoe) Property type: Common-sense equity-based lending on residential properties (commercial properties on exception). As an equity-based lender, we are not limited to a specific market type. No GDS/TDS or income verification

Rate type: Fixed/closed Property type: Single-family detached, duplexes, townhouses, land, condos, construction, bridge financing

Maximum amortization: 25 years or interest-only Fees: Starting at 1.49%

Purpose: Equity lending Maximum LTV: 75% (80% on a case-by-case basis)

Preferred loan amount: Under $1.75 million

Is your client in trouble? Let’s get them back on their feet.

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Quick, simple approvals based on EQUITY, not income or credit.

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PREMIERE MORTGAGE premhome.ca

clients who can’t prove income the traditional way

Terms: One- to three-year terms available

Property type: Residential properties – detached, semi-detached, condos, townhomes, duplexes, mobile homes on own land, rentals, owner-occupied properties

Rate type: Fixed

866-460-4409 Lending markets: BC, Alberta, Manitoba Niche/focus: Residential equitybased lending

Purpose: Purchase or refinance Products: First and second mortgages, both urban and small town/rural Customer type: Those declined by traditional lenders/banks, CRA issues, previous bankruptcy, BFS

Maximum LTV: Up to 75% in urban centres; 65% in small towns or rural areas Minimum Beacon: None

Maximum amortization: Interest-only, up to 30 year amortization Lender fees: Low-fee or no-fee – you decide Broker fees: Set your own broker fee and keep 100% Preferred loan amount: Up to $500,000

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PRIVATE LENDING GUIDE

RIVERROCK MORTGAGE INVESTMENT CORPORATION riverrockmic.com

Customer type: BFS, new to Canada, bruised or damaged credit

Rate type: First and second mortgages start at 9.99%

416-504-1886

Property type: Residential urban and suburban properties

Maximum amortization: None

Lending markets: Ontario Niche/focus: Asset-based lending; flexible on proof of income, credit and servicing ratio

Fees: 1% to 3%

Maximum LTV: 80%

Preferred loan amount: $50,000 to $2.5 million for first mortgages; $25,000 to $750,000 for second mortgages; exceptions made on a case-by-case basis

Minimum Beacon: None Terms: One year

Products: First and second mortgages

ROI GROUP roigroup.ca 519-755-6252 Lending markets: Across Ontario

Customer type: Real estate investors, builders, developers, business owners Property type: Development land, construction, industrial, multiresidential, commercial

Minimum Beacon: N/A Terms: Up to three years Rate type: Interest-only or amortizations

Direct funding from $500,000 to $10,000,000 Across Ontario COMMERCIAL • CONSTRUCTION • DEVELOPMENT

Niche/focus: Non-institutional commercial Products: First mortgages

Fees: 2% lender fee plus legal costs

Purpose: Acquisition, refinance

Preferred loan amount: $500,000

Maximum LTV: 70%

to $10 million

ROMSPEN INVESTMENT CORPORATION romspen.com 416-966-1100

Lending markets: Canada and the US Niche/focus: Commercial mortgages Products: Term, bridge, construction mortgages

• Mutually Beneficial Deals • Common Sense approach • Approval within 24 Hours

Customer type: Commercial borrowers

Terms: Up to five years

Property type: Commercial, industrial, development, hospitality, special-purpose properties

Rate type: 7.75% and higher

Purpose: Purchase, refinance Maximum LTV: 75% Minimum Beacon: None

Maximum amortization: Interest-only and flexible amortizations Fees: From 2% of loan amount, plus lender’s legal fees and disbursements Preferred loan amount: $5 million to $100 million

For all deal Inquiries contact: Darren Neziol 519-755-6252

Direct Direct funding funding from from $500,000 $500,000 to to $10,000,000 $10,000,000 Across Across Ontario Ontario COMMERCIAL COMMERCIAL • CONSTRUCTION • CONSTRUCTION • DEVELOPMENT • DEVELOPMENT

• Mutually • Mutually Beneficial Beneficial Deals Deals 14 www.mortgagebrokernews.ca • Common • Common Sense Sense approach approach • Approval • Approval within within 24 Hours 24 Hours

dneziol@roigroup.ca

For all Fordeal all deal Inquiries Inquiries contact: contact: Darren Darren Neziol Neziol 519-755-6252 519-755-6252

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TEMBO FINANCIAL tembofinancial.com 844-238-6717

second and third mortgages; debt consolidation and POS buyouts

Terms: One year and below Customer type: Not specific – good or bad credit

Lending markets: Ontario Niche/focus: Short-term lending up to a one-year term; flexible term lengths; common-sense lending with an exit strategy; residential and commercial lending. Fast turnaround, same-day commitments and funds within 48 hours Products: Deposit loans; renovation loans; equity advance; moving expenses; bridge loans; first,

ca

Minimum Beacon: None

Property type: Single-family, multi-family, condos, commercial and mixed-use Purpose: Provide interim financing, equity take-outs on short-term exit strategy deals; mortgages for longer-term deals

Rate type: Flexible, interest-only, principal and interest Maximum amortization: Interest-only Fees: Considered on a deal-by-deal basis Preferred loan amount: $25,000 and up

Maximum LTV: 85% on a sold property on an exception basis; otherwise, 75% to 80%

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PRIVATE LENDING GUIDE

VWR CAPITAL CORP. vwrcapital.com 866-907-5407 Lending markets: BC, Alberta, Saskatchewan, Manitoba, Ontario

Property type: Single-family, townhouses, condos, row homes, serviced land, raw land, multi-family

Rate type: Fixed Maximum amortization: Up to 35 years; interest-only mortgages available

Purpose: Purchase or refinance, equity take-out, debt consolidation, CRA arrears, foreclosure rescue, etc.

Fees: Starting at $750 for first mortgages; $500 for second and third mortgages

Niche/focus: Residential Maximum LTV: 75% Products: First, second and third mortgages Customer type: Individuals, holding companies, operating companies, non-residents and more

Minimum Beacon: None

Preferred loan amount: $25,000 to $2.5 million

Terms: One year – open mortgages available

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All mortgages through AgriRoots Diversified Lending Fund LP and its subsidiaries will be brokered through the originating broker and/or FamilyLending.ca. ON Brokerage #12114

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info@agriroots.ca | 877 455 1478

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