CMP 15.03 Private Lending Guide

PRIVATE LENDING GUIDE 2020 MORTGAGEBROKERNEWS.CA

PRIVATE

LENDING Uncover new ways to get your most challenging deals done

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PRIVATE LENDING GUIDE

Complement, not compete CMP sat down with experts in the private lending space to discuss the ever-evolving landscape, regulatory change and how private lenders work to provide what traditional lenders can’t

continue as more Canadians are becoming underserved by their banks,” says Pino Decina, president of Falcon Ridge Management.

For lenders in this space, it’s never been about stealing market share from banks, but rather finding ways to fill the gaps by lending to people who are declined by regulated institutions.

“There is room in the market for both traditional and alternative mortgage financing,” says Shannon Hillman, president of Blueshore Pacifica Alternative Mortgage Centre. “Although competition is fierce, an institutional MIC plays a very important role in the real estate market.”

Current challenges

IT’S NO secret that more and more Canadians are turning to alternative forms of lending. Despite recent changes to B-20 regulations that are meant to ease the mortgage stress test, many in the private lending space believe it won’t make a significant difference.

With strict rules still in place, there are various reasons why borrowers struggle to qualify for traditional mortgages, whether it’s self-employment, blemished credit or an inability to prove income. Alternative lending has often been seen as a means to an end.

Mortgage investment corporations (MICs) are often focused on short-term loans that can eventually either be renewed or moved

elsewhere. More recently, however, the quality of borrowers in the private space continues to improve as more Canadians look for ways to finance their homes.

As the private lending space continues to expand and the need for alternative financing becomes more pronounced, growing pains are inevitable. One of the most pressing challenges for MICs and private lenders alike is liquidity.

“Although competition is fierce, an institutional MIC plays a very important role in the real estate market” Shannon Hillman, Blueshore Pacifica Alternative Mortgage Centre “In the past two years, the quality of our borrowers has improved on a month-tomonth basis, and this is a trend that will

“Cash management is something that’s always top of mind,” says Nick Kyprianou, president of RiverRock MIC. “There’s an

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PRIVATE LENDING GUIDE

escalating need for investments to be able to service more mortgages.”

For this to happen, Decina believes there needs to be a better understanding of the private lending landscape. If borrowers and brokers alike are more aware of what to expect from the very beginning, they can ask the right questions and manage expectations, as opposed to just looking for an immediate solution.

He suggests brokers ask several questions on behalf of their clients: What happens after one year of financing? What are the renewal terms and fees? How manageable is this for the client? Taking the time to make sure that borrowers and investors are a good match for each other will put the experienced and ethical lenders ahead, he says.

“Traditionally, investors in the private lending space saw higher returns, but as the quality of borrowers continue to improve, the yields are going to reduce slightly,” Decina adds. “Investors need to understand how the landscape is changing.”

Another important distinction that brokers need to keep in mind is the difference between a MIC and an individual lender. A MIC acts as an aggregator and manager on behalf of investors on a more passive and pooled basis, whereas individual private mortgages often require more investor involvement. Individual lenders account for just over half of all alternative lenders in Canada, according to CIBC, while institutional lenders, mostly MICs, account for the rest.

Both individual lenders and MICs have witnessed strong increases in activity since 2017, according to CIBC, although the average loan size provided by individual lenders has risen a bit more quickly compared to MICs. “Most MICs have years of experience in lending; diverse management; and standards in place to address governance, business practices, and internal control,” Hillman says.

Kyprianou echoes that sentiment, observing that an influx of smaller individual lenders who are not as experienced creates room for mistakes. However, Decina believes that because the private lending space is so fragmented, with lenders tending to focus

ALTERNATIVE LENDERS BY TYPE Non-family individuals

By number of mortgage transactions

Family

MICs

By dollar value of originations

Source: Teranet, CIBC; average from July to December 2018

“Cash management is something that’s always top of mind. There’s an escalating need for new investments to be able to service more mortgages” Nick Kyprianou, RiverRock MIC on a particular niche or geographical area, more private lending and MIC options will better serve Canadians.

What the future holds Historically, alternative and private lenders had been excluded from the Filogix Expert digital mortgage marketplace and therefore did much of their administration and documentation manually. However, at the beginning of this year, that changed. This move will separate some of the less sophisticated lenders from the more experienced ones, according to Kyprianou.

“Unless you are linked to Filogix through existing software, you won’t be able to get applications,” he says. “This is going to streamline the process for alternative lenders, improve efficiency and accumulate valuable data.”

Technology providers are also increasingly more open to catering to alternative lenders, Decina says. With more choices in tech solutions and software, lenders are better able to manage pipelines and provide

more robust reporting to investors, leading to a more trustworthy experience overall.

As of 2019, alternative lenders accounted for about 7% of the entire mortgage market, according to CIBC, up from 5% before 2017.

Although alternative lending is growing at an accelerated pace, especially compared to traditional lending, it still takes up a relatively small part of the market.

Decina expects to see this trend continue.

“I think the amount of time that Canadians will need to achieve bank approval is going to get longer,” he says, adding that if this happens, they will require renewals with their existing private lenders, and the space will continue to grow.

As the regulatory environment changes slowly but surely, Kyprianou expects to see more rules and regulations governing the interaction between mortgage brokers and private lenders in the near future.

Hillman agrees, adding that “with downward pressure on rates, the industry will need to rely on service levels versus pricing to attract broker business.”

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BPAMC_CM

ALT E R N AT I VE FI NANC I NG.

S I M P L I F I E D.

BlueShore Pacifica Alternative Mortgage Centre is jointly owned by BlueShore Financial Credit Union and Capital West Mortgage Inc.

I n t hese t imes of inc reas ing reg ula tor y cha ng es a nd uncer ta inty, it ’s c r it ic a l t o have a l end ing p a r tner who tr uly und er sta nd s t he a l ter n a t i ve ma r ke t s and ut il izes a common- sense a p p roa ch to mor tg a g e fina ncing.

Th e t eam at Bl ueshore Pacifica a re sp ecia l ists in a l ter na t ive lend ing a n d h a v e over 100 years of comb ined exp er ience in ma na g ement a nd re a l e s t a t e lend ing. We k now wha t it ta kes to close a nd ha ve t he integ r i t y , p ro f e ssional ism and proven tra ck record to ensure your d ea l g ets under writ t en and fund ed q uickly a nd efficient ly.

ON E A P P L I CATI ON , T WO LEN DIN G O P T IO N S.

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PRIVATE LENDING GUIDE

Cross-Canada index Check out the private lending options in your province

Ontario Alta West Capital Alberta

Oppono Lending Company

Alta West Capital

Canadian Mortgages Inc.

Canadian Mortgages Inc.

Falcon Ridge Management

RiverRock Mortgage Investment Corporation

Manitoba Canadian Mortgages Inc.

First Source Mortgage Corporation

Romspen Investment Corporation

Romspen Investment Corporation

Greenpath Capital Partners

Tembo Financial

Hosper Mortgage

VWR Capital Corp.

Romspen Investment Corporation VWR Capital Corp.

VWR Capital Corp.

Newfoundland Canadian Mortgages Inc. Romspen Investment Corporation

New Brunswick Canadian Mortgages Inc. Romspen Investment Corporation

Prince Edward Island Canadian Mortgages Inc. Romspen Investment Corporation

British Columbia Alta West Capital Blueshore Pacifica Alternative Mortgage Centre Canadian Mortgages Inc. Romspen Investment Corporation

Saskatchewan Romspen Investment Corporation VWR Capital Corp.

Quebec

Nova Scotia

Romspen Investment Corporation

Canadian Mortgages Inc. Romspen Investment Corporation

VWR Capital Corp.

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PRIVATE LENDING GUIDE

ALTA WEST CAPITAL awcapital.ca 888-554-9075 Lending markets: Urban/suburban centres in Ontario, Alberta and BC Niche/focus: Providing alternative capital funding using an equity-based lending approach on all refinances/ purchases of residential properties (and commercial properties on a case-by-case basis)

Customer type: Business for self, new to Canada, bruised or damaged credit, etc.

Property type: All residential homes (commercial properties will be considered) Purpose: Purchase, refinance, power of sale

Rate type: As low as 5.99% Maximum amortization: Interestonly or up to 35 years Fees: As low as 1.5% Preferred loan amount: $30,000 to $2 million

Maximum LTV: Up to 90% Minimum Beacon: None

Products: Up to 90% LTV first, second and third mortgages

Terms: Six-month, one- or twoyear terms

BLUESHORE PACIFICA ALTERNATIVE MORTGAGE CENTRE blueshorepacifica.com

Maximum LTV: 75%

604-788-4192

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

Lending markets: BC – Greater Vancouver, Squamish, Whistler, Victoria

Terms: Pacifica One-year open term

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

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

Products: First and second mortgages

Rate type: Fixed or floating

Property type: Residential properties

Maximum amortization: Interestonly or 30-year maximum

Purpose: Purchase, refinance, equity take out, bridge and Interalia

Fees: 2%, typically split with the broker Preferred loan amount: Pacifica $100,000 minimum Blueshore NT $100,000 to $4 million

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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)

FALCON RIDGE MANAGEMENT falconridgemgmt.ca 365-527-2472 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 facilities and small commercial

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

Property type: Residential Purpose: Purchase or refinance Maximum LTV: 80%

Rate type: Fully open and fixed terms available Maximum amortization: Interest-only Fees: 1% Preferred loan amount: $150,000 to $2 million

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

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PRIVATE LENDING GUIDE

FIRST SOURCE MORTGAGE CORPORATION firstsourcemortgage.ca

Property type: Commercial and residential first mortgages

Maximum amortization: N/A

Purpose: First Source is a boutique private commercial bridge lender, offering flexible lending options with a committed, hands-on approach.

We are an asset-based lender that evaluates the strength of a loan based on the value of the real estate.

Fees: 2%

416-221-2238 Lending markets: Southern Ontario Niche/focus: Commercial bridge lending, industrial, land, incomeproducing, etc.

Products: First mortgages – bridge loans

Preferred loan amount: $3 million to $9 million

Maximum LTV: 80% Terms: One to two years

Customer type: Builders and developers, private investors, etc.

Rate type: Interest-only

SOLUTIONS

in the palm of your hand!

We offer quick and responsive underwriting, and an easy application process, which makes Alta West Capital the clear choice for Alternative Lending.

Our flagship Flex Mortgage is ideal for clients that are new to Canada, in business for self, have commission income, have bruised credit, or have suffered a life event which has made gaining a new mortgage with a traditional lender a challenge.

• 1st mortgages up to 90% • 2nd mortgages up to 85% • Refinances and purchases • Rates as low as 5.99% • Business for Self and Commission Income as stated • Rentals, High Net Worth and Contributory Income

SERVING BROKERS AND THEIR CLIENTS SINCE 1991 • ONTARIO, ALBERTA AND BC

1.888.554.9075 awcapital.ca MORTGAGE BROKERAGE LICENCE 12633 MORTGAGE ADMIN LICENCE 12634

For more information, please contact our Business Development Team directly: IN ONTARIO: Armando Diseri National Sales Director 647.915.1932 or armando@awcapital.ca

IN ALBERTA & BC: Tim Hurlbut Business Development Manager 403.928.5436 or tim@awcapital.ca

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GREENPATH CAPITAL PARTNERS greenpathcapital.ca

Products: First, second and third mortgages

Minimum Beacon: None

647-726-1384 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

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

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

CUSTOMIZATION | UNDERWRITING | ACCOUNTING | MORTGAGES | REPORTS | SHARES | EMD

THE END TO END MIC SOFTWARE SOLUTION MIC Manager has been implemented for 18 years and was built exclusively for MICs. Only MIC Manager has all modules for MIC administration and real-time accounting. With a true cash management system, the software can provide analytical reports for full portfolio analysis and effective underwriting decisions. Similarly, MIC Manager contains share and mortgage compliance reporting including audited financials and EMD functionality. Constantly evolving with customer feedback since 2004, the system contains all functions for managing a MIC.

dolphin

enterprises ltd.

DOLPHINENT.COM

INFO@DOLPHINENT.COM

604-685-6721

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PRIVATE LENDING GUIDE

HOSPER MORTGAGE • hospermortgage.com

• Second mortgages to 80% LTV

844-674-0329

All products are Ontario-wide and will be reviewed on a case-by-case basis

Terms: Three months, six months or one year Rate type: Starting from 6.99%

Lending markets: Ontario Niche/focus: Private lender Products: • First mortgage refinances to 75% LTV • First mortgage purchases to 80% LTV (major urban centres) • Second mortgages to 85% LTV (major urban centres)

Customer type: Clients having difficulty verifying income to bank, bruised credit, home flippers, banks pulling out at the last minute or bridge mortgages Property type: Residential and agricultural assessed on a case-bycase basis

Maximum amortization: 40 years Fees: Starting at 1.5% Preferred loan amount: $350,000 for first mortgages and $80,000 for second mortgages

Minimum Beacon: None

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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

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RIVERROCK MORTGAGE INVESTMENT CORPORATION riverrockmic.com

Property type: Residential urban and suburban properties

Maximum amortization: Interest-only Fees: 1% to 3%

416-504-1886 Purpose: Purchase and refinance Lending markets: Ontario Niche/focus: Asset-based lending; flexible on proof of income, credit and servicing ratios Products: First and second mortgages Customer type: BFS, new to Canada, bruised and damaged credit

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

Maximum LTV: 80% Minimum Beacon: None Terms: One year Rate type: First mortgages starting at 6.99%; second mortgages starting at 9.99%

www.hospermortgage.com 1st, 2nd, and 3rd mortgages No income documents required No credit qualification required Quick closings Flexible solutions for each deal 3 month or 6 month terms available, fully open Will lend behind private lenders* *Subject to underwriting Hosper Mortgage provides fast approvals and quick closings in the alternative lending space. We lend on residential 1st, 2nd, and 3rd mortgages all across Ontario. We’re an equity based lender, with no income or credit qualifications & no hidden fees.

ADRIANO MORRIELLO Business Development Manager 647-868-1941 — adriano@hospermortgage.com JERRY WIELICZKO Business Development Manager 416-904-9749 — jerry@hospermortgage.com

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PRIVATE LENDING GUIDE

ROMSPEN INVESTMENT CORPORATION romspen.com 800-494-0389 Lending markets: Canada and the US Niche/focus: Commercial mortgages Products: Term, bridge, construction, refinance Customer type: Commercial borrowers

Property type: Commercial, industrial, development, construction, hospitality, special-purpose properties Purpose: Purchase, refinance, development, construction Maximum LTV: 75%

Maximum amortization: Interest-only and flexible amortization Fees: From 2% of loan amount, plus legal fees and disbursements Preferred loan amount: $5 million to $150 million

Minimum Beacon: None Terms: Up to five years Rate type: 7.75% and up

TEMBO FINANCIAL tembofinancial.com

Customer type: Not specific – good or bad credit

Rate type: Flexible, interest-only, principal and interest

Property type: Single-family, multi-family, condos, commercial and mixed-use

Maximum amortization: Interest-only

844-238-6717 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, second and third mortgages; debt consolidation and POS buyouts

Purpose: Provide interim financing, equity take-outs on short-term exit strategy deals; mortgages for longer-term deals

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% Minimum Beacon: None Terms: One year and below

R e c

B

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When you need speed and agility as much as you need funding.

Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada and the United States. With over $3 billion under administration, we offer customized mortgage solutions for term, bridge and construction financing from $10M to $150M. Blake Cassidy or Pierre Leonard | 800 494 0389 | www.romspen.com

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PRIVATE LENDING GUIDE

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

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

Maximum LTV: 75%

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

Minimum Beacon: None Niche/focus: Residential Products: First, second and third mortgages

Terms: One year – open mortgages available Rate type: Fixed

Customer type: Individuals, holding companies, operating companies, non-residents and more

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

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

Order #FO3A6B1A35E3.pdf 1 3/20/2020 12:47:43 PM

IS YOUR CLIENT LOOKING TO ACCESS THE EQUITY TIED UP IN THEIR HOME? C

M

Deposit Loans

Renovation Loans

Bridge Financing

Private Mortgages

Y

CM

MY

CY

CMY

K

1st, 2nd & 3rd Mortgages | Power Of Sale Buy Outs | Debt Consolidation | Quick Closing Within 48 Hours Available

1 844 238 6717

www.tembofinancial.com info@tembofinancial.com

265 Rimrock Road, Suite 202 North York, ON M3J 3C6

FSCO License No.12598

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598

Email lender notes, application, and credit bureaus to:

deals@vwrcapital.com DIMITRI KOSTUROS

Chief Operating Officer dimitri@vwrcapital.com

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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PAULA HUTTON

BDM - Prairies paula@vwrcapital.com P AULA H UTTON

BDM - Prairies paula@vwrcapital.com

24/03/2020 4:04:50 AM

lender that you can trust.

With a focus on residential mortgages, we can service loans from $25K up to $1M in urban locations ($3M+ in GTA), and we offer lending in smaller towns and rural locations for marketable properties as well.

DIRECT PRIVATE LENDER

CMP_fullpage_march18-FINAL.pdf 1 2020-03-18 9:55:44 AM

FIRST MORTGAGES FROM 5.99% BRIDGEFROM 7.99% RENOVATION SECONDDEBTMORTGAGES CONSOLIDATION

MORTGAGES

FAST & DEPENDABLE

GREAT SERVICE

FINANCING

CMI is a private mortgage BROKERS lender that you can trust.

PROTECTED With a focus on residential mortgages, we can service loans from $25K up to $1M in urban locations ($3M+ in GTA), and we offer lending in smaller towns and rural locations for marketable properties as well.

WE ARE A BROKER FOCUSED LENDER, SERVICING THE MORTGAGE BROKERAGE COMMUNITY. DEBT CONSOLIDATION

BRIDGE MORTGAGES

GIVE US A CALL

FAST & DEPENDABLE

GREAT SERVICE

RENOVATION FINANCING BROKERS PROTECTED

WE ARE A BROKER FOCUSED LENDER, SERVICING THE MORTGAGE BROKERAGE COMMUNITY.

1-888-465-8564 1-888-465-8564 GIVE US A CALL

canadianlending.ca canadianlending.ca

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