CMP 15.11 Private Lending Guide 2020

PRIVATE LENDING GUIDE 2020 MORTGAGEBROKERNEWS.CA

PRIVATE

LENDING

All the info you need to help your clients navigate a maze of new financing options

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PRIVATE LENDING GUIDE

Private lending through the pandemic How has the private lending space fared during the COVID-19 crisis – and what’s in store for 2021 and beyond?

WHEN THE COVID-19 pandemic hit, it triggered major disruptions on several levels.

While private lending is known for its ability to thrive during tough economic times, the pandemic initially caused funds and mortgage investment corporations (MICs) to cease lending for a few months, largely due to the inability to assess values and a freeze of capital sources.

During that time, First Source Mortgage Corporation was able to support brokers by helping them maintain client relationships and by delaying commitments instead of totally cancelling them, says First Source co-founder and principal broker David Mandel. Demand continued to build across

both commercial and residential properties, and by the third quarter, the alternative space had started to thaw.

Over the past year, one of the greatest changes has been the mass shift from downtown office to home office. While technology

“I see MICs and private lenders adapting by providing unique solutions to those affected financially

by COVID-19” Loren Hawkins, ThreePoint Capital “We’ve closed all delayed loans, and in many instances, the additional time was used productively by borrowers, resulting in an improved deal,” Mandel says.

has always been important in communicating with broker partners, the days of team catch-ups in the conference room and lunch meetings with clients are temporarily over,

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PRIVATE LENDING GUIDE

and videoconferencing has become the norm.

“Oddly, we are a more cohesive operation today compared to before the pandemic hit,” Mandel says. “Our twice-weekly meetings include everyone in our business operations to ensure we are all on the same page, from admin and default management through origination, underwriting and funding.”

Private lenders are approaching this new, uncertain environment in various ways; some are cautiously re-entering the market with higher pricing and reduced LTVs. With hospitality and retail taking the brunt of the blow from COVID-19 restrictions, Mandel says First Source is currently not lending in the hospitality space and is being extremely

Brokers have always been advised to do due diligence to confirm the legitimacy of their lender – and in the private lending space, reliability and reputation are key.

“No one wants to be left at the altar or re-traded at closing with a lender that says they can perform and then fails to show up,” says Blake Cassidy, managing partner of Romspen Investment Corporation.

In this challenging market, with tighter restrictions from banks and prime lenders, brokers also need to be upfront with lenders.

There’s been a sustained slowdown in economic activity in the commercial space – in some sectors more than others – and Cassidy says lenders are encouraging brokers

“Capital is more cautious and constrained than normal in this challenged environment, so a complete and accurate picture is critical to get to a deal done” Blake Cassidy, Romspen Investment Corporation selective with any property that relies on retail tenancy.

Nevertheless, as banks continue to tighten their own guidelines, it’s creating trickledown benefits for alternative lenders.

Borrowers are seeking faster or short-term solutions until traditional financing is more viable, creating new opportunity in the private lending space.

“Private lenders in the commercial space are seeing higher-quality lending opportunities,” Mandel says, “and lower-quality borrowers are having a much more difficult time finding funding as a result.”

Choosing a private lender As more Canadians turn to alternative financing solutions, brokers are looking to build robust relationships with private lenders.

to emphasize the importance of honesty and transparency with their clients. Holding back any information that is critical to evaluating assets and underwriting risks will only delay closings or cause deals to fall apart later in the process.

“Capital is more cautious and constrained than normal in this challenged environment, so a complete and accurate picture is critical to get to a deal done in the commercial lending space,” Cassidy explains. “We’re in the middle of a pandemic, and businesses are hurting. Some are desperate, and there may be a temptation to present ‘alternative facts’ to access capital, but transparency is paramount to getting a deal done.”

Private lenders are still very much open for business, Cassidy stresses, but now more than ever, trust, transparency and rapport

are key to accessing capital. While Romspen weighs all transactions on their individual merits, Cassidy says a referral from an established and reliable source can give brokers a leg up when time is as valuable as the capital itself – in other words, relationships matter.

“Establishing a connection and maintaining an ongoing relationship with their lenders keeps brokers best informed about the market and the appetite, as well as the procedures and lenders’ expectations to get a deal done,” Cassidy says. “With little to no opportunity for face-to-face contact, finding creative ways to build and maintain those relationships takes on added importance.”

The future of private lending Heading into the new year, the pace of economic recovery remains uncertain. MICs and private lenders are excited for new opportunities in months ahead, as their ability to pivot quickly in a changing landscape positions them to play a key role in this recovery.

“As consumers find additional sources of income that may not be supported by a traditional lender, I see MICs and private lenders adapting by providing unique solutions to those affected financially by COVID19,” says Loren Hawkins, national manager of broker relations at ThreePoint Capital.

Private lending is expected to grow its market share over the next few years amid increased government regulations, pushing larger, more mature MICs and alternative lenders to lead the way and expand to new service areas.

However, “some MICs may have a more difficult time adapting to some of the regulatory changes implemented over the past few years,” says Shannon Hillman, president of BlueShore Pacifica Alternative Mortgage Centre.

Those regulatory changes include Equifax’s update to its inquiry process, which now requires lenders to be credentialed to receive client credit files. Brokers and agents have had to adapt their processes for submitting

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“Private lenders in the commercial space are seeing higher-quality lending opportunities, and lowerquality borrowers are having a much more difficult time finding funding” David Mandel, First Source Mortgage Corporation applications to MICs and private lenders.

These changes, along with the cost of new technology platforms, could become a barrier to smaller lenders, Hillman says, and could potentially lead to consolidation in the

private lending space over the next few years.

Hillman believes clear, concise guidelines for the industry will not only help the consumer, but also help brokers know what to expect within a well-regulated and trans-

NOW YOU’RE IN THE DRIVER’S SEAT.

parent industry. It’s also possible that traditional lender guidelines could see further changes as the government continues to assess the fallout from the pandemic.

“Brokers can prepare by keeping up to date on how their lenders are handling these changes,” Hawkins says, “and lenders can prepare by staying current on what is available in the market and adjusting as needed to fill the void that may be left.”

“We are challenged daily with new technological and regulatory changes,” Hillman adds, “which give MICs and other alternative lenders the opportunity to lead our industry as we grow and become an integral part of Canada’s mainstream mortgage lending market.”

With uDrive, you’re in control.

As an alternative MIC mortgage lender, we focus on being a good business partner to our broker community. We work diligently to find creative solutions for your clients who don’t qualify for traditional financing.

• uDrive: No Fee or Lower Rate • Residential 1st and 2nd mortgages • Fully open options available • Lending in BC, AB, MB and ON • One or two year terms available • Maximum LTV of 75%

INVEST. LEND. GROW. threepointcapital.ca uDrive@threepointcapital.ca | 1.800.979.2911

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PRIVATE LENDING GUIDE

Time to think about alternative financing CMI’s Daniel Joseph shares his insights on the private lending space and its evolution through the COVID-19 pandemic AS COVID-19 maintains its dominance over the economy, private mortgages might not be top of mind for most mortgage brokers, but tight guidelines in prime lending make now an ideal time to learn more about the private space. As the market share of private lenders continues to grow, Daniel Joseph, director of broker relations at

Canadian Mortgages Inc. (CMI), says this will only empower brokers and agents to better assist their clients.

“Going forward, brokers who have avoided the private lending space will need to familiarize themselves with their product offerings,” Joseph says. “For brokers to be well rounded and service as many clients as

possible, they need to be versed in all aspects of alternative financing.”

Canadians are feeling increasingly antsy about money as the economic impact of the pandemic stretches on. At the start of the pandemic, three in four Canadians admitted to feeling stressed about their personal finances, according to a Borrowell study, and

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30% of respondents reported extreme stress, saying they’ve even lost sleep over it.

As the global health crisis continues to damage their financial wellness, people are looking to understand their options. The changing landscape is inspiring a renewed interest in alternative financing as borrowers look to their largest source of wealth: their home equity.

“The demand for refinances has risen, given the massive loss of income,” Joseph says. “We are seeing borrowers who don’t have adequate credit to qualify for a traditional bank mortgage shift their focus to private mortgages.”

Private mortgages have historically gotten a bad rap for lack of transparency, higher rates and borrowers with very risky profiles,

lenders,” Joseph says. “Optionality and choice will be crucial going forward.”

As the market continues to expand, brokers can turn to private lenders for fast financing to avoid the long approval process that is often attached to prime mortgages, to help repair a client’s bad credit or if a borrower requires a short-term loan. Prime mortgages qualify borrowers primarily on their financial standing and the ability to service debt, compared to private lenders, who can put more attention on the property and down payment, as well as the ability to repay the mortgage.

The borrowers best suited to benefit from a private mortgage include self-employed borrowers, those with low credit scores, those in need of emergency funds and perhaps

“For brokers to be well rounded and service as many clients as possible, they need to be versed in all aspects of alternative financing”

PRIVATE MORTGAGE TRENDS According to Daniel Joseph, CMI has seen several new trends forming in the private mortgage space in terms of deal type.

Consolidation of high-cost consumer debts

Paying off a consumer proposal

Financing home renovations

Daniel Joseph, CMI but over the past few years, the tides have turned. While rates are slightly higher than traditional banks, Joseph says rates and terms are very competitive, especially in the current environment.

Heading into 2021, more borrowers will be turning to brokers for advice and options when it comes to financing. Partnering with lenders to learn more about alternative options will be key for brokers in the coming months. CMI offers webinars and presentations that teach brokers how to identify borrowers who can benefit from private lending, as well as tips and guidance on how to sell private mortgages.

“Mortgage brokers should diversify their lending portfolio to include alternative

those who have previously been through an unfortunate event like bankruptcy.

Another major reason for the swelling demand for private mortgages is the tightening of government-imposed regulations. “These changes have impacted a huge portion of consumers applying for a mortgage,” Joseph says. “The stress test has made it increasingly difficult for homebuyers.”

Brokers also have an opportunity to become leaders in the private mortgage space and advise their clients on the growing benefits of private mortgages. Joseph recommends being upfront with clients from the get-go on what they need to consider when applying for a private mortgage.

“Borrowers will want to know the rate

Assisting mature children

New purchases and the reasons behind it,” he says. “Brokers should offer information on documentation, such as a thorough explanation on rates, renewal fees and discharge costs, offering a disclosure document outlining all costs associated with the transaction. Transparency is key.”

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PRIVATE LENDING GUIDE

ALMORE CAPITAL almorecapital.com

owners and real estate investors

Maximum amortization: Interest-only

Property type: Development land, industrial, mixed use, multi-family, office and retail

Fees: 1.50%+

416-635-1690 Lending markets: Major markets in Ontario

Purpose: Acquisition, refinance, equity take-out and debt consolidation

Niche/focus: Commercial lending

Minimum Beacon:Â N/A

Products: First and second mortgages

Terms: One to three years

Customer type: Developers, property

Rate: 6.00%+

Preferred loan amount: $10 million to $20 million

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)

Products: Up to 85% LTV first, second and third mortgages

Minimum Beacon: None Terms: Six-month, one- or twoyear terms

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

Rate: As low as 4.99% Maximum amortization: Interestonly or up to 35 years

Property type: All residential homes (commercial properties will be considered)

Fees: As low as 1.75%

Purpose: Purchase, refinance, power of sale

Preferred loan amount: $30,000 to $2 million

Maximum LTV: Up to 85%

BLUESHORE PACIFICA ALTERNATIVE MORTGAGE CENTRE blueshorepacifica.com

Purpose: Purchase, refinance, equity take-out, bridge and inter alia

Rate type: Fixed or floating

Maximum LTV: 75%

Maximum amortization: Interestonly or 30-year maximum

Lending markets: BC – 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

604-788-4192

Products: First and second mortgages 6 www.mortgagebrokernews.ca Property type: Residential properties

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

Preferred loan amount: Pacifica $100,000 minimum Blueshore NT $100,000 to $4 million

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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:

PAULA HUTTON

BDM - Prairies paula@vwrcapital.com

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

03/11/2020 3:44:18 am

PRIVATE LENDING GUIDE

CANADIAN MORTGAGES INC. canadianlending.ca 888-465-8584 Lending markets: Ontario, British Columbia, Alberta and Manitoba Niche/focus: Direct lender providing mortgage financing solutions in many urban and rural markets across Canada.

We offer excellent customer service and highly ethical lending practices.

Products: First and second mortgages, bundles, bridge loans, equity mortgages, renovation financing Customer type: A, B or C level credit.

All income types are considered: salary, commission, business for self, freelancers, retired and CRB. Property type: One- to four-unit

properties, including detached, semis, townhouses, condos, cottages and rural properties on a case-by-case basis; store­ front apartments in GTA only at low LTVs Purpose: Financing available for purchases, business working capital, debt consolidation, investment purposes, tax or mortgage arrears, pandemic relief, home renovations, bridge loans and much more Maximum LTV: Up to 85% in urban markets on bundles, 75% on first mortgages and 80% on stand-alone second mortgages. Higher LTVs available on a case-by-case basis Minimum Beacon: None Terms: Three, six, nine, 12, 18 and up to 24 months on a case-by-case basis Rate type: Fixed Maximum amortization: Interest-

only is standard, but amortizations are also available for up to 40 years.

Fees: From 1–3% on first mortgages, 2–6% on second mortgages. All fees are location-, income-, credit- and securitydependent. Our minimum fee is $1,500.

Minimum loan amount: $50,000 on first mortgages, $25,000 on second mortgages; smaller loans available on a case-by-case basis for low-LTV transactions Maximum loan amount: $3 million inside and $1 million outside the GTA on first mortgages; $1 million inside and $500,000 outside the GTA on second mortgages; larger loans available on a case-by-case basis for quality transactions Special features: Prepaid mortgages, bundles, custom term lengths, lending behind collateral-charge mortgages, as well as CHIP

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

FIRST SOURCE MORTGAGE CORPORATION firstsourcemortgage.ca

Property type: Commercial and residential first mortgages

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

Products: First mortgages – bridge loans Customer type: Builders and developers, private investors, etc.

Terms: One to two years Rate type: Interest-only

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.

Maximum amortization: N/A Fees: 2% Preferred loan amount: $3 million to $9 million

Maximum LTV: 80% Minimum Beacon: None

R e c

B

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Why can’t your lenders be as creative as your architect?

License # 10172

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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License # 10172

03/11/2020 3:44:36 am

PRIVATE LENDING GUIDE

GREENPATH CAPITAL PARTNERS greenpathcapital.ca

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

Rate type: Fixed Maximum amortization: Interest-only

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 Products: First, second and third mortgages

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

Fees: Start at 1%, subject to loan amount and risk assessment

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

Preferred loan amount: No minimum; up to $1.5 million

Maximum LTV: 80% for first and second mortgages, 82.5% for third Minimum Beacon: None Terms: One year; shorter or longer on exception basis

YOUR PREMIER CHOICE FOR ALTERNATIVE LENDING FLEX MORTGAGE Providing flexible solutions when turned away from traditional lenders: • 1st mortgages up to 85% LTV • 2nd mortgages up to 85% LTV • Rates as low as 4.99%

WE OFFER QUICK AND RESPONSIVE UNDERWRITING AND AN EASY APPLICATION PROCESS.

IDEAL FOR CLIENTS WHO ARE: ✓ Purchasing or refinancing a home ✓ Self-employed ✓ New to Canada ✓ Newly employed

Earn more with the NEW Alta West Broker Loyalty Program!

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

Deal to discuss?

CONTACT US

1.888.554.9075 | AWCAPITAL.CA

ARMANDO DISERI National Sales Director 647.915.1932 armando@awcapital.ca

FRANCIS LEE

Business Development Manager 647.705.9480 francis@awcapital.ca

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PRIVATE LENDING GUIDE

HOSPER MORTGAGE (major urban centres)

hospermortgage.com

• Second mortgages to 85% LTV (major urban centres)

844-674-0329 Lending markets: Ontario Niche/focus: Private lender

• First mortgage purchases to 80% LTV

Minimum Beacon: None

• Second mortgages to 80% LTV

Terms: Three or six months or one year

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

Rate: Starting from 6.99%

Customer type: Clients having difficulty verifying income to bank, bruised credit, home flippers, banks pulling out at the last minute or bridge mortgages

Products: • First mortgage refinances to 75% LTV (80% on a case-by-case basis)

Property type: Residential and agricultural assessed on a case-by-case basis

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

OPPONO LENDING COMPANY oppono.com 905-886-5352

income verification.

Minimum Beacon: None

Products: First, second and occasional third mortgages

Terms: One to two years

Customer type: A, B and C Lending markets: Ontario (GTA and Golden Horseshoe) Property type: Common-sense equitybased 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

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

Rate type: Fixed/closed Maximum amortization: 25 years or interest-only Fees: Starting at 1.49% Preferred loan amount: Under $1.75 million

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

RIVERROCK MORTGAGE INVESTMENT CORPORATION riverrockmic.com

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

Rate: First mortgages starting at 6.99%, second mortgages starting at 8.99%

416-504-1886

Property type: Residential urban and suburban properties

Maximum amortization: Interest-only

Lending markets: Ontario Niche/focus: Asset-based lending; flexible on proof of income, credit and servicing ratios Products: First and second mortgages

Purpose: Purchase and refinance

Fees: 1% to 3% 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: Six months or one year

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1 844 238 6717

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www.tembofinancial.com info@tembofinancial.com

265 Rimrock Road, Suite 202 North York, ON M3J 3C6 1

Mo

844 23 FSCO License No.12598 03/11/2020 3:44:59 am

TEMBO FINANCIAL tembofinancial.com 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

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

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

Preferred loan amount: $25,000 and up

Fees: Considered on a deal-by-deal basis

Maximum LTV: 85% on a sold property on an exception basis; otherwise, 75% to 80% Minimum Beacon: None Terms: One year and below

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PRIVATE LENDING GUIDE

ROMSPEN INVESTMENT CORPORATION romspen.com 800-494-0389 Lending markets: Canada and the US Niche/focus: Urban centres (non-urban centres on a case-by-case basis) Products: Term, bridge, construction and revolving credit facilities

Customer type: Commercial borrowers

Terms: One to three years

Property type: Industrial, commercial, multi-family, entitled land, retirement, mixed use, hotels, development projects and construction facilities

Rate: 7.75% and up

Purpose: Purchase, refinance, development, construction

Fees: From 2% of loan amount, plus lender’s legal fees, disbursements and applicable taxes

Maximum LTV: 75% Minimum Beacon: None

Maximum amortization: Interest-only and flexible amortization

Preferred loan amount: $5 million to $150 million

THREEPOINT CAPITAL threepointcapital.ca 800-979-2911 Lending markets: British Columbia, Alberta, Manitoba and Ontario Niche/focus: Creative, solutions-based, flexible lending on marketable residential properties in urban locations for those who do not qualify for traditional lending.

Tell us your client’s story, and we’ll do our best to help.

self-employed, stated income, non-residents and new to Canada), as well as holding and operating companies Property type: Residential owneroccupied or rentals (single-family detached, townhouses, duplexes, fourplexes and condominiums) Purpose: Purchases, refinances, equity take-out, debt consolidations and renovations Maximum LTV: Up to 75%

Products: First and second mortgages

Minimum Beacon: None

Customer type: Individuals (including

Terms: One- and two-year terms available

Rate type: Fixed rate with options for an open term Maximum amortization: 30 years on first mortgages and 25 years on second mortgages; interest-only considered on first mortgages under 65% LTV Fees: Our uDrive lending program allows you and your client to choose between no lender fee and a higher rate or a lower rate and a 1% or 2% fee, depending on what best suits their individual needs.

Preferred loan amount: Maximum of $1.25 million on a single property and $1.75 million inter alia

VWR CAPITAL CORP. vwrcapital.com 866-907-5407 Lending markets: BC, Alberta, Saskatchewan, Manitoba and Ontario Niche/focus: Residential

companies, operating companies, non-residents and more

Terms: One year – open mortgages available

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

Rate type: Fixed

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

Products: First, second and third mortgages

Maximum LTV: 75%

Customer type: Individuals, holding

Minimum Beacon: None

Maximum amortization: Up to 35 years; interest-only mortgages available Fees: Starting at $750 for first mortgages; $500 for second and third mortgages Preferred loan amount: $25,000 to $2.5 million

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BPAMC_

EASY. FAST. SIMPLE. ONE APPLICATION, TWO LENDING OPTIONS.

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

CURRENT RATES STARTING AT Blueshore NT

3.39% 1 Year Closed

Pacifica Mor tgage

5.75% 1 Year Open

As a Top Alter native Lender, BlueShore Pacifica takes a common sense approach to mor tgage lending. Our hard-working team ensures your deals are under written, approved and funded as quickly as possible.

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apply@blueshorepacifica.com 03/11/2020 2020-10-283:45:21 3:50:05 amPM

Recognized in 2020 as one of the Fastest-Growing Companies Canadian Mortgages Inc. (CMI) was founded in 2005 and has been focused on offering alternative lending solutions since 2015.

CMI operates exclusively within the brokerage community and brokers always retain ownership of their clientele.

OUR MORTGAGE TERMS

DANIEL JOSEPH

We offer flexible terms, typically from 3-24 months on 1st mortgages, and 3-12 months on 2nd mortgages. Need an even shorter term? Ask your BRM about our bridge financing options!

D I R E C TO R , B R O K E R R E L AT I O N S

C MI G RO U P O F C O MPA NI E S 2 4 2 5 M at h es o n B l vd . E. 8 t h F l .

M i s s i s s au ga, O N, L4 W 5 K 4

MORTGAGE RENEWALS

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Unlike most lenders, we do not charge the entire lender fee again. Our renewals are typically 1-2%, conditionally on mortgage performance.

FRSA LICENSE #10601

THE CMI ADVANTAGE We are a dedicated private lender whose only goal is providing you and your clients with fast and straightforward financing solutions. We offer: •

1-hour approvals

•

Same day commitments

•

No hidden fees

•

Fair and transparent renewals

•

Online Broker Portal access

•

A dedicated BRM and Fulfillment Officer

Q: Can your mortgages be prepaid?

A: Yes, we can set up the mortgage to be prepaid for the entire term or for a portion of the term depending on your client’s needs.

We provide completely contactless mortgage solutions via a variety of online mortgage platforms, including: Filogix, Newton, Remote appraisals and digital closings (with a lawyer) are also available.

Daniel Joseph

Q: Do you offer short-term mortgages?

A: Yes, we offer shorter term mortgages, from 5 days to 6-months. We can also customize the term to coincide with the maturity date of an existing first mortgage if required.

Q: Do you amortize your mortgages?

A: Yes, we can amortize our mortgages for up to 40 years on a case by case basis. Our typical mortgage is interest only, thus minimizing your borrower’s monthly payments.

The CMI Private Lending Program Why it’s the Right Choice for Your Clients

Q: What is your renewal process?

A: Our Broker Partners are always reminded of upcoming mortgage maturity dates. We will send you a renewal reminder 90 days prior to the renewal date, additional reminders are sent thereafter. You can then reach out to your client to discuss their financing options. If the client contacts us directly regarding a renewal, we will always refer them back to you.

Director, Broker Relations

DANIEL JOSEPH daniel.joseph@thecmigroup.ca 1-888-465-1432 Ext. 716

Director of Broker Relations

daniel.joseph@thecmigroup.ca (888) 465-1432 Ext. 716

canadianlending.ca FSRA #10601

This is not a commitment to lend. Restrictions may apply. LTV limitations are based upon a current, accurate appraised value in conjunction with proprietary analysis by Canadian Mortgages Inc. (FSRA #10601). Canadian Mortgages Inc. reserves the right to amend rates and guidelines. All loans are provided by Canadian Mortgages Inc., a private money lender.

OUR PRODUCTS

3 3 3 3 3 3

1st Mortgages 2nd Mortgages Mortgage Bundles Bridge Mortgages Equity Mortgages Home Renovation Mortgages

2500+ MORTGAGES SINCE 2015

$349M+

LOANS SERVICED SINCE 2015

$500M+

TOTAL MORTGAGE LOANS

CALL US TOLL FREE

1-888-465-8584 canadianlending.ca/brokers | deals@cmi-loans.ca

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