CMP Lending Guide 19.01

LENDING GUIDE 2024 MPAMAG.COM/CA

SOLUTIONS AHEAD Alternative lending offers a way forward for borrowers facing barriers on traditional routes

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Lenders discuss Canada’s shifting mortgage landscape Three of Canada’s top lending experts talk about the challenges they’ve faced over the last 12 months, as well as the exciting opportunities they see for the mortgage market over the coming year

CANADA’S MORTGAGE MARKET is navigating a particularly tough period of economic recalibration, and lenders, mortgage brokers, and clients are all feeling the pinch. Rising interest rates and ballooning inflation have no doubt been the biggest challenges this year. The Bank of Canada has held its policy rate at 5.00 percent since July 2023 after a series of rate hikes, and homeowners have faced a difficult interest rate market as a result. Tighter lending regulations have also slowed borrowing for new buyers, and increasingly driven customers toward alternative lending solutions.

CMP asked three lending industry leaders for their views on the market as it stands today and where it’s heading.

What have been the main challenges of the market over the last 12 months, and how have you adapted to these challenges?

Armando Diseri: In 2023, Alta West Capital

addressing the challenges posed by rising interest rates and inflation and the significant implications they pose for the Canadian economy and the real estate sector. We recognized that many homeowners and even mortgage brokers have been and still are navigating uncharted waters, as many have never experienced an environment with rapidly rising interest rates such as these.

Elevated interest rates, coupled with significant mounting inflation, have led to exceed-

ingly difficult times for many individuals.

AWC’s strategy always aims to be proactive. AWC anticipated an influx of mortgage applications from individuals who may not meet the strict qualifying requirements of traditional, regulated institutions.

In response to this, AWC has undertaken a substantial overhaul of our Sales Force CRM to enhance operational efficiency and scale. This project not only aims to streamline applicant processes but also strives to

MEET THE EXPERTS

Grant Armstrong Director of national sales and lending, Community Trust

Armando Diseri Chief sales officer, Alta West Capital

Kevin Fettig President, CMI Financial Group

[AWC] has been primarily focused on

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LENDING GUIDE

improve the overall experience for both brokers and clients.

As a part of AWC’s proactive strategy, we have introduced a new product, the Express two-year term option – recognizing that some clients may require longer-term solutions to eventually graduate back to regulated institutions. The Express two-year term will accommodate the pool of clients who must purchase or refinance their owner-occupied home but miss the mark with regulated institutions because of income verification and/or elevated TDS ratios. This product offers clients a two-year term, which is open after the first year without penalty. This will offer flexibility on payout without penalty and allow clients to avoid renewal fees after the first year of the two-year term if they are not yet ready to execute their exit strategy.

We feel these strategic initiatives provide flexible, broker-centric solutions during a period of economic uncertainty. These are reflective of AWC’s commitment to providing adaptable options to its brokers amid fluctuating market conditions.

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“At CMI, we’re committed to supporting brokers, both through direct education opportunities, like webinars, and through our collaborative underwriting approach” Kevin Fettig, CMI Financial Group Kevin Fettig: Borrowers have been challenged by increasingly strict qualification rules at banks and other prime lenders.

With elevated rates and tighter regulations, at CMI we’ve seen more borrowers seeking alternative mortgage solutions. We continue to expand our presence across the country to support these borrowers, and we’ve been able to scale our volume while managing the quality of originations. Our objective, as always, is to meet borrower needs while ensuring the suitability of the solution.

As always, we’re focused on risk-adjusted lending. We constantly monitor the market

to ensure our lending criteria appropriately reflect prevailing conditions. In recent months, we’ve taken a more conservative approach to LTV in certain markets and shortened timelines on appraisals to ensure we are always using the most accurate and updated values. We’ve also placed a stronger focus on affordability/income to ensure that during a downturn we are making prudent lending decisions. We want to ensure every borrower is placed into a suitable solution, is well positioned to manage it, and has a sound exit strategy in place.

Still, with dynamic market conditions

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over the past 12 months we have seen an uptick in renewal requests. At CMI, we’re very proactive with renewals to ensure brokers have ample time to ensure the exit strategy remains viable, or to explore renewal options for their borrower. We send a first reminder to both the broker and borrower 90 days ahead of the mortgage maturity date, with additional reminders sent as that date approaches. Unlike many private lenders, CMI does not charge the full lender fee at renewal, and we give borrowers the option of deferring the fee.

Our overall message to brokers: CMI is your mortgage partner in any market

condition. We’ve built a dynamic business model to ensure we can adapt to changing conditions and continue to provide the flexible solutions you – and your borrowers – rely on us for.

home financing needs. This gives us a real advantage when it comes to devising the right solutions for our brokers.

What are you encouraging mortgage agents and brokers to stay on top of over the coming year?

Grant Armstrong: I would say that the greatest challenge in the mortgage market over the last 12 months is actually the greatest opportunity for us. We’ve seen how more and more Canadians are finding themselves with unique and difficult financial structures, and Community Trust is positioned better than anyone to adapt to these situations and help them achieve their

Armando Diseri: Other than interest rates trends and regulatory changes, we’re encouraging mortgage brokers to pay attention to the growing change in consumer needs. Due to the evolving marketplace, most consumers are now requiring alternative

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“With the increase in new immigrants coming into the country, the growing gig economy, and regulatory changes, the alternative space will very likely expand in Canada” Armando Diseri, Alta West Capital products. The consumer’s situation no longer fits traditional financing. It is of paramount importance for all brokers to familiarize themselves with companies like Alta West Capital that offer a full suite of products that are not offered through traditional regulated lenders.

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Kevin Fettig: With a growing number of borrowers shut out of the traditional lending space, we’re emphasizing the importance of private lending expertise for all brokers.

If a borrower doesn’t meet conventional lending guidelines, it’s vital that an alternative solution is available to them. The

ability to offer the full spectrum of financing options not only ensures brokers match their borrower clients with the most suitable solution for their unique needs, but also equips them to serve a wider range of borrowers.

Brokers should also be aware of the changing regulatory landscape, especially in the private lending space and with a particular focus on mortgage suitability.

Across the lending spectrum, each option comes with its own set of product features, regulations, risks, and fees. Brokers must be able to clearly explain the nuances of each option to their borrower clients. That involves full transparency and disclosure of possible risks to borrowers, based on their specific circumstances, to ensure the borrower understands the solution they’ve been placed into and is well positioned to manage it.

We understand that helping borrowers navigate the mortgage market, with its diverse range of options and complex regulatory landscape, can be daunting.

At CMI, we’re committed to supporting brokers, both through direct education opportunities, like webinars, and through our collaborative underwriting approach.

We encourage brokers to reach out to us before submitting their deals so we can review them, provide advice, and discuss possible solutions, and help them structure the most suitable solution for their borrower. That includes ensuring there is a sound exit strategy in place for the borrower to transition to a traditional lender. We encourage brokers to check in with their private borrowers well in advance of their maturity date to validate their exit strategy and ensure it remains viable. If it’s not, the more time there is to explore renewal and other options.

Grant Armstrong: Simple answer: KYC! Always Know Your Client! How do they earn

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a living? How do they get paid? What are their financial goals? What do they plan to do with their property over the next few years? We understand that every client’s story is unique, and so every piece of information that agents and brokers can pass on to us is invaluable towards our goal of delivering what’s best for them.

What type of market can we expect to see in 2024?

Armando Diseri: In my view, the first half of 2024 will likely resemble the latter half of 2023. Interest rates are expected to

remain at current levels along with rental rates, maintaining a constant in the market.

The supply of housing will be challenged for 2024 and for many years to come.

Affordability will continue to be a factor, particularly in regions like the prairie provinces due to interprovincial migration as individuals from Ontario and British Columbia seek lower-cost housing options.

However, despite affordability challenges, I believe the softening of the inflation rate will trigger the decrease in interest rates in the second half of 2024. If that is the case and unemployment rates stay relatively the same, we could see an uptick in transactions

and the price of homes in certain major urban and suburban markets compared to current levels because of pent-up demand in the market.

Kevin Fettig: Household indebtedness remains a concern, particularly as many face the burden of renewing mortgages at higher rates this year. However, even with elevated levels of debts, obligated principal payments have remained quite stable. This is likely a result of households reducing their discretionary spending on things like travel and entertainment and redirecting the funds to debt repayment. It’s also a

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result of debt consolidation through actions like refinancing mortgages and extending the amortization period of their loans.

Although households appear to be managing the rise in interest payments, it does pose challenges to recovery in the housing market. We expect that the Bank of Canada will start cutting interest rates this year – likely in June. We can’t be sure about the timing, and it’s not a given that rate cuts will automatically lead to an upswing, but it’s enough to give us hope that some level of normalcy is returning to the market.

Affordability and lack of sufficient housing supply will continue to be key issues. Affordability is as bad as it was in

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1982 when mortgage rates were over 14%.

To get some normalization in the market, we would need to see mortgage rates drop by around 150 basis points. While this is possible over the next two years, it is unlikely to happen in 2024.

No matter what’s in store for us as the year unfolds, borrowers will be looking to mortgage professionals for guidance to help them navigate the market and find the right financing solution for their needs. CMI is here to help and to ensure brokers are equipped to provide the full spectrum of mortgage options to their clients.

Grant Armstrong: We’re feeling really optimistic about 2024 and believe it’s

shaping up to be a good market this year.

Rate volatility is something that consumers are becoming very familiar with, and they’re also becoming better at learning how to work within it. It has clearly been a difficult time for all of us, but together we’re getting used to rolling with the punches.

What is your assessment of where things stand in Canada’s alternative lending space?

Armando Diseri: I believe the alternative space will continue to grow. With the increase in new immigrants coming into the country, the growing gig economy, and regulatory changes, the alternative space

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will very likely expand in Canada. These are all great customers that are not bankable for one reason or another, and Alta West Capital is one of those companies that can fill that void in the marketplace.

Kevin Fettig: While lower rates will help ease the squeeze on household finances and likely put some activity back into the real estate and mortgage markets, many borrowers will continue to fall short of lending criteria at banks and other traditional lenders. As a result, we expect the demand for private mortgages to remain strong in the months ahead, and for private lending to continue to encompass a larger share of the mortgage market.

“The greatest challenge in the mortgage market over the last 12 months is actually the greatest opportunity for us” Grant Armstrong, Community Trust Grant Armstrong: Alternative lending has always played a key role in providing solutions for Canadians, and the need for it has only increased over the past few years.

The fact that we’re seeing more entrants to this space confirms that consumers are more reliant than ever on these types of solutions

and are looking for lenders who understand the complexity of their needs. Community Trust is excited for 2024, and as we get ready to celebrate our 50th anniversary in 2025, we remain fully committed to bringing flexibility and support to all our partners and borrowers.

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An overall commitment to providing an optimal solution Innovation, flexibility, and deep brokerage roots set CMI apart, says group president Kevin Fettig AS 2024 UNFOLDS , Canadian Mortgages Inc. is preparing for growth, says the lender’s president, Kevin Fettig.

“We are actively pursuing new funding sources and innovating to broaden our product offerings,” Fettig says. “This enables us to help brokers offer a greater variety of options to their clients and cater to a wider spectrum of borrowers.”

CMI is also focused on expanding its team of dedicated brokerage relationship managers with the goal of “scaling our presence in key markets and continuing to strengthen our geographical distribution across the country.”

The more you know CMI was originally founded as a mortgage brokerage by CEO Bryan Jaskolka; he was just 22 years old at the time. He transformed CMI into a lender in response to the 2008 financial crisis, addressing the void left by lenders that had exited the market and traditional lenders that had tightened their lending guidelines – and with that, he cemented CMI’s ability to be nimble and meet the changing needs of its partners.

“With our brokerage roots, we understand what brokers need and how to help them best serve borrowers,” Fettig says.

“We leverage that unique expertise to structure exactly the right solution for each borrower’s unique needs. We don’t compete for the client – the broker maintains the client relationship.”

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The strength and impact of this approach is evident in CMI’s consistently strong performance in CMP’s Brokers on Lenders survey, including winning a silver medal in 2023.

CMI is also deeply committed to delivering private lending education and awareness. Another legacy trait, CMI has always been an advocate for increased knowledge in the space.

“Education plays an essential role in ensuring mortgage suitability, which is currently a central regulatory priority and establishes the groundwork for delivering sound advice and recommendations,” says Fettig. “We’re expanding our education efforts and our reach, from social and traditional media engagement to delivering webinars and presentations, to support a larger audience.”

This increased outreach rests on a longstanding foundation of keeping brokers

up to date with the latest trends, news, and information on the market. Especially in an ever-changing financial landscape, brokers need the tools to navigate through the turbulence, and CMI will continue to provide weekly commentary on the economy, and financial and housing markets, in the company’s Market Monitor, as well as insights on Canada’s housing crisis in its Housing Affordability Watch.

The goal is to remain a trusted source of information and knowledge that brokers can leverage to support their own businesses, Fettig notes, adding that CMI is doubling down on delivering this in 2024.

“Brokers should know they can continue to rely on our regular market updates and analysis.”

Smooth submissions and solid support Nobody has control over the larger market, but one area that doesn’t have to be tumul-

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tuous is the deal submission process. To ensure they are as straightforward and efficient as possible, the most important thing brokers can do is provide as much information as possible up front. That is the most critical component of a smooth deal submission – and a faster approval, Fettig adds.

Underwriters need a clear understanding of the borrower’s financial history and current position, including details of the property to be mortgaged and the borrower’s income and employment; an explanation of any past or current credit challenges; and a clear exit strategy for transitioning back to a traditional lender.

Covering those key questions to create a well-rounded borrower profile is a broker’s best bet, as it allows underwriters to provide the best solution for the circumstances and approve the financing quickly.

“Incomplete files require a back-andforth between the broker, which can cause unnecessary delays and could even end up in a lost deal or client,” Fettig says, adding that another of CMI’s mandates is to provide a solid support system for brokers throughout the process.

“For our part, CMI helps to ensure a smooth process by taking a collaborative approach with its broker partners. We encourage them to reach out to us to discuss scenarios, review possible solutions, and get support with deal structuring.”

Standout stats Despite a recent influx of entrants into Canada’s private mortgage space, CMI is confident in its ability to stand out from the crowd, in no small part due to its strong roots in the space. Over the course of 2024, the lender plans to stay the course and lean into what’s worked so well in the past – and continues to drive the lender into the future.

Always aware of those brokerage roots, CMI continues to champion a broker focus. CMI boasts a national community of more than 12,000 broker partners across Canada, “and this number continues to grow,” Fettig says.

“All of our brokers, present and future, can expect exceptional service throughout their experience,” he says.

The brokers working with CMI collaborate with the lender’s diverse and dedicated team of seasoned experts who bring to the table deep industry experience and a passion for what they do. Promoting a national focus, CMI lends coast-to-coast across Canada and considers financing on all marketable properties, whether they are in large urban cities or small remote areas.

CMI offers a quick and seamless end-to-end digital process with fast approvals, and when it says fast, it means it, Fettig says: it takes minutes for brokers to submit their deals on their platform of choice, and “we can have it reviewed, approved and a commitment sent out on the same day

borrower has to pay only the interest owing for the remainder of the term.

CMI is also proud of the easy and transparent renewals it offers. As another example of how CMI supports its broker partners every step of the way, the lender sends a first reminder to both the broker and borrower 90 days ahead of the mortgage maturity date, with additional reminders sent as that date approaches.

Also, unlike many private lenders, CMI does not charge the full lender fee at renewal, and borrowers have the option of deferring the fee.

With more than $2.5 billion in lifetime mortgage fundings, CMI is one of

“With our brokerage roots, we understand how to help [brokers] best serve borrowers. We leverage that unique expertise to structure exactly the right solution for each borrower’s unique needs” Kevin Fettig, Canadian Mortgages Inc. – in some cases, in as little as an hour.”

CMI also promotes a common-sense approach, another port in the storm in a turbulent market. With no minimum beacon score, the lender stresses the big picture and puts much weight on the story behind the numbers.

“We understand that not all borrowers have traditional income sources or consistent, reliable employment,” Fettig says. “We look at the unique circumstances of each borrower and provide a customized, flexible solution – even for borrowers with the most complicated circumstances.”

To deliver on this promise, CMI emphasizes innovative solutions. The lender offers custom terms and flexible repayment options, including prepaid terms, and private mortgages are open on three months’ prepayment. If a mortgage is up for maturity in less than three months, the

Canada’s largest private mortgage lending and investment firms. From its inception, CMI has conducted itself in a manner that has propelled it to top-of-class in the industry. With a sterling reputation and a track record that speaks for itself, CMI has nearly two decades of experience in the mortgage space and is known for transparency, professionalism, ethical lending, and exceptional service. And brokers benefit in many ways from having this legendary lender in their corner, Fettig says.

“We are united in our aim to deliver a client experience that is unparallelled in the industry, and brokers value the ability to receive advice on deals, discuss scenarios, and get help with deal structuring, [as well as our] our overall commitment to providing an optimal solution for their clients.”

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LENDING GUIDE

ALTA WEST CAPITAL awcapital.ca 888-554-9075

Minimum Beacon: None Terms: 1-year or 2-year terms Rate type: As low as 7.49%

Lending markets: Alberta, British Columbia, Ontario Maximum amortization: Interest only or up to 35 years Niche/focus: Providing alternative capital funding using an equity-based lending approach on all refinances/purchases of residential properties

Fees: Commitment fees starting at 2.00% Minimum loan amount: $30,000

Products: Up to 80% LTV for first and second mortgages Customer types: Business for self, new to Canada, bruised or damaged credit, etc.

Income sources: Articles of incorporation, paystubs (only at 80% LTV), stated income letter Property types: All residential homes Purposes: Purchase, refinance, bridge financing

Maximum loan amounts: First mortgage up to $1.50 million.

Second mortgage up to $500,000; on over $300,000 there is a 50bps premium on lender fee, and maximum LTV is 75% Special features: Broker Loyalty Program (BLP) – earn up to 15bps on every deal you fund in a quarter. We have added a new charity enhancement to our BLP. For every deal funded, Alta West Capital will donate $100 to a charitable cause. All brokers who fund their first deal with Alta West Capital will be eligible for the BLP, and their first deal will be counted towards our contribution of charitable payout

Maximum LTV: 80%

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BREAKWATER FINANCIAL LIMITED breakwaterfinancial.ca 905-806-2292 Lending markets: Southern Ontario Niche/focus: Residential and commercial first mortgages within the GTHA, SWO, and Niagara regions

Maximum loan amount: $5 million Special features: We work with a lot of investors and offer blanket-mortgage solutions for multiple properties and portfolios. We can be flexible on deal structure while providing reliable and approachable customer service to everyone we work with. We are able to fund within three to five business days if warranted

Products: First mortgages for residential end users and investors, commercial investors and owner-occupier borrowers, borrowers looking to use existing equity in other owned properties for blanket mortgages purposes Customer types: A-, B- or C-level credit. Salaried, self-employed, investors with portfolios and available equity Income sources: Salaried, self-employed, income from existing investment properties Property types: Single-family residential, multi-family residential, mixed use, industrial Purposes: Purchase, refinance, ETO, bridge loans Maximum LTV: 65% Minimum Beacon: 550 Terms: 12 months closed is standard (open to longer/shorter and can be flexible on structure) Rate type: 10–12% (typical) Maximum amortization: Interest-only is standard; principal and interest is possible and deal-specific Fees: 2–3% (typical) Minimum loan amount: $250,000

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LENDING GUIDE

CANADIAN MORTGAGES INC. thecmigroup.ca 888-465-8584 Lending markets: Ontario, Quebec, British Columbia, Alberta, and Atlantic Canada Niche/focus: Customized private mortgage financing delivered exclusively through the mortgage broker channel.

Offering flexible, innovative solutions tailored to your clients’ needs. First and second mortgages up to 80% LTV with competitive rates. Known for transparent lending practices, collaborative partnership, and exceptionally fast service Products: First and second mortgages, short-term and bridge loans, equity mortgages, and bundle mortgages Customer types: A-, B-, and C-level credit. No minimum Beacon score Income sources: All income types considered: salary, commission, business for self, freelance, and retired Property types: All residential properties, including one- to four-unit owner-occupied, rentals, condos, and cottages.

No restrictions on location. Remote and rural properties considered on a case-by-case basis Purposes: Financing available for purchases, business working capital, debt consolidation, bridge loans, investment purposes, emergency purposes, tax or mortgage arrears, income relief, home renovations, and more Maximum LTV: Up to 80% on first and second mortgages in major urban and suburban markets; up to 75% in smaller towns or rural locations. Blanket mortgages are considered on a case-by-case basis Minimum Beacon: None Terms: 3, 6, 9, and 12 months. Custom terms are available

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Rate type: Fixed Maximum amortization: Up to 40 years or interest only Fees: 2–3.5% on first mortgages, 3–6% on second mortgages.

Renewal fees are generally between 1% and 2% of the outstanding balance. Fees are dependent on location, income, credit, and security Minimum loan amount: $50,000 on first or second mortgages Maximum loan amount: Up to $1.5 million in urban markets Special features: No hidden application fees; early repayment penalties of no more than three months; prepaid (for all or part of term) available; open mortgages and custom term lengths available. CHIP/reverse mortgage second mortgages, second behind collateral-charge mortgages, high-ratio mortgage bundles, and short-term/bridge loans available

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COMMUNITY TRUST communitytrust.com/wecare 888-649-1169

Property types: Single-family homes, row houses and townhouses, condo/strata, well and septic, multi-unit homes Purposes: Financing available to purchase or refinance a principal, secondary, or investment property

Lending markets: Ontario, British Columbia, Alberta, Atlantic Canada, Manitoba and Saskatchewan

Maximum LTV: 80%

Niche/focus: Alt-A lending

Minimum Beacon: 500 FICO score

Products: Conventional mortgages, non-conforming mortgages, second mortgages, investment properties, business for self (BFS), home equity line of credit (HELOC)

Terms: 1, 2, 3, and 5 years

Customer types: Clients with all income types accepted, including traditional and non-traditional income sources.

Salary, commissioned, BFS, and various others. Clients with bruised or limited credit, including those with previous bankruptcies, collections, and judgments

Maximum amortization: 35 years

Income sources: Self-employed, salaried, child tax credit/UCB, foster care, maternity/paternity income, seasonal employment, alimony/child support, pension, contract, rental, tip, disability, investment, commission-based

Maximum loan amount: No listed maximum mortgage amount

Rate type: Fixed

Fee: 1%. No-lender-fee mortgages also available Minimum loan amount: $100,000

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LENDING GUIDE

HOMEEQUITY BANK chipadvisor.ca 866-925-2447

Purpose: Canadians aged 55+ can access up to 55% of the value of their home in tax-free cash to retire in the home they love Maximum LTV: 55%

Lending market: Canada Minimum Beacon: No minimum Niche/focus: Reverse mortgages Terms: 6 months; 1, 3, or 5 years Products: CHIP Reverse Mortgage, Income Advantage, CHIP Max, CHIP Open

Rate types: Fixed and variable

Customer type: Canadian homeowners aged 55+

Maximum amortization: Not applicable

Income sources: Borrower must provide a valid and adequate home insurance and property tax statement (current year or deferred property tax statement)

Fee: Closing fee

Property types: Single-family dwelling, detached duplex, triplex, quadruplex, link home, semi-detached, townhouse/row house; condo – townhouse/stacked townhouse; condo – apartment style

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Minimum loan amounts: CHIP Reverse Mortgage $25,000; Income Advantage $20,000 Maximum loan amount: Not applicable Special features: No monthly mortgage payments required

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RECIPROCAL OPPORTUNITIES INC. roigroup.ca 519-755-6252

Maximum LTV: 70% LTV; all deals are evaluated on a case-by-case basis Minimum Beacon: Not required

Lending market: Ontario

Terms: 1–3 years

Niche/focus: Direct lender providing mortgage financing for commercial-based activities for developers, builders, business owners, and real estate investors

Rate types: Fixed and floating

Products: First and second mortgages

Fee: 2%

Property types: Development land, construction projects, industrial, commercial, rental properties, special-purpose properties

Minimum loan amount: $500,000

Purpose: Equity-based lending

Special features: Cross-collateralization, interest reserves, revolving construction facilities

Maximum amortization: Interest only

Maximum loan amount: $20 million

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LENDING GUIDE

VWR CAPITAL CORP. vwrcapital.com 866-907-5407 Lending markets: British Columbia, Alberta, Saskatchewan, Manitoba, Ontario Niche/focus: Direct to licensed mortgage brokers in urban residential markets with transparent and industry-low lending fee structure Products: Equity-based first and second mortgages, open or closed at the same rates Customer types: Individuals, self-employed, holding companies, salaried or commissioned employees with any level of credit considered Income sources: Stated income with no debt-servicing requirements. Notice of assessment for self-employed borrowers required to confirm tax balance Property types: Urban single-family, townhomes, condos, row homes, serviced land, raw land, multi-family, lease land (BC), and inter-alia/blanket mortgage specialists Purposes: Purchases: owner-occupied or rental at same pricing. Refinance including equity take-out for investment purposes, business capital, debt consolidation, arrears, foreclosure/power-of-sale rescue. Serviced or raw land purchase or refinance available on residential urban city lots

Fees: First and second mortgages with same fee structure.

1% for an open term. Fixed fees starting at only $750 for a closed term. Renewal fee is only $200!

Maximum LTV: Up to 75% in urban markets. Contact your BDM with an address for other areas

Maximum loan amount: $2.5 million

Minimum Beacon: None Terms: 1-year open or closed at the same rate Rate type: Fixed

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Maximum amortization: Up to 35 years. Interest-only available for LTV under 65%

Minimum loan amount: $50,000

Special features: 30+ years of history and experience in the private lending market. Business development managers are empowered to make decisions and have the knowledge to help you with any deal structure. Rate buy-downs and interest reserves options are available. You set your own broker fee; you earned it!

www.mpamag.com/ca

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YOU KNOW YOUR CLIENTS. AND WE KNOW YOU!

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info@canadianlending.ca | (888) 465-8584

We know mortgage brokers because we used to be a brokerage. Today, we work exclusively with brokers, supporting you in delivering flexible financing solutions to your clients.

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