This program is for affluent small business owners with net worth but is not a stated income program.

This product is for purchases or refinances of primary residential single family homes (can have a basement/in-law suite) and Second homes.

This product has two mandatory portions to it: main line of credit and fixed sub-account. The line of credit acts as the main account and can make up maximum 50% of the total.

Qualification:

  • The client must have been in business for 2 years or more, with good credit. 
  • Maximum 2 properties in their name. 
  • Minimum beacon score for the primary applicant must be 680, co-applicant must be 570 
  • Maximum Loan-to-value is 65% (minimum mortgage amount of $100k, maximum of $1 million or $750k outside of GTA) 
  • Net business income must be more than 5k annually 
  • Full income documents required 
  • Appraisal required 
  • Max TDS set at 70%. If the client cannot qualify at that, then they must have a net worth of 1.2x ?the loan amount in saleable assets (real estate, cash, or investments.)

Equity Net Worth Program

This product is an alternative to a reverse mortgage. It can be used for purchases or refinances of primary residential single family homes (can have a basement/in-law suite). ?It has been created for salaried employees and pensioners with fixed income, who have a large down payment. 

It uses equity and net worth instead of traditional income methods. Qualification: 

  • Maximum Loan-to-value- 50% – a revolving line of credit, no subaccount required. 
  • Maximum mortgage amount for Toronto is $1 Million, GTA is $750k 
  • Maximum 2 properties in their name 
  • Minimum beacon score for the primary applicant must be 680, co-applicant must be 570 
  • Full income documents required 
  • Appraisal required 
  • Max TDS set at 70%. If the client cannot qualify at that, then they must have a net worth of 1.2x the loan amount in saleable assets (real estate, cash, or investments.) 

 

This program is for affluent small business owners with net worth but is not a stated income program.

This product is for purchases or refinances of primary residential single family homes (can have a basement/in-law suite) and Second homes.

This product has two mandatory portions to it: main line of credit and fixed sub-account. The line of credit acts as the main account and can make up maximum 50% of the total.

Qualification:

  • The client must have been in business for 2 years or more, with good credit. 
  • Maximum 2 properties in their name. 
  • Minimum beacon score for the primary applicant must be 680, co-applicant must be 570 
  • Maximum Loan-to-value is 65% (minimum mortgage amount of $100k, maximum of $1 million or $750k outside of GTA) 
  • Net business income must be more than 5k annually 
  • Full income documents required 
  • Appraisal required 
  • Max TDS set at 70%. If the client cannot qualify at that, then they must have a net worth of 1.2x ?the loan amount in saleable assets (real estate, cash, or investments.)

Equity Net Worth Program

This product is an alternative to a reverse mortgage. It can be used for purchases or refinances of primary residential single family homes (can have a basement/in-law suite). ?It has been created for salaried employees and pensioners with fixed income, who have a large down payment. 

It uses equity and net worth instead of traditional income methods. Qualification: 

  • Maximum Loan-to-value- 50% – a revolving line of credit, no subaccount required. 
  • Maximum mortgage amount for Toronto is $1 Million, GTA is $750k 
  • Maximum 2 properties in their name 
  • Minimum beacon score for the primary applicant must be 680, co-applicant must be 570 
  • Full income documents required 
  • Appraisal required 
  • Max TDS set at 70%. If the client cannot qualify at that, then they must have a net worth of 1.2x the loan amount in saleable assets (real estate, cash, or investments.) 

 

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