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- Mortgage amounts normally range from $50,000 to $650,000 (higher
- amounts on an exception basis).
- Decent marketable properties including detached homes, town-homes, and condos located in the Lower Mainland of BC to Whistler, as well as major centers on Vancouver Island and in the Okanagan.
- Maximum loan-to-value ratio of generally 75%.
- We lend on appraised value, not purchase price. For those borrowers paying out agreements for sale or buying new construction on a pre-sale and the value has risen, the appraised value will result in higher loan amounts.
- Our interest rates are generally in the 5.99% - 7.99% range for first
mortgages and 7.99% to 8.99% for second mortgages for good quality marketable
properties and good borrowers. These are very competitive when compared
to other private lending sources.
- Each deal is unique so rates and fees are quoted on a case-by-case basis depending on the financial strength of the covenant, quality of the property, and total loan-to-value ratio of the deal.
- Broker fees are shared with the referring broker.
- Most mortgages have one year terms with interest-only payments and a 3-month interest prepayment penalty. Open mortgages may be negotiable in certain circumstances and generally involve an additional cost to the borrower.
- If a mortgage is renewed at maturity, a $500 renewal fee will be charged to the borrower.
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