We understand a commitment is appreciated early in the process and our underwriters prioritize this.

Minimum documents required to offer a commitment for BFS applications:

Sole Proprietor:

    • T1 x 2 years including ALL schedules
    • NOA – most recent personal
    • Business bank history x 3 months
    • Thorough notes explaining the client story and details of their business

Holdco/Opco:

    • T1 x 2 years including ALL schedules
    • T2 x 2 years including ALL schedules (if corporation owned by applicant is contributing income)
      • share register for new corps
    • NOA – most recent personal
    • NOA – most recent corporate if income flows from a corporation owned by applicant
    • Explain how the client can service the debt.
      • frequently transacting property?
      • undeclared income?
      • capital stripping?
      • loan due to shareholder paying down each year?
    • Thorough notes explaining the client story and details of their business

Our terms are based on borrower and property quality, which is primarily illustrated by:

    • Bank history,
    • Income verification docs,
    • Appraisal.
      • Providing exterior & interior photos upfront may save your client the cost of an appraisal.
    • Unsure about the property quality? Send us an email and we are happy to pre-screen.