We understand a Mortgage commitment is appreciated early in the process. Minimum documents required to offer an equity based commitment are:

Sole Proprietor:

    • T1 x 2 years including ALL schedules
    • NOA – most recent personal
    • Business bank history x 3 months
    • Explain how the client can service the debt if ratios are high.
      • frequently transacting property?
      • undeclared income?
      • capital stripping?
      • gradual paydown of a loan owed to the shareholder from the company?
    • The client’s story

Holdco/Opco:

    • T1 x 2 years including ALL schedules
    • T2 x 2 years if income flows from a corporation owned by applicant
      • 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 if ratios are high.
      • frequently transacting property?
      • undeclared income?
      • capital stripping?
      • loan due to shareholder paying down each year?
    • The client’s story

Terms based on borrower and property quality which is primarily illustrated by:

      • Bank history,
      • Income verification docs,
      • Appraisal.
        • Photos –>  may save your client the cost of an appraisal.
      • Cashflow explanation:
        • How will these clients service debts if the usual ratios are high?