Guidelines for 1st and 2nd Mortgages (cont')
| LTV Ratios | LTV
for owner occupied properties: In town: Purchase – 80%; Refinance – 80% Out of town: Purchase – 75%; Refinance – 75% LTV for rental properties: In town: Purchase 80%; Refinance – 80% Out of town: Purchase – 75%; Refinance – 75% Vendor take back accepted up to 100% LTV |
| GDS and TDS Ratios | GDS and TDS are not required |
| Beacon score | not required |
| Ineligible properties | Religious institutions, nursing homes etc. |
| Lender's fees | 3-5% to be added to the mortgage |
| Lending areas | Greater Toronto Area and surroundings, and Southeast Ontario |
| Loan amounts | Minimum loan amount is $15,000 for 1st and 2nd mortgages |
| Mobile homes | Not available |
| Multi-family residential | Call for more information |
| Portable | Not available |
| Pre-Approvals | Available on request |
| Previous Bankrupts | We will consider approving discharged bankrupts as well as undischarged bankrupts. It is preferable to see the borrowers rehabilitation to date. We require absolute discharge documents prior to funding or proposal. |
| Prime Quality Deals | Call for more information |
| Property Types | Single
family Multi family (4 units) Condominiums Large properties Cottages |
| Rate Hold | 14 Days |
| Rental Properties | 80%
LTV in town (GTA and surroundings), 75% out of town We use full rent reduction |