Recently Funded•Kitchener
Refinance from Private Mortgage to A-Lender Approval
A borrower was paying approximately 10% interest with a private lender and approached HopeWell expecting a possible B-lender refinance. After reviewing the credit, income, property, and full file strength, HopeWell identified that an A-lender submission might be possible if the correct exceptions were requested and supported. The file was approved by an A lender, reducing the interest rate by approximately 60% and cutting the monthly payment to less than half.
- Solution
- A-lender refinance
- Purpose
- Refinance
private mortgage exitA lenderrefinance
Read the case study →Recently Funded•Waterloo
Waterloo Luxury Home Purchase for New-to-Canada Self-Employed Doctors
A new-to-Canada couple, both doctors operating their own practice, were purchasing a high-end custom home in Waterloo valued above $4 million. They had strong income and excellent credit, but only one year of Canadian self-employed tax filings. After spending time with banks and brokers, they were close to the final closing deadline with only seven days remaining. Because institutional exceptions were not practical within the timeline and the clients needed 80% loan-to-value, HopeWell structured a private first mortgage at approximately 60% LTV and a private second mortgage for the remaining approximately 20% LTV, with a planned future refinance once two years of Canadian self-employed tax history is available.
- Solution
- Private first and second mortgage financing
- Purpose
- Purchase closing
new-to-Canadaself-employed doctorsWaterloo
Read the case study →Recently Funded•Cambridge
Cambridge Self-Renovation Construction Loan on a Free-and-Clear Property
A client in Cambridge, Ontario was self-renovating a residential property that was owned free and clear. The free-and-clear ownership position created strong collateral, but the file was still difficult because construction loans have limited lender appetite and many lenders are cautious when borrowers are self-building or self-managing the renovation. HopeWell arranged a private construction loan to help complete the property. Once the renovation is complete, the file can be revisited for a possible conventional refinance, subject to lender guidelines, property value, income, credit, and completion status.
- Solution
- Private construction loan
- Purpose
- Construction and renovation completion
Cambridge Ontarioself-renovationself-build
Read the case study →Recently Funded•Cambridge
Cambridge Second-Position HELOC Used Instead of Private Mortgage
Cambridge clients approached us for a private mortgage because they wanted to access equity to help their son. The husband was working, the wife was retired, and the household received OAS and CPP income. Basement rental income was also included. After reviewing the file, we identified that a B-lender HELOC in second position was a better product than a private mortgage. A full refinance was ruled out because the existing first mortgage still had around four years left in the term, and the prepayment penalty would have been high. The second-position HELOC allowed them to access equity without breaking the first mortgage and gave them a cheaper, open, reusable facility.
- Solution
- B-lender second-position HELOC
- Purpose
- Equity access to help son while avoiding full refinance and private mortgage cost
Cambridge Ontariosecond-position HELOCB lender
Read the case study →Recently Funded•Cambridge
Cambridge Private Mortgage Refinance to B Lender Reduced Payments by About $3,500
Cambridge clients were in a high-interest private mortgage and also had unsecured debts. Both husband and wife were working. The wife was salaried, and the husband was a self-employed electrician. Their credit score was on the lower side, so A-lender financing was not realistic. We approached a B lender and supported the husband’s income using 12 months of business bank statements. The refinance paid out the private mortgage and consolidated the unsecured debts. Overall, their monthly payments were reduced by approximately $3,500.
- Solution
- B-lender stated-income refinance
- Purpose
- Private mortgage exit, debt consolidation, and monthly payment reduction
Cambridge Ontarioprivate mortgage exitB-lender refinance
Read the case study →Recently Funded•Kitchener
Kitchener Self-Employed Clients Approved on A Side Using Rental Income
Self-employed clients in Kitchener believed they would not qualify on the A side and assumed their only options were a B lender or private lender. The husband owned a business and paid salary to his wife from the same business. Their verifiable income looked low on a basic review. However, they also owned two rental properties that were free and clear. We used the rental income from both properties, the husband’s average income from T1 Generals, and the wife’s average T4 income. The file was approved by an A lender.
- Solution
- A-lender mortgage
- Purpose
- Residential mortgage financing
Kitchener Ontarioself-employed mortgagehusband owns business
Read the case study →Recently Funded•Cambridge
Cambridge Clients Moved from Three High-Interest Mortgages to A Lender with Son as Guarantor
Cambridge clients approached us with three mortgages on their property, all at high interest, along with significant credit card debt and a few collections. Their credit score was on the margin. Both husband and wife were working, but their income was not enough to support a full refinance. A private second mortgage could have reduced monthly payments and increased cash flow temporarily, but there was no realistic exit strategy. After discussing the file further, we learned that their son had recently started a job with a large company and was living with them. We added him as guarantor. This brought the ratios in line, and the file was placed with an A lender.
- Solution
- A-lender refinance
- Purpose
- A-lender refinance with guarantor support to avoid another private mortgage
Cambridge OntarioA-lender refinanceguarantor
Read the case study →Recently Funded•Cambridge
Cambridge B-Lender Second-Position HELOC Consolidated Junior Mortgages, Judgment and Credit Card Debt
A Cambridge client had three mortgages, a judgment, and very high credit card debt. They approached us for a debt consolidation solution. We recommended a HELOC in second position from a B lender. A B lender was needed because the credit score was low, and breaking the existing first mortgage did not make financial sense. The new second-position HELOC helped consolidate the high-cost debts and lowered the client’s monthly payments by approximately $3,100.
- Solution
- B-lender second-position HELOC
- Purpose
- B-lender second-position HELOC to consolidate high-cost debts while preserving first mortgage
Cambridge OntarioB-lender HELOCsecond-position HELOC
Read the case study →Recently Funded•Kitchener
Kitchener Young Courier Company Owner Approved with B-Lender Stated Income
A very young single applicant in Kitchener had taken over his father’s courier company. His father transferred the company to him and moved back home around a year and a half earlier. The challenge was that the applicant had never had a job before, so this was his first real work experience. He had only about one and a half years of self-employment history. Usually, where a self-employed borrower has less than two years of history, lenders may consider an exception if the borrower has prior work experience in the same or a related industry. This applicant did not have that. His credit history was also very thin, with only a mobile phone provider showing on the bureau. He was putting 25% down. We reviewed his business bank statements and found strong cash flow. We approached a B lender and requested an exception to the two-year self-employment rule. The lender considered the file under its stated-income program based on 12 months of business bank statements and approved the mortgage.
- Solution
- B-lender stated-income purchase mortgage
- Purpose
- Home purchase
Kitchener Ontarioyoung borrowersingle applicant
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