First-party case evidence
Funded cases from York Region
These anonymized files are educational examples, not approval-rate claims. They show the borrower, property and lender-fit issues that actually appeared in files from the cities represented above.
Recently Funded•Vaughan
Vaughan Preconstruction Purchase Closed with Open Private Mortgage and Sale Exit
A Vaughan client had entered into a preconstruction purchase after advice from friends. He soon realized that he could neither qualify for the required mortgage nor afford to keep the home. Based on his income, he would not qualify with an A lender or B lender. His goal became to close the purchase and then sell the property. We arranged a short-term open private mortgage so he could close the transaction. The open mortgage was recommended because he planned to sell the home and did not want to face a prepayment penalty when repaying the mortgage after sale.
- Solution
- Private mortgage
- Purpose
- Short-term open private mortgage to close preconstruction purchase and allow sale-based exit
Vaughan Ontariopreconstruction purchaseprivate mortgage
Read the case study →Recently Funded•Markham
Markham Senior Clients Approved Under A-Lender Low-LTV Equity Program
Senior clients in Markham were selling their current apartment and buying a bigger bungalow. The husband was not working. The wife worked two jobs as a PSW. Both clients received CPP and OAS income. They also owned another fully paid condo that they intended to use as a rental property. We used the rental worksheet of an A lender to calculate the rental surplus and added the eligible surplus to their income. The ratios were still high, but because the clients were making a large down payment, the LTV was below 65%. The lender had an equity program under which extended ratios were allowed when LTV was below 65%. The file was approved under that program.
- Solution
- A-lender purchase mortgage
- Purpose
- Primary residence purchase using A-lender low-LTV equity program
Markham Ontariosenior clientsbungalow purchase
Read the case study →Recently Funded•Aurora
Aurora Private Blanket Mortgage Used for Preconstruction Deposit
An Aurora client owned two properties and planned to sell both of them to buy a bigger home. Her income supported the planned mortgage on the bigger home on a standalone basis, so the final mortgage was not the issue. The issue was liquidity. She liked a preconstruction home but did not have enough liquid cash available to pay the builder deposit. We arranged a private mortgage with a blanket charge over both existing properties to cover the deposit. The exit was very clear: when the preconstruction home approached closing, she would sell both properties and use the sale proceeds to repay the private mortgage and complete the purchase.
- Solution
- Private blanket mortgage
- Purpose
- Short-term private mortgage to fund preconstruction builder deposit
Aurora Ontarioprivate mortgageblanket mortgage
Read the case study →Recently Funded•Richmond Hill
Richmond Hill Private Mortgage on Rented Office Building for Business Investment and Debt Consolidation
A Richmond Hill client owned a rented office building that already had a small private mortgage on it. She urgently needed money to invest in her business. A-lender and B-lender financing were not available because her credit score was low. We arranged a private mortgage that was sufficient to cover the business investment need and also provided extra proceeds to consolidate debts. We deliberately structured the loan this way because the exit strategy was to refinance from the A side once her credit score improved. For that future refinance to become realistic, debt consolidation was necessary.
- Solution
- Private commercial mortgage
- Purpose
- Business investment, debt consolidation, and future A-lender refinance planning
Richmond Hill Ontarioprivate commercial mortgageoffice building
Read the case study →Recently Funded•Markham
Markham Private Mortgage Replaced with B-Lender Refinance for Self-Employed Owner-Operator Trucker
Markham clients were with a private lender and paying very high interest. Their monthly payments were upwards of $13,000 per month. The husband was a self-employed owner-operator trucker, and the wife was salaried. The credit score was low, so a full refinance from an A lender was not available. We reviewed 12 months of bank statements and recommended a full refinance from a B lender under a stated-income program. The refinance reduced monthly payments to approximately $7,000.
- Solution
- B-lender refinance
- Purpose
- B-lender full refinance to exit private mortgage using stated income supported by 12 months of bank statements
Markham Ontarioprivate mortgage exitB-lender refinance
Read the case study →Recently Funded•Markham
Markham Self-Employed Radio Host Approved Despite Rental Portfolio Deficits
A self-employed radio host in Markham wanted to purchase a home for his son, who was in school and had no income. The borrower earned most of his income from advertisers on his radio show. He also already owned his own primary residence and approximately four rental properties. The file became difficult because every lender calculates rental income differently. Some lenders apply a simple rental offset, while others use rental worksheets that factor in gross rent, mortgage payments, property tax, insurance, vacancy, and other expenses. In this case, only one rental property showed a surplus after expenses; the rest showed deficits. Since the rental properties had mortgage balances over one million dollars each, the qualifying ratios were very high. We found a lender whose rental worksheet produced the lowest workable deficit and got the file approved.
- Solution
- Purchase mortgage with rental-income worksheet analysis
- Purpose
- Purchase of home for son
Markham Ontarioself-employed radio hostadvertiser income
Read the case study →Recently Funded•Richmond Hill
Richmond Hill Secured Line of Credit Without Breaking a Low-Rate First Mortgage
Clients in Richmond Hill had an existing first mortgage with a conventional lender at a very low rate. They wanted to access equity in the property but did not want to break or refinance the first mortgage. They were expecting funds from the sale of a property back home within approximately seven to eight months and needed short-term liquidity. Since they did not qualify for a conventional HELOC, we arranged a private secured line of credit behind the existing first mortgage. This allowed them to access funds as needed while preserving the low-rate first mortgage.
- Solution
- Private secured line of credit
- Purpose
- Short-term equity access while preserving low-rate first mortgage
Richmond Hill Ontarioprivate secured line of creditprivate HELOC
Read the case study →Recently Funded•Aurora
Aurora Self-Employed Clients Moved from Private Mortgage to A Lender
Aurora clients had been given very poor advice. Both husband and wife were self-employed and declared lower personal income. A friend had told them they could only qualify for a private mortgage and would never qualify with an institutional lender. Believing that advice, they stayed with a private lender for almost two and a half years, paying very high interest. When they finally approached us, we thoroughly reviewed their financial documents and identified that they could qualify on the A side. We used the average of their T1 Generals and 60% of corporate NIAT less dividends under lender policy. When the clients learned they qualified with an A bank, the relief was overwhelming because they had believed for years that private lending was their only option.
- Solution
- A-lender refinance
- Purpose
- Private mortgage exit and A-lender refinance using self-employed income analysis
Aurora Ontarioprivate mortgage exitA-lender refinance
Read the case study →Recently Funded•Markham
Markham Private Mortgage for Legal Liability with Collateral Charge on Rental Property
Markham clients, both self-employed, were dealing with serious legal issues and had a massive legal liability that needed to be paid immediately. If they did not pay it, they could have faced further legal trouble and a lien against their home. Their credit was low, and the verifiable income on their T1s and T2s was not enough to qualify on the A side. Their credit was also too low for the B side. We arranged a private mortgage on their primary residence and added a collateral charge on their rental property for additional comfort to the lender. The planned exit was to sell a property back home and use the proceeds to pay off the private lender.
- Solution
- Private mortgage with collateral charge
- Purpose
- Urgent legal liability payout and lien prevention
Markham Ontarioprivate mortgagelegal liability
Read the case study →