Recently Funded•Hamilton
Hamilton Spousal Buyout Approved with A-Lender Credit Exception
A Hamilton client was a C-suite executive who wanted to buy out his spouse’s share of the home following divorce. Because of the mental and financial stress surrounding the divorce, he had accumulated significant credit-card debt and his credit score had been affected. We approached a major A lender, explained the situation, and requested a credit-score exception. The lender approved enough mortgage funds to pay out the existing joint mortgage, pay the spouse’s buyout amount, and consolidate part of the client’s debts. In spousal buyout, divorce, or separation files, recurring child support and spousal support obligations must be considered as liabilities when calculating the TDS ratio.
- Solution
- A-lender spousal buyout refinance
- Purpose
- Spousal buyout, joint mortgage payout, and partial debt consolidation
Hamilton Ontariospousal buyoutdivorce refinance
Read the case study →Recently Funded•Oshawa
Oshawa Full Refinance Recommended Instead of B-Lender HELOC
Oshawa clients approached us for a B-lender HELOC in second position. The primary applicant worked two jobs as a pharmacist, including at a public hospital, and earned decent income. His wife was also working, so household income was strong. They had accumulated credit card debt while finishing their basement as a secondary dwelling unit, and the credit card balances had become too high. Their existing mortgage was with an A lender but at a relatively higher rate. We ran the numbers and compared the B-lender HELOC option against a full refinance. The full refinance was the better option because it lowered the mortgage interest liability, was cheaper than the B-lender HELOC structure, and paid off the credit card debt.
- Solution
- Full refinance
- Purpose
- Debt consolidation and mortgage interest-cost reduction through full refinance
Oshawa Ontariofull refinanceHELOC avoided
Read the case study →Recently Funded•Ottawa
Ottawa Free-and-Clear Rental Property Used for Short-Term Private Mortgage Bridge
An Ottawa client owned a free-and-clear rental property while living in the United States with family. He had filed a lawsuit in the U.S. and urgently needed money to finance that lawsuit. He was not working, so there was no current employment income to support A-lender or B-lender financing. We arranged a private mortgage against the Ottawa rental property. The exit strategy was clear: the client was expecting a payout from another lawsuit he had already won within approximately three to four months. The private mortgage was therefore structured strictly as a short-term bridge.
- Solution
- Private mortgage
- Purpose
- Short-term private mortgage bridge to finance lawsuit with expected lawsuit-payout exit
Ottawa Ontarioprivate mortgagefree-and-clear property
Read the case study →Recently Funded•Kingston
Kingston First-Time Buyers Approved While One Borrower Was on Maternity Leave
First-time home buyers in Kingston approached HopeWell for pre-qualification before house hunting. Both borrowers were salaried, but one borrower was on maternity leave. HopeWell reviewed the income documentation, explained how lenders may treat maternity leave income when a return-to-work date is confirmed, and prepared multiple qualification scenarios: insured mortgage, conventional A-lender mortgage, and B-lender mortgage. HopeWell also helped the clients prepare a monthly budget that included current expenses and expected costs related to a new baby. The clients proceeded with an insured mortgage and purchased a home that fit their requirements.
- Solution
- CMHC-insured A-lender mortgage
- Purpose
- First-time home purchase
Kingston Ontariofirst-time home buyermaternity leave
Read the case study →Recently Funded•Maple
Maple B-Lender Second-Position HELOC for Business Investment
Clients in Maple wanted to take equity out of their home to invest in their business. The husband was self-employed, and the wife was a homemaker. Their bank could not offer a HELOC because the husband’s T1 income was not enough to support the application. We reviewed the business and found that the nature of the business involved a lot of customer payments through e-transfers. After reviewing 12 months of bank statements, we identified strong cash flow. Instead of recommending a private mortgage, we recommended a second-position HELOC from a B lender. It was cheaper than a private mortgage, had no annual renewal fee in this structure, could be repaid anytime without penalty, and gave the clients the option to use the credit again if needed.
- Solution
- B-lender second-position HELOC
- Purpose
- Equity take-out for business investment
Maple OntarioB-lender HELOCsecond-position HELOC
Read the case study →Recently Funded•Toronto
Private Secured Line of Credit on an Ultra-Luxury Toronto Home
A borrower in Toronto owned an ultra-luxury residential property valued at more than $8 million. The borrower was CEO of a medical research company that had patents and intellectual property but was still in its pre-seed / capital-raising stage. Because the company was not yet generating regular salary income for the CEO, he was being compensated primarily in stock. He expected income to begin in approximately one year and needed liquidity to remain financially stable during that period. His spouse was a doctor and visiting university guest lecturer, but her income alone was not enough for conventional financing. HopeWell arranged a private secured line of credit under a no-traditional-income-documentation program, allowing interest to apply only on funds actually used.
- Solution
- Private secured line of credit
- Purpose
- Short-term liquidity bridge
Torontoultra-luxury homeproperty over 8 million
Read the case study →Recently Funded•Brampton
Brampton Private Second Mortgage Used to Pay CRA HST Lien
A Brampton client had a CRA liability for unpaid HST, and CRA registered a lien against the property. The client’s existing first mortgage was fixed for another year and was a closed mortgage. The lender would allow payout only in the event of a bona fide arm’s-length sale, so a normal refinance was not available. The only practical option was to arrange a private second mortgage behind the existing first mortgage to raise enough funds to pay CRA. When the first mortgage comes up for renewal, the plan is to revisit a full refinance and consolidate both mortgages if the file qualifies.
- Solution
- Private second mortgage
- Purpose
- CRA HST lien payout and short-term debt restructuring
Brampton Ontarioprivate second mortgageCRA debt
Read the case study →Recently Funded•Brampton
Brampton Commercial Unit Purchase Closed in 8 Business Days with Private Lender
A Brampton business owner who operated a kitchen cabinet business wanted to purchase a commercial unit for a new location. She had spent too much time with other brokers before approaching us, and only eight business days were left before closing. Commercial lending is a specialized field, and urgent commercial files require fast coordination of appraisal, environmental due diligence, lender appetite, closing conditions, and legal timelines. We ordered a rush appraisal and a Phase I Environmental Site Assessment. Although these reports can often take longer, we used our network and arranged them within approximately three to four days. We closed the file with a private lender to avoid default, penalties, and possible legal exposure. The planned exit was to refinance later with an A lender.
- Solution
- Private commercial mortgage
- Purpose
- Commercial unit purchase, urgent closing, and future institutional refinance
Brampton Ontariocommercial unitkitchen cabinet business
Read the case study →Recently Funded•Mississauga
Mississauga Power of Sale Rescue with Prepaid Private Mortgage
A Mississauga couple came to us while their home was in power of sale. Both husband and wife were working and earning decent income, but because of spending and unsecured debt issues, they had accumulated significant credit card debt and fell behind badly enough for the property to enter power of sale. Power of sale is not just a mortgage problem; it can be emotionally devastating because a family may lose the home, the memories attached to it, and the equity built over many years. We arranged a prepaid private mortgage that paid out the existing mortgages. The mortgage was prepaid for one year so the clients had breathing room to pay down unsecured debts. We also counselled them to get rid of their credit cards and avoid rebuilding the same debt. After one year, if the debts are paid down and the file improves, the plan is to revisit a B-lender refinance and eventually work toward A-lender financing again.
- Solution
- Prepaid private mortgage
- Purpose
- Power of sale rescue, existing mortgage payout, debt stabilization, and refinance planning
Mississauga Ontariopower of saleprivate mortgage
Read the case study →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•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•Hamilton
Hamilton Purchase Approved with 100% Foreign Income and Dubai Sale Proceeds Down Payment
Hamilton clients were purchasing their primary residence in Canada. The husband worked as a commercial pilot for a major international airline and lived in Dubai, while the wife lived in Canada and was not working. The two major underwriting issues were that 100% of the income was foreign income and 100% of the down payment was coming from the sale of a property in Dubai. The clients wanted 80% LTV. Most A lenders were only comfortable up to approximately 65% LTV for this type of file. We approached almost every A lender in the broker network to request an exception for 80% LTV. The next practical option was a B lender. The B lender considered the foreign income through the husband’s job letter, pay stubs, and three months of bank statements showing salary deposits. For down payment, we submitted the Dubai sale deed, copy of bank draft, and bank statement showing deposit of the sale proceeds.
- Solution
- B-lender purchase mortgage
- Purpose
- Purchase mortgage using foreign income and Dubai property sale proceeds
Hamilton Ontariopurchase mortgageB-lender approval
Read the case study →Recently Funded•Mississauga
Mississauga Senior Widow Approved by A Lender Under High-Net-Worth Program
A senior widowed client in Mississauga wanted to buy an investment property. Her regular income was very low and consisted mainly of OAS and CPP. Her daughter, a doctor in Vancouver, helped her with monthly payments, but due to family and cultural considerations, the client did not want to add her daughter as a guarantor or co-signer. On a standard income review, the file did not appear to work. We reviewed everything again and identified that the client’s primary residence was almost paid off and that she had accumulated substantial liquid assets invested through her bank in mutual funds, securities, and stocks. We collected three months of investment statements and presented the file under a major A-side bank’s high-net-worth program. Under this program, eligible liquid net worth above the basic qualification threshold could support the mortgage approval.
- Solution
- A-lender high-net-worth mortgage
- Purpose
- Investment property purchase using A-lender high-net-worth program
Mississauga Ontariosenior widowinvestment property purchase
Read the case study →Recently Funded•Mississauga
Mississauga Private Mortgage for Foreign Self-Employed Income and Business Investment
A client in Mississauga owned a business in Nigeria and wanted to access approximately $400,000 of home equity to invest back into that business. The file was difficult because the income was foreign self-employed income. Conventional lenders may be more comfortable with foreign salaried income where employment can be verified, but foreign self-employed income is much harder to use. The file also had a use-of-funds challenge because the mortgage proceeds were intended to leave Canada. The property had a very low loan-to-value, so we arranged a private mortgage supported by the collateral strength.
- Solution
- Private mortgage
- Purpose
- Equity take-out for foreign business investment
Mississauga Ontarioforeign self-employed incomeNigeria business
Read the case study →Recently Funded•Oakville
Oakville Power of Sale Rescue with Private Mortgage and UK Judgment Exit
Oakville homeowners were facing power of sale on their primary residence. The wife was chronically ill and not working. One son was autistic. The husband was between jobs. The loan-to-value was high at around 80%, and many lenders are uncomfortable with high-LTV power of sale rescues because they need to know what has changed. If a borrower could not pay the previous lender, the new lender will ask why they should be comfortable. In this case, the material change was significant: the husband had won a lawsuit in the UK, and the court had awarded him approximately £6 million. He expected to realize the money within about three months. We explained the full story to the lender and provided a copy of the judgment. The lender found comfort in the documented exit strategy and funded the mortgage to avoid power of sale.
- Solution
- Private mortgage
- Purpose
- Power of sale rescue and short-term bridge financing
Oakville Ontariopower of sale rescueprivate mortgage
Read the case study →Recently Funded•Windsor
Windsor First-Time Buyer Approved with U.S. Income Despite Exchange-Rate Volatility
A first-time home buyer in Windsor was a Canadian citizen and resident but worked as an architect in Detroit, earning U.S. employment income. HopeWell identified an A-side lender that could consider U.S. income for an uninsured mortgage. At pre-qualification, the client’s income converted into Canadian dollars was sufficient. However, by the time of closing, exchange-rate movement changed the lender’s CAD-equivalent income calculation and the debt-service ratios moved outside the expected range. HopeWell worked with the lender’s BDM, and the lender agreed to proceed if the client could show approximately $18,000 in liquid assets. The client’s father gifted the funds, HopeWell documented the gift letter and bank statements, and the file closed on time.
- Solution
- Uninsured A-lender mortgage
- Purpose
- First-time home purchase
Windsor Ontariofirst-time home buyerUS income
Read the case study →Recently Funded•North York
North York Rental Portfolio Moved from Private Mortgages to A Lender Using Rental Worksheet Strategy
North York clients owned five properties in total: one primary residence and four rental properties. They had received incomplete advice and were told by their realtor that the last two rental properties they purchased could only be financed through private mortgages. As a result, they were paying high interest. We reviewed the entire portfolio. Their personal income was good, and the properties were generating rental income. Every lender treats rental income differently. Some lenders use an offset method, while others use rental worksheets. If the worksheet shows a surplus, the surplus can be added to income; if it shows a shortfall, the shortfall may be added to liabilities. The key was identifying a lender with a more generous rental worksheet. We obtained an A-lender approval.
- Solution
- A-lender refinance
- Purpose
- A-lender refinance to exit private mortgages using favourable rental worksheet treatment
North York Ontariorental portfoliofive properties
Read the case study →Recently Funded•Brantford
Brantford Single Mother Approved by B Lender Using YTD Income Exception
A single mother in Brantford wanted to purchase her primary residence. She was making decent income through overtime and commissions even though her base salary was low. The challenge was that lenders usually use a two-year T4 average for overtime and commission income. Unfortunately, one year was affected by COVID-related work shutdowns, and the other year was affected by a road accident that prevented her from working as much as usual. As a result, the T4 average did not support the purchase. Her credit score was also low. We approached a B lender, explained the situation, provided the last 12 months of pay slips and bank statements, and asked the lender to consider an exception because her YTD income was strong. The lender accepted the explanation and approved the file on exception basis.
- Solution
- B-lender purchase mortgage
- Purpose
- B-lender purchase approval using current income documentation and exception request
Brantford Ontariosingle motherprimary residence purchase
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