Recently Funded•Sudbury
Sudbury Single Mother Avoided Power of Sale with Prepaid Private Mortgage
A single mother in Sudbury lost her job, missed mortgage payments, and faced power-of-sale and eviction risk. She expected to secure a new job with a government agency within approximately four to five months, but she needed immediate breathing room. A conventional refinance was not realistic because income and credit had both been affected. We arranged a prepaid private mortgage to address the power-of-sale risk, consolidate debts, and create time for her to sort out the employment issue. Once her position improved, the plan was to revisit a more complete refinance.
- Solution
- Prepaid private mortgage
- Purpose
- Power-of-sale prevention, debt consolidation, and temporary payment relief
Sudbury Ontariosingle motherjob loss
Read the case study →Recently Funded•Barrie
Barrie Mixed-Use Property Approved with Alternative Lender Stated-Income Review
A client in Barrie owned a mixed-use property with his own commercial establishment in the front and residential quarters in the back. The property type created lender-appetite issues because many conventional lenders prefer standard residential properties or clearly defined commercial files. The location was also a challenge. On top of that, the client had a low credit score and low verifiable income on T1 Generals. We used stated income supported by bank statements and presented the file to an alternative lender specializing in mixed-use properties with appetite across Ontario. The file was approved.
- Solution
- Alternative lender stated-income mortgage
- Purpose
- Mixed-use property mortgage financing
Barrie Ontariomixed-use propertycommercial establishment
Read the case study →Recently Funded•Brampton
Brampton Rental Portfolio Moved from High-Interest Private Mortgage to B Lender
Two self-employed friends in Brampton owned several rental properties together. They had purchased another rental property the previous year, but because of large mortgages on the existing properties and rental deficits after expenses such as property tax, insurance, and vacancy, they could not qualify on the A side. The property had been placed with a private lender at a very high interest rate and approximately 80% LTV. The clients approached us for a solution. We analyzed their business bank statements and identified a B lender that could consider stated income based on 12 months of bank statements and apply up to a 90% rental offset, subject to policy. The clients moved from a high-interest private mortgage to a lower-interest B-lender mortgage.
- Solution
- B-lender stated-income refinance
- Purpose
- Private mortgage exit and rental property refinance
Brampton Ontariorental portfoliotwo self-employed borrowers
Read the case study →Recently Funded•Brantford
Brantford B-Lender Exit Refinance Reduced Monthly Payments by Over $4,500
A single homeowner in Brantford was with a B lender and had a significant amount of credit card debt. His income was decent, and he had a rented basement, but his monthly obligations were still too high to sustain. The client’s main goal was to reduce monthly payments. We sat with him and reviewed the full debt profile. Instead of trying to consolidate everything without a strategy, we identified the debts that had to be included in the plan and prioritized debts with the highest monthly payment impact. By consolidating the right debts, the GDS/TDS ratios improved enough that we could request a minor exception from the bank. Overall, the client reduced his monthly payments by over $4,500.
- Solution
- Debt-consolidation refinance
- Purpose
- B-lender exit, debt consolidation, and monthly payment reduction
Brantford Ontariodebt consolidationB-lender exit
Read the case study →Recently Funded•Oshawa
Oshawa Fully Prepaid Private Second Mortgage for Unsecured Debt Consolidation
Oshawa clients had high unsecured debt at high interest and a low credit score. They approached us for a solution. We recommended a private second mortgage to consolidate their debts. The mortgage was fully prepaid, which gave them breathing room during the term. The exit strategy was to revisit refinance at the end of the term. By then, their credit score should have improved because all debts except the existing first mortgage had been paid off.
- Solution
- Private second mortgage
- Purpose
- Fully prepaid private second mortgage to consolidate unsecured debts and create refinance exit path
Oshawa Ontarioprivate second mortgagefully prepaid private mortgage
Read the case study →Recently Funded•Toronto / Etobicoke
Toronto-Etobicoke Senior Approved for Reverse Mortgage Instead of Private Mortgage
A senior homeowner in Toronto-Etobicoke was living alone and owned an apartment-style property. Her income consisted of a very low pension and some government support. She approached us for a private mortgage because she wanted to help her grandson. From a property-equity perspective, a prepaid private mortgage for one year may have been possible. But the file had a serious suitability issue: there was no clear exit strategy. If she had no income to refinance or repay the mortgage after one year, the private mortgage could create more risk later. We arranged a reverse mortgage instead, because that structure better matched her income profile and long-term needs.
- Solution
- Reverse mortgage
- Purpose
- Equity access and family support
TorontoEtobicokesenior homeowner
Read the case study →Recently Funded•London
London Second-Position HELOC for Basement Second Dwelling Unit
London clients wanted to access equity to finish their basement as a second dwelling unit for additional rental income. Both husband and wife were salaried. The wife was on maternity leave, and the household also received Canada Child Benefit. A full refinance was not recommended because their existing first mortgage was locked at a very low rate. Prevailing rates at the time of application were higher, and breaking the first mortgage would also have created a prepayment penalty. We recommended a second-position HELOC from a B lender. The HELOC was open, could be repaid and reused anytime, and allowed the clients to withdraw funds as needed during construction.
- Solution
- B-lender second-position HELOC
- Purpose
- Equity take-out for basement construction and future rental-income potential
London Ontariosecond-position HELOCB lender
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
Read the case study →Recently Funded•Chatham-Kent
Chatham-Kent Private Mortgage Replaced with MIC Mortgage and Better Renewal Terms
A Chatham-Kent client already had a mortgage with an individual private lender. When the mortgage came up for renewal, the lender refused to renew and asked for repayment because he needed the money for personal reasons. The existing private mortgage also had a high interest rate. The client worked mostly on cash and had very little income showing on paper, so A-lender and B-lender refinancing were not available. We arranged a replacement mortgage with a MIC lender. The MIC offered an amortized mortgage, a lower interest rate than the existing private mortgage, automatic renewal options as long as the client did not default on the mortgage terms, and comparatively lower renewal fees than many private lenders who may charge large annual renewal fees.
- Solution
- Private-to-private refinance with MIC lender
- Purpose
- Replace existing private mortgage after renewal refusal
Chatham-Kent Ontarioprivate mortgage refinanceprivate to private refinance
Read the case study →Recently Funded•Mississauga
Mississauga Retired Condo Owners Approved Using Rental Worksheet and High-Net-Worth Program
Mississauga clients owned two condos. They lived in one and rented the other. Both were retired and had only CPP and OAS income, so their regular income was low. Rental income treatment became critical because every lender handles rental income differently. Some lenders use an offset method, while others use a rental worksheet. If the worksheet shows a surplus, the surplus can be added to income. If it shows a deficit, the deficit may be added to liabilities. We approached a lender with a generous rental worksheet and a high-net-worth program. The clients had accumulated good savings over time, and the lender approved the file.
- Solution
- A-lender mortgage
- Purpose
- A-lender mortgage approval using rental worksheet surplus and high-net-worth program
Mississauga Ontarioretired clientstwo condos
Read the case study →Recently Funded•Whitby
Whitby Rush Builder Purchase Closed with Private Mortgage for UAE Expat Borrower
Whitby clients were buying a builder property and approached us barely four days before closing after spending too much time with other brokers and banks. They needed 80% LTV. The borrower was a Canadian citizen working as an expat in the UAE and had strong, verifiable foreign income. However, the Canadian credit profile was weak because of limited Canadian credit history and a few collections. Most A lenders declined because of credit, while B lenders were not comfortable doing 80% LTV given the location, foreign-income structure, and credit concerns. We arranged a rush private mortgage strictly as a one-year bridge and advised the clients to pay off the collections. The plan is to revisit refinance after the credit profile improves and the file becomes better positioned for institutional lending.
- Solution
- Private mortgage
- Purpose
- Urgent builder purchase closing with one-year private mortgage bridge
Whitby Ontariobuilder purchaserush closing
Read the case study →Recently Funded•Brampton
Brampton Trucking Company Owner Refinance After Consumer Proposal and Mortgage Recall
A Brampton client owned a trucking company. The husband was self-employed, and the wife was not working. A sudden business disruption caused by tariffs led to financial pressure, credit issues, and a consumer proposal. The first mortgage lender also recalled the mortgage. We reviewed the business bank statements and found that, despite the disruption, the business was still generating enough cash flow. We approached a B lender that could consider stated income based on 12 months of bank statements. The refinance paid out the existing mortgage, consolidated debts, and paid off the consumer proposal.
- Solution
- B-lender stated-income refinance
- Purpose
- Existing mortgage payout, consumer proposal payout, and debt consolidation
Brampton Ontarioself-employed mortgagetrucking company
Read the case study →Recently Funded•Cambridge
Cambridge Senior Clients Used B-Lender Second-Position HELOC for Debt Consolidation
Two senior clients in Cambridge were receiving CPP and OAS income from the government. The husband also received a pension from his employer. Their income was limited, and they had accumulated unsecured debt that they wanted to consolidate for better cash flow. We reviewed their situation and recommended a HELOC in second position from a B lender. A full refinance was not recommended because the penalties for breaking the existing mortgage were too high. A private mortgage was also too costly and had no realistic exit. The B-lender second-position HELOC allowed the clients to consolidate debt while preserving the existing first mortgage.
- Solution
- B-lender second-position HELOC
- Purpose
- B-lender second-position HELOC to consolidate unsecured debt and improve cash flow
Cambridge Ontariosenior clientsB-lender HELOC
Read the case study →Recently Funded•Hamilton
Hamilton Second-Position HELOC for Credit Card Debt Consolidation
Hamilton clients were struggling financially after the wife became sick and stopped working. The primary applicant was self-employed. The illness and loss of household income damaged their finances, and they ended up taking on a lot of credit card debt. The credit card payments were very high, and the clients were struggling to keep up with both mortgage payments and unsecured debt payments. We arranged a HELOC in second position to consolidate the debts. This reduced their monthly payments and increased their cash flow.
- Solution
- Second-position HELOC
- Purpose
- Consolidate credit card debt and improve monthly cash flow
Hamilton Ontariosecond-position HELOCdebt consolidation
Read the case study →Recently Funded•Waterloo
Waterloo Retired PSW Approved Using A-Lender High-Net-Worth Program
A retired single lady in Waterloo was buying her primary residence. She had worked as a PSW and was now retired. Her income was low because it consisted mainly of government pensions, including CPP and OAS. However, she had accumulated significant savings over time. We approached a lender with a high-net-worth program under which eligible liquid assets can support additional borrowing capacity over and above the borrower’s normal income-based qualification, subject to policy. These programs usually require a minimum amount of liquid assets before the borrower can be considered. The lender approved the file under the program.
- Solution
- A-lender purchase mortgage
- Purpose
- A-lender purchase approval using high-net-worth program and liquid asset support
Waterloo Ontarioretired borrowersingle lady
Read the case study →Recently Funded•Oshawa
Oshawa Primary Residence Purchase Approved Using High-Net-Worth Liquid Asset Program
Oshawa clients were looking to purchase their primary residence. The down payment was coming from the sale of their existing property. Their incomes were good, but still not enough to support the required mortgage under standard debt-service ratios. However, they had accumulated significant savings and had a high personal net worth. We approached an A lender with a high-net-worth program. Under this type of program, eligible liquid assets can support additional borrowing capacity over and above the borrower’s normal income-based qualification, subject to lender policy. The clients were approved.
- Solution
- A-lender purchase mortgage
- Purpose
- A-lender purchase approval using high-net-worth program and liquid asset support
Oshawa Ontarioprimary residence purchaseA-lender approval
Read the case study →Recently Funded•Windsor
Windsor Senior Buyers Approved by Near-Prime Alternative Lender After Firm Purchase
Two senior clients in Windsor were buying their primary residence. Their income was very low. Both received GIS and OAS from the government, and the husband also earned income through Uber and SkipTheDishes. Before approaching us, they had already waived the financing condition and made the purchase firm. Their income was not sufficient for a conventional lender, which meant they were at risk of losing their life savings in the deposit and potentially facing a lawsuit if they could not close. We arranged a mortgage through a near-prime alternative lender. This lender offered automatic renewals at the end of the term without charging massive renewal fees like a private lender, making it a more suitable structure than a standard private mortgage.
- Solution
- Alternative lender purchase mortgage
- Purpose
- Complete firm purchase using near-prime alternative lender after conventional lending was unavailable
Windsor Ontariosenior buyersprimary residence purchase
Read the case study →Recently Funded•Brampton
Brampton Private Second Mortgage for Unsecured Debt and Family Loan Payout
Clients in Brampton had accumulated significant unsecured debt at very high interest rates. Their credit score had dropped because of the debt load, and they were also under pressure to repay money borrowed from relatives. The situation had become personally stressful because relatives were regularly arguing with them about repayment. Conventional refinancing was not realistic because of the low credit score and debt pressure. We arranged a private second mortgage to consolidate the unsecured debts and provide enough cash-out to repay the relatives.
- Solution
- Private second mortgage
- Purpose
- Unsecured debt consolidation and repayment of family loans
Brampton Ontarioprivate second mortgagedebt consolidation
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