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Mortgage Case Archive

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Recently FundedPickering

Pickering Single Mother Qualified for Debt Consolidation Refinance Using Two Jobs, Bonuses, Commissions, Child Tax Benefits and Child Support

A single mother in Pickering wanted to consolidate debt through a full refinance. She worked two full-time jobs and also received bonuses and commissions. We used the average of her two-year T4 income where supported by lender policy. She also received child tax benefits and child support. Child support received can be used as income when properly documented and accepted by the lender; child support paid by a borrower is usually added to liabilities. In this case, because she was receiving support, it strengthened the income side of the file. When all eligible income sources were added together, the income was enough to qualify her for a full refinance.

Solution: Full mortgage refinance
Purpose: Full refinance for debt consolidation using complete income analysis

Pickering Ontariosingle motherdebt consolidation

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Recently FundedHamilton

Hamilton Private Mortgage Refinance to B Lender Reduced Monthly Payments by About 60%

Hamilton clients approached us in a very difficult situation. They had a high-interest private mortgage and also had a second mortgage charging a high interest rate. Both husband and wife were salaried, and the household also received Canada Child Benefit. Still, approximately 90% of their income was going toward mortgage payments. We ordered an appraisal, reviewed their finances, and structured the file for a B lender. The refinance paid out the high-cost private mortgage structure and reduced their monthly payments by approximately 60%.

Solution: B-lender refinance
Purpose: Private mortgage exit, second mortgage payout, and monthly payment reduction

Hamilton Ontarioprivate mortgage exitB-lender refinance

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Recently FundedScarborough

Scarborough Private Second Mortgage Replaced with Open HELOC

A Scarborough client came to us in a difficult second-mortgage situation. He worked as a delivery driver and was paid on a per-package basis. He also had a rented basement, but his income alone was not sufficient to carry a full refinance. He already had a private second mortgage at a very high interest rate and was facing a large renewal fee. His son lived with him and wanted to help, but the son was still in school and not working. We refinanced the existing private second mortgage into an open HELOC with a five-year term. The new structure reduced the overall interest rate, removed the annual renewal-fee issue for the next five years, and allowed the client to repay any amount whenever he had surplus cash. By the time the HELOC term matured, the son was expected to be working, which could support a future full refinance review.

Solution: Second-position open HELOC
Purpose: Refinance existing private second mortgage into open HELOC

Scarborough Ontarioprivate second mortgagesecond-position HELOC

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Recently FundedBrampton

Brampton Private Second Mortgage for Family Support with Foreign Property Sale Exit

Brampton clients approached us because they wanted to access equity in their home to help family back home. The husband, wife, and son were all applicants, and all three were on title. Their income was not sufficient to qualify for financing from either the A side or the B side. They expected to sell a property back home within approximately one year, which created a potential repayment strategy. We arranged a private second mortgage to provide the cash-out they needed, with the planned exit tied to the expected sale proceeds from the property back home.

Solution: Private second mortgage
Purpose: Equity take-out to support family abroad

Brampton Ontarioprivate second mortgageequity take-out

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Recently FundedBrampton

Brampton Trucking Business Owners Avoided Power of Sale with Short-Term Private Mortgage

Self-employed clients in Brampton owned a large trucking company and a luxury home. Their income was strong, but they suddenly faced a major legal liability with a very tight court deadline. A judgment had been registered against the property, and the clients were facing power-of-sale risk. Their existing lender refused to increase the mortgage because of the judgment and lawsuit. We arranged a short-term private mortgage that paid off the legal liability and judgment, helping the clients address the immediate enforcement risk.

Solution: Short-term private mortgage
Purpose: Legal liability payout, judgment payout, and power-of-sale prevention

Brampton Ontarioprivate mortgagetrucking company

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Recently FundedCambridge

Cambridge Private Mortgage Used to Pay First Mortgage, CRA Debt, and Consumer Proposal

Clients in Cambridge had strong household income. The husband worked on commission, and the wife was salaried. However, after an accounting or tax-filing issue, they ended up with a major mid-six-figure CRA liability. They also had an active consumer proposal. Despite the income strength, conventional mortgage options were not workable because the liability and credit profile were too severe. We arranged a private mortgage that paid off the existing first mortgage, CRA dues, and the consumer proposal.

Solution: Private mortgage
Purpose: Existing mortgage payout, CRA liability payout, and consumer proposal payout

Cambridge Ontarioprivate mortgageCRA debt

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Recently FundedMarkham

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

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Recently FundedPickering

Pickering Low-LTV Purchase Approved Through A-Lender Equity Program

Clients sold their existing home with significant equity and wanted to buy a new home in Pickering with only approximately 35% loan-to-value. The main applicant was self-employed and declared very low income, while the spouse was not working. Canada Child Benefit income was added where lender policy allowed, but the standard income ratios were still challenging. Instead of moving the file to a private lender, we placed it with an A lender that had a specialized equity-based program for low-LTV files. The lender allowed more flexibility on ratios because the requested mortgage was very low compared with the property value.

Solution: A-lender equity-based mortgage
Purpose: Primary residence purchase

Pickering Ontariolow LTV35 percent LTV

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Recently FundedSt. Catharines

St. Catharines B-Lender Second-Position HELOC for Debt Consolidation

Clients in St. Catharines wanted to consolidate debts and were shopping for a private second mortgage. Everyone they spoke with quoted private second mortgage rates. We reviewed their finances, income, debt structure, repayment capacity, and overall goals. The conclusion was that a private mortgage was not the best product. A second-position HELOC from a B lender gave them a lower-cost structure, a longer term than a standard one-year private mortgage, an automatic renewal feature at maturity subject to lender terms, and open repayment flexibility. They could pay it down anytime without penalty. This was a better fit than simply moving credit card debt into a private mortgage without meaningful repayment certainty.

Solution: B-lender second-position HELOC
Purpose: Debt consolidation and flexible equity access

St. Catharines Ontariosecond-position HELOCB lender

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Recently FundedKingston

Kingston Second Private Mortgage to Consolidate High-Interest Debt

Clients in Kingston had accumulated high-interest unsecured debts, which created significant monthly payment pressure. As they struggled to keep up, they fell into arrears and had a couple of judgments registered, causing their credit scores to drop. A conventional refinance was not available at that stage. We helped the clients prepare a monthly budget and arranged a second private mortgage to consolidate the unsecured debts and arrears. The new structure reduced monthly payments to approximately one-third of the previous amount. The exit plan was to maintain the private mortgage while improving credit, then review a conventional refinance the following year.

Solution: Second private mortgage
Purpose: Debt consolidation and credit rebuild

Kingston Ontariosecond private mortgagedebt consolidation

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Recently FundedAjax

Ajax Private Second Mortgage Reduced Debt Payments to About One-Quarter

Ajax clients had accumulated six-figure credit card debt. The husband was self-employed, and the wife was doing gig jobs. Their verifiable income on paper was low, so institutional financing was not available. We arranged a private second mortgage to consolidate their credit card debts. This gave them meaningful breathing room because their monthly payments reduced to almost 25% of what they had been paying before. We also arranged enough cash-out to help them finish the basement as a second dwelling unit, creating potential additional income in the future.

Solution: Private second mortgage
Purpose: Consolidate credit card debt, improve cash flow, and fund basement completion

Ajax Ontarioprivate second mortgagesix-figure credit card debt

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Recently FundedBrampton

Brampton Dump Truck Company Owner Approved for B-Lender Second-Position HELOC Using Business Bank Statements

A Brampton client owned a dump truck company with more than 20 trucks. The business had very good cash flow, but he suddenly faced unexpected losses due to road accidents, legal issues, repair costs and maintenance expenses. Some trucks were not in working condition, but he still had to keep paying loan installments, insurance and other expenses. This created cash-flow pressure, and his credit score dropped because he had maxed out his credit cards. We recommended a B-lender HELOC in second position using stated income supported by 12 months of business bank statements.

Solution: B-lender second-position HELOC
Purpose: B-lender second-position HELOC using stated income supported by 12 months of business bank statements

Brampton Ontariodump truck companytransportation business

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Recently FundedBrampton

Brampton Truck Driver Refinance from Private Mortgage to B Lender Using Bank Statements

Brampton clients were with a private lender. The husband was a truck driver, and the wife was salaried. The husband’s income declared on personal T1s was very low, which made traditional A-lender qualification difficult. We reviewed the file and recommended a full refinance with a B lender based on stated income supported by 12 months of bank statements. This allowed the clients to move away from private lending into a more suitable B-lender structure.

Solution: B-lender refinance
Purpose: B-lender refinance to exit private mortgage using stated income supported by 12 months of bank statements

Brampton Ontarioprivate mortgage exitB-lender refinance

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Recently FundedHarcourt

Harcourt Leasehold Self-Build Moved from Private Construction Loan to A-Lender Refinance

This was one of the most complex files: a client was self-building his primary residence on leased land in a remote Harcourt-area location. The file had multiple lender concerns at the same time: leasehold land, self-build construction, remote location, very poor credit after a recent medical condition, and temporary work interruption due to medical issues. We arranged a short-term private construction loan to help him finish construction and consolidate debts. After approximately seven months, construction was complete, he had returned to work, and his credit score had improved. Leasehold land was still a challenge, but we identified an A lender in the broker channel that lends on leased-land properties and refinanced the full structure.

Solution: Private construction loan followed by A-lender refinance
Purpose: Construction completion, debt consolidation, credit improvement, and refinance exit

Harcourt Ontarioleasehold landself-build

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Recently FundedKitchener

Kitchener First-Time Buyer Approved with Gifted Down Payment from Grandmother in India

A young single first-time home buyer in Kitchener was working in IT and had an otherwise strong file. The only major issue was the down payment. All of it was being gifted by his grandmother, who lived in India. Many lenders accept gifted down payments from close blood relatives, but they still require documentation and often want the gifted money to be in a Canadian bank account for 90 days. The client’s closing was only about one and a half months away, so that timing did not work. We approached a lender whose policy required the gifted down payment to be in a Canadian account for only 30 days, and the mortgage was approved.

Solution: A-lender purchase mortgage
Purpose: First-time home purchase

Kitchener Ontariofirst-time home buyeryoung single applicant

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Recently FundedRichmond 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

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Recently FundedBrantford

Brantford First-Time Buyer Approved with Guarantors After Pre-Construction Closing Risk

A single first-time home buyer in Brantford had purchased a pre-construction property approximately two years earlier without obtaining a proper mortgage pre-approval. As closing approached, he had only about 9% down payment, and his income alone was not enough to qualify. If he failed to close, he faced potential loss of deposit and possible legal action from the builder. We discussed the situation with him and suggested adding a guarantor or co-signor. His sister and brother-in-law, who lived in Alberta and already owned a home, agreed to support the file. Their income was sufficient to help the ratios, and the file was approved by an A lender as an insured mortgage.

Solution: Insured A-lender mortgage
Purpose: Pre-construction purchase closing

Brantford Ontariofirst-time home buyerpre-construction purchase

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Recently FundedBrantford

Brantford New-to-Canada Insured Purchase with Complex Down Payment Tracing

A new-to-Canada couple was buying their first home in Canada in Brantford. The wife was salaried and had one job. The husband had two jobs: one full-time and one part-time. For the part-time job, we used the average of the previous year’s T4 income and current year-to-date income. The file was insured with 10% down. The bigger challenge was down payment verification. Their down payment was scattered across more than 10 accounts, with hundreds of internal transfers between their own accounts. When we collected three months of bank statements, the package ran into hundreds of pages. We prepared a clear executive summary for the underwriter and mapped every internal transfer between the clients’ own accounts.

Solution: Insured A-lender purchase mortgage
Purpose: Insured first-home purchase with 10% down and complex source-of-funds documentation

Brantford Ontarionew to Canadafirst home purchase

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