Our first mortgage and bundle products are open after 3 months, while our 2nd mortgages are fully open.

Please try to schedule an appointment with the approved appraisal company. If there are unforeseen circumstances, please ask your Solution Advisor for more details on an alternative solution.

You can blend up to 1.5x of the lender fee.

The commission cheque will be mailed out to your brokerage/head office within 5 business days of receiving the lender fees.

The fees depend on the complexity and the amount of the mortgage. Usual fees involved in a private mortgage include a lender fee, legal costs and an appraisal fee.

We offer commercial mortgages on a case by case basis. We prefer mixed use residential, multi-unit residential and office units.

The approval process is usually within 24 hours if our Solution Advisors are provided with requested documents in a timely fashion. A bundle mortgage may take up to 48 hours. A commitment can be issued in 2 days or less on average. Once an appraisal, application, and supporting/signed documents are received, the case will be instructed to our lawyer within the same day. Total process time from application to funding should be around 5 business days.

Minimum 500 credit score is required. We have provided some exceptions on a case to case basis if the borrower does not have extensive credit history.

A replacement deal means the subject property currently has a second mortgage, and the intention is to replace it with another second mortgage. For any replacement deals, our maximum loan to value (LTV) is 75%.

Yes.

Gas stations, rooming houses, raw land (unless there is a collateral property), body shops, grow ops, any properties with environmental concerns.

The loan proposal is issued after your client accepts our offer. They do not have to sign the proposal but if they wish to proceed, they are required to pay the retainer fee for our solicitor. We implemented this process because our lawyers were not getting paid when the borrower would cancel the deal. The borrower can receive the retainer fee back provided the file was not instructed. Once the retainer fee is paid, we issue a commitment for signing.

Please provide a Filogix application form along with current credit bureaus pulled by the agent. We cannot accept an Equifax report from the borrower. If you have the purchase and sale agreement, we would appreciate that as well.