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Contact a BDM
Vice-President, National Sales
Jason Provencher Phone: 403.472.7340 Toll Free: 1.888.472.7340 Fax: 403.718.3042 jprovencher@bridgewaterbank.ca
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British Columbia
Yvonne Futter Phone: 604.506.7114 Toll Free: 1.866.867.1777 Fax: 403.718.3042 yfutter@bridgewaterbank.ca
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Edmonton, central & northern Alberta
Laura Cook Phone: 587.341.4160 Toll Free: 1.844.430.4846 lcook@bridgewaterbank.ca
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Select a location from above to display BDMs
Contact a BDM
Vice-President, National Sales
Jason Provencher
Phone: 403.472.7340
Toll Free: 1.888.472.7340
Fax: 403.718.3042
jprovencher@bridgewaterbank.ca
Headshot of Jason Provencher
British Columbia
Yvonne Futter
Phone: 604.506.7114
Toll Free: 1.866.867.1777
Fax: 403.718.3042
yfutter@bridgewaterbank.ca
Headshot of Yvonne Futter
Edmonton, central & northern Alberta
Laura Cook
Phone: 587.341.4160
Toll Free: 1.844.430.4846
lcook@bridgewaterbank.ca
Headshot of Laura Cook

Know The 5 Cs of Credit to Accelerate a Submission

Make sure to download this shareable, one-page PDF: Consumer credit tips.

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Before you submit an alternative deal to your lender, it’s important to dig deep into your client’s story. The more information gathered from your clients, the quicker the process will be. Accelerate your submission and look like a star broker!

Lenders analyze deals using the five Cs of credit, so we’ve built some questions to ask your client, reflecting that.

Going over them with your client before submission will make your application more robust and you’ll get a true sense of whether the deal is a fit for your lender.

1. Capital

What is the down payment amount and where is it coming from?

What is your client’s net worth?

What assets does your client have?

  • Chequing
  • Savings
  • Bonds
  • Vehicles
  • RRSPs
  • Pensions
  • Vacation homes
  • Rental properties

This information will help your underwriter make sense of what your client spends their income on.

2. Credit

Has your client ever filed for bankruptcy or consumer proposal?

If so, was there a foreclosure? Have they been discharged? What is the balance owing?

Who and what is registered on title?

No surprises is a good thing in this case.

Are your client’s credit issues an isolated occurrence?

Was there an injury or a death in the family?

Significant life events can happen to anyone and we understand that. If your underwriter can see the whole story, they’ll have more ability to approve the file.

5 cs of credit infographic

 

3. Capacity

What is your client’s income?

Double-check the client understands their compensation breakdown. Allowances, bonuses and shift pay can’t be used in all cases.

Are their hours guaranteed?

What is the minimum guarantee if your client is working part-time?

Does your client own any other properties?

4. Collateral

What condition is the property in?

  • What year it was built?
  • Is there any work in progress?
  • Does anything need replacing?
  • Anything unique about the property?
    • Square footage
    • Train tracks
    • Cell towers
    • Power lines
    • Environmental protected areas

Where is the property located? Is it within the lender’s lending areas?

5. Character

What is your client’s marital status?

  • Married
  • Common law
  • Widowed
  • Divorced/separated

Is there support payable or received?

Try to complete the application fully and accurately as all the information on the application ultimately leads the lender through an assessment on character.

  • Who are we lending to?
  • Are they likely to be able to handle the obligation?
  • Do they demonstrate pride of ownership?
  • Have they gone through a major life event and are working their way out of a tough situation?

The lender, after reviewing the application notes and details, should know your client as well as you do.

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