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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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Lower Mainland, Island and northern 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
Headshot of Laura Cook
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
Lower Mainland, Island and northern 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

Condo purchase using alt credit and a gift of equity

In this scenario, clients with high ratios and thin credit were able to purchase a condo from a family estate.

As an alternative mortgage expert, our resourceful underwriter found ways to approve this deal at a great rate. First, a gift of equity was used for a portion of the down payment, which brought the LTV to 50%.
Next, the underwriter asked for ‘alt’ credit, which demonstrated that even though their credit was tenuous, these clients had no NSFs, no late payments, and were living within their means. Along with a T1 and NOA to show stable income and no taxes owing – deal approved.
*Commonly two trades for two years are required; in this case, we asked for 12 months of personal bank statements in lieu.
**The AIR is compounded semi-annually, not in advance. The APR based on a $236,000 loan with a 30-year amortization and loan fee of 1% is 4.00%.
All terms and conditions subject to change without notice; see BwBbrokerinfo.ca for details. For internal use only (brokers, agents and affiliates). Not intended for external consumer use.

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