Select a location from above to display BDMs
Contact a BDM
Manager, B2B Solutions
Jason Provencher Phone: 403.472.7340 Toll Free: 1.888.472.7340 Fax: 403.718.3042 jprovencher@bridgewaterbank.ca
British Columbia
Yvonne Futter Phone: 604.506.7114 Toll Free: 1.866.867.1777 Fax: 403.718.3042 yfutter@bridgewaterbank.ca
Edmonton, central & northern Alberta
Laura Cook Phone: 587.341.4160 Toll Free: 1.844.430.4846 lcook@bridgewaterbank.ca
Ontario north, central & Niagara region
Matt Royston Phone: 705.730.9387 Toll Free: 1.855.730.9387 mroyston@bridgewaterbank.ca
Select a location from above to display BDMs
Contact a BDM
Manager, B2B Solutions
Jason Provencher
Phone: 403.472.7340
Toll Free: 1.888.472.7340
Fax: 403.718.3042
jprovencher@bridgewaterbank.ca
British Columbia
Yvonne Futter
Phone: 604.506.7114
Toll Free: 1.866.867.1777
Fax: 403.718.3042
yfutter@bridgewaterbank.ca
Edmonton, central & northern Alberta
Laura Cook
Phone: 587.341.4160
Toll Free: 1.844.430.4846
lcook@bridgewaterbank.ca
Ontario north, central & Niagara region
Matt Royston
Phone: 705.730.9387
Toll Free: 1.855.730.9387
mroyston@bridgewaterbank.ca

Get into the rental market with the Gateway Rental Mortgage™

If you have a client looking for an investment property mortgage, check out Bridgewater Bank’s Gateway Rental Mortgage. It’s an ideal solution for your clients who want to own rental properties but may not qualify for a traditional big-bank mortgage. It also gives you the opportunity to better serve your clients by offering them solutions they just can’t get elsewhere.

There are not a lot of mortgages designed specifically for purchasing or refinancing rental properties. The Gateway Rental Mortgage:

  • Can be for owner-occupied or non-owner-occupied properties—something that not every lender allows.
  • Allows for many types of property purchases, including single family homes, duplexes, fourplexes, townhouses, apartments and condos.
  • Allows a client to finance up to four properties with Bridgewater Bank, to a maximum of $1.5 million (combined). There is no limit to the number of properties financed by other lenders.
  • Offers flexibility in rates and fee structure from a near-prime, non-private lender.
  • Allows for market rents or an 80% rental offset to be used against expenses, depending on the property.

What your client needs

Because Bridgewater Bank is an alternative lender, we offer investment property mortgage solutions that the big banks just can’t match. We still need to manage the risks, but we take a look at each person and their unique needs to determine the terms of the mortgage.

One major risk for your client will be the rental market. A vacant property doesn’t earn income, which is needed to make mortgage payments. We ask that:

  • The property be located in a larger market to increase rental opportunities. That means in or near a major urban centre, or a small centre with a population of at least 50,000.
  • Your client has a minimum personal net worth of $50,000.
  • Your client provides a minimum 25% down payment, 10% of which must be from their own resources.

Non-traditional income…no problem

We know that not all clients will have income from a T4 slip and a letter from their employer. We specialize in helping people who are self-employed. With the proper income verification, your client can get into the investment property market.

Credit scores and debt ratios

To qualify for this mortgage product, your client should have:

  • A beacon score of 600+ for the primary borrower or 550+ for co-borrowers.
  • Discharge from bankruptcy for minimum 12 months with re-established credit.
  • A maximum of 45% gross debt servicing (GDS) and 50% total debt servicing (TDS).

Take a look at the terms of this flexible mortgage solution.

Interested in learning more about Bridgewater Bank’s Gateway Rental Mortgage, contact one of our expert BDMs and underwriters to request more information.

 

 

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