Rental property purchase
In this scenario, the clients were able to purchase an income-generating property with the help of their mortgage broker at a fantastic rate.
The broker knew this client’s ratios were higher than what an A-lender would approve.
This deal required an expert underwriter to build a realistic financial picture to prove income – making it the perfect fit for an alternative lender.
*The 2019 T1 general was waived due to the government extending the filing date due to COVID-19. Instead, we took the 2018 T1 general supported by bank statements.
**The AIR is compounded semi-annually, not in advance. The APR based on a $247,500 loan with a 25-year amortization and loan fee of 1% is 5.00%.
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