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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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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
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

Self-employed client refinances to pay off debt

In this case, a self-employed client was able to refinance his property to pay off debt incurred while off the job for four months. Bridgewater Bank’s expert underwriter took into consideration the client’s story and past credit history when approving the deal.

His recent time off meant a bank-statement program alone would not support the income. Bridgewater Bank was able to approve the deal at 80% LTV and combine 2019 financials with add-backs to bring the ratios in line below 45%/50%. A 30-year amortization was applied with no rate premium. At 4.79%*, the payment over the term is an affordable option for the client.

The Gateway Self-employed Mortgage product was the right solution for these clients. This product will allow them to rehabilitate their credit over the 2-year term and renew at a lower rate in the future.

Alternative lenders are willing to take the time to understand the story behind the application. They are also more willing to work with BFS clients, a growing market with a lot of potential.

*The AIR is compounded semi-annually, not in advance. The APR based on a $360,000 loan with a 30-year amortization and loan fee of 1% is 4.88%.

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