The Gateway Alternative Income Rental Mortgage™
Part of our Elite Suite of products, the Gateway Alternative Income Rental Mortgage is for clients looking to purchase or refinance an investment property, have non-traditional income, a beacon of 680+, and are investors with one or more rental properties. Clients must have a minimum personal net worth of $50,000 and provide minimum 35% down payment.
- 680+ for primary borrower
- 550+ for co-borrowers
- Minimum personal net worth of $50,000; visit net worth assets
- Discharged from bankruptcy for minimum 12 months with re-established credit
- Consumer proposals considered (must be discharged or paid out from proceeds)
GDS / TDS
- Maximum of 45% GDS / 50% TDS
- Up to 65% (maximum for primary financing or primary plus secondary financing)
- Up to 25 years
- 10% must be from own resources; 35% minimum
- See our list of approved down payment sources
- Legal, owner occupied or non-owner occupied rental/investment properties
- Single family, duplex, fourplex, townhouse, apartment, condo
- Property must be registered in personal name
- Non-conforming suites in major markets that conform to municipal zoning requirements considered
- See our list of accepted income docs
Additional product information
Bridgewater Bank Gateway mortgages can be used for purchases, refinances or equity take outs. Our mortgages are available in 1 year, 2 year and 3 year terms.
Prepayment privileges* are available. Up to 20% of loan amount (minimum of $500) can be paid once a year on the anniversary date of mortgage (unused portion cannot be carried forward).
We also offer a 3-2-1 PAYOUT*. We recognize that Gateway Mortgages aren’t forever and your client may need to leave early. Our 3-2-1 payout is simple to understand with no complicated formulas. It’s as easy as 1, 2, 3! Early payout amounts are based on which year of the mortgage the customer is in:
- Year 1 = 3% of remaining balance
- Year 2 = 2% of remaining balance
- Year 3 = 1% of remaining balance
*Certain conditions may apply.
Visit our Gateway product standards page for full details that apply across all Gateway alternative lending products.