The Gateway Rental Mortgage™
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For your clients looking to grow their income property assets
The Gateway Rental Mortgage is the best option for clients looking to purchase or refinance an investment property. With up to five rental properties accepted and an LTV of 75%, this product offers flexible solutions to your client roster of rental investors.
CREDIT
- 600+ 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
LTV
- Up to 75% (maximum for primary financing or primary plus secondary financing)
AMORTIZATION
- Up to 25 years
DOWN PAYMENT
- 10% must be from own resources; 25% minimum
- See our list of approved down payment sources
PROPERTY TYPE
- Legal, owner occupied or non-owner occupied rental/investment properties
- Up to 5 rental properties in one portfolio accepted
- 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
DOCUMENTS
- See our list of accepted income docs
- Additional product information
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.