Alternate Lending

Aternate Lending Advantages

Non-bank lenders have less restrictive requirements for income and credit. Alternative, or “B” lenders require a minimum of 20% down payment on purchase transaction and the mortgage cannot be default insured by one of the three insurers in Canada.

 

Various programs existing with alternate lenders including:

 

– Bruised credit and financing with a credit score under 600.
– Stated income programs using business banking statements to qualify the loan.
– Self-employed tenure less than 2 years.

– Refinancing to pay CRA and property tax arrears