Terms and Guidelines
| Lending Area | Canada | |||||
| • Rural areas are open to more scrutiny | ||||||
| • Specializing in the Atlantic Canadian markets | ||||||
| Min. Loan Amount | $10,000 | |||||
| Max. Loan Amount | No Max. | |||||
| Interest Reserve | Yes - Interest reserves can usually be built into the loan amount. | |||||
| Terms | 2 months to 10 years | |||||
| • 1 year term is typical for privately funded deals |
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| • longer terms are available for commercial and some private deals |
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| Rates | Varies |
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| Rates vary by deal and are determined by traditional vs. private financing, risk, property type, property location and borrower details. | ||||||
| Payment Frequency | Monthly (typically) |
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| Loan To Value (LTV) | Residential (i.e. single family) | up to 90% | ||||
| Multi-unit residential | up to 85%* | |||||
| Commercial / Industrial | up to 80% | |||||
| Construction loans / Development loans | up to 80% | |||||
| Land | up to 50% | |||||
| Higher loan to values are possible with additional collateral. | ||||||
| * 85% CMHC insured | ||||||
| Fees (Lender/Broker) | Varies | |||||
| Retainers | Retainers are required only in certain circumstances. | |||||
| Appraisals | Usually required | |||||
| Timeline | With proper documentation, we can usually get a response within 2 to 3 business days. | |||||
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