Approvals Based on Business SALES Not Personal INCOME.
WHY IS THIS MORTGAGE AMAZING?
Qualify up to $1.5 Million on a Residential Rental
Designed for Business Owners that declare low Personal Income.
Approval Based on 1 -Year Business Bank Statements Only - No Personal Tax Info Required
Applies to both Purchases and Refinances
We accept 100% Rental Income Utilized
Purchase up to 5 Rental Properties
NO Personal Tax Information or Financial Statements
NO Notice of Assessments or T1-Generals Required
RATES & FEES:**
Terms: 1-3 Years, 30-Year Amortization, Fixed Rate Only, and up to 80% Loan to Value
Mortgage is Registered with Canadian Bank
Lender & Brokerage Fee: 2% of Mortgage Amount
All Closing Costs and Fees can be deducted from new mortgage.
MORTGAGE CAN BE USED TO
Renovate Rental Property
Pay-Off a Private Mortgage
"My Self-Employed client was trying to buy an income property. Scotiabank told him he would need to declare $225,000 in Income to qualify for their mortgage - he only declared $35,000. He found out about this Self Employed Rental Program and was approved for a $1.2 Million mortgage in 3 days. Because of this program, he's currently looking for his second income property.
Richard K., CPA
REALTOR REFERS THEIR CLIENTS - BECOMES A WIN / WIN.
"My Self-Employed clients would always hit a road blocks when they needed a Mortgage Approval from their Bank. They would often be asked to put down a large down payment up to 35% or were simply declined because they did not declare enough income to qualify. Well – that’s all changed now. Through this product, I have a Carpenter who able to buy a Duplex and an IT Consultant who bought a Condo as an income property."
Alicia Bevy, REMAX
Question & Answer
Q: Because of the COVID-19 shut down, I didn’t really have any sales this year, but I have about $50,000 in Commission being paid this December from some Pre-Construction condos I sold a few years ago that are finally closing.
Can I use theses Pending Commissions as Income to qualify for the 3.09% Promo?
A: YES! We have many Realtor clients who are in the EXACT same situation as you, and we have been able to approve them for a mortgage. Even those Realtors whose Credit Score dropped because of expenses incurred during the Pandemic.
Q: I own 5 Condos in the GTA, and I have another two closing this year. I bank with TD and they told me they can’t approve me for any mortgages if own more than 5 properties. Do I still qualify for the Realtor Mortgage Promo?
A: Absolutely! There is no maximum for Rental Properties owed.
You still only need 20% as a Down Payment, and we can still use 100% of your Rental Income, and your 2020 Commission Income to qualify you for the mortgages.
Q: I was really lucky that I had lots of Pre-construction Sales close in 2020, so it was great year for me even with the COVID slowdown.
I plan to write off a lot of my expense when I file my taxes, does that affect my chances at being approved for the mortgage promo.
A: Nope. What you write off is between you and the CRA. We don’t need your Personal Tax information so please don’t send them to us.
NO Notice of Assessments or T1-Generals Required
NO Business Financial Statements Required
NO Commission Income from past years Required
Q: Because of the COVID slowdown, my husband was laid off and my 2020 Real Estate sales stalled.
In order to survive the past year, I practically maxed out our Lines of Credits and Credit Cards to over $80,000 to cover
our family's living expenses.
Thank goodness my husband was re-hired in September and I have some closings that will actually happen.
If I Refinance my home to pay off the Credit Cards, will the bank make us close them?
I want to pay them off, but I don’t want to lose them.
A: Absolutely not. This Promo allows clients to keep all their credit cards and lines after they are paid off.
We believe you should be able to keep all your Credit Facilities that you have earned over the years.
Q; I just started working as a Realtor in 2019, and I didn’t really close much. But I had a pretty good year in 2020 because of some big purchases from some overseas investors. Do I still qualify for the Promo if I have been a Realtor less than 2- years?
A: Yes. And congratulations on a great year!
Q: I want refinance my home under the program to pay off my $100,000 Private Mortgage and Credit Cards. But I don’t have money to pay for the costs to pay for the Penalties, Legal Fees, and Closing Costs.
Can I include those costs in the Refinance amount or do I have to pay for them myself?
A: We always ensure that all costs associated with a Refinance are incorporated in the mortgage amount. You will never have to use your savings to pay for your closing costs.
Q: I own and live in a Triplex that is worth about $1.2 Million and has a small mortgage of about $300,000. I am interested in buying a 4-Plex for $1.6 Million. Can I refinance my Triplex and use those funds for the down payment to buy the 4-Plex?
A: We like the way you think. Not only can we refinance your home for the $320,000 down payment required under the 3.09% program, but we can also approve the 4-Plex for the mortgage.
Q: I bought a few Pre-Construction Condos that are closing in November.
I was the only Agent on the purchase and I am receiving the 5% Commission the deal and want to use it for the Down Payment on the Condo. Can I do that under the Program?
A: YES.YES. YES.