Brokers

LTVs

First and Seconds

• 75% in major urban centres
• Up to 75% on apartment-style condos
• 65% on urban acreages
• 50-55% smaller market areas

Types of Properties

• Residential, Vacation Properties, Residential Rental, Mixed Use Residential, Mobile Home Parks, Student Housing & More

Rates & Fees

• Start at 10.5% for Firsts and 12.5% Seconds
• Lender Fees- 2% on Firsts, 3% on Seconds (minimums apply based on loan amount – $1500, $2500, $3500 until 2 or 3% become greater)
• Broker Fees- You set! (Cannot exceed Lender fee)

Market Area

• Alberta
• British Columbia
• Saskatchewan – Only Firsts in Saskatoon and Regina
• Ontario – Major Urban Centres of South Ontario

Standard Guidelines

• Terms standard are 1 year, can be longer if requested
• Amortization up to 30 years or interest only
• 3 months interest pre-payment penalty on closed mortgages
• Fully open terms available (rates & fees may be adjusted)
• Appraisal required on all deals. (CRA or AACI only) SoBankable will also have their realtors’ opinion of value. Lesser of which will be used to qualify.
• All mortgages are renewable, with low renewal fees

*Rates and fees are based on market area, property condition, borrower’s ability to pay and income verification (if any). Subject to change without notice

LTVs

First & Seconds

• 75% in major urban centres or within 10-15 kms of communities with a population of 25,000 and over
• 50-65% smaller market areas

Types of Properties

• Commercial, Industrial, Mixed Use, Retail, Office,  Self Storage, Restaurant & Bars, Daycares, & More

Rates & Fees

• Start at 10.5% for Firsts and 13% Seconds
• Lender Fees – 2% on Firsts, higher on Seconds (minimum $3500)
• Broker Fees- You set. (Cannot exceed Lender fee)

Market Area

• Alberta
• British Columbia
• Saskatchewan – only Firsts in Regina and Saskatoon
• Ontario – only Major Urban Centres of Southern Ontario

Standard Guidelines

• Terms typically quoted as 1 year
• Amortization up to 30 years or interest only
• 3 months interest pre-payment penalty on closed mortgages. Fully open terms available (rates & fees may be adjusted)
• Appraisal required on all deals. Must be from approved appraiser list. SoBankable will also have their realtors’ opinion of value. Lesser of which will be used to qualify
• All mortgages renewable, low renewal fees

Additional Requirements

• May require the following items depending on the deal:
  • Environmental & Mechanical reports
  • Permits, surveyor & engineering reports
  • Other conditions as required