At Contemporary Investment Corp, we are committed to partnering with our clients to find open the path to homeownership based on equity and marketability.
We offer Conventional Mortgages for customers with bruised credit and non-traditional income. Our seasoned professionals provide flexible lending alternatives offering solutions in situations such as bruised credit and self—employed income that are typically turned down by the traditional lender.
Min $100,000 to Max $1,200,000
(Mortgages greater than $1,200,000 may be granted on an exception basis only)
1 year, 2 year and 3 year terms
Amortization up to 40 years
Pre-paid Mortgages
1st and 2nd mortgages available
Mortgage payments PI&T – Monthly and Bi-Weekly Payments – PAP
Pre-Authorized Payment Plan
Equifax Credit Bureau required
with each submission
Discharged Bankruptcy/Consumer Proposals acceptable
Single Family Dwellings
Duplexes
Condominiums — high rise and townhomes
Vacation properties/2nd homes acceptable
Residential plus 5 acres — no outbuildings
Hobby Farms and Rental Pools
Exclusions — CommerciaI/lndustrial/
Co-ops/Timeshares/Fractional Ownership/Mobile and Modular Homes (Leased Land)
Formal inspections required by a qualified individual
Application
Credit Bureau/Equifax
Purview
MLS/Purchase and Sa|e Agreement, if applicable
Traditional Income Verification — Recent NOA
and paystub
Non-Traditional Income Verification — BFS — Sole Proprietorship/Partnership/Corporation — Articles of Incorporation if applicable — Recent NOA and HST statements if applicable, T-1 filings
Inspection Fee $350.00 plus HST - $395.50 with signed commitment (CRA appraisal may be required at a cost of approx. $650 plus HST)
Placement fee 1.50% of the approved mortgage amount to be deducted from proceeds when advanced
We have a dedicated team of qualified underwriters working on your deal who will provide a 12 to 24 hour turnaround time with a complete package.
10 days from date of approval,
30-60 days from date of approval with signed commitment
Orillia, Gravenhurst, Wasaga Beach, Collingwood, The Blue Mountains, Midland, Penetanguishene, Port McNicoll, Victoria Harbor, Lafontaine, Hamilton to Oshawa, Barrie to Toronto, Shelburne, Caledon, Orangeville, and Surrounding areas. New Lending area: Kitchener, Waterloo & Guelph
Contemporary Investment Corporation is a Mortgage Investment Corporation (MIC) based in Barrie, Ontario. The Corporation started in 1986 with approximately 20 investors dealing exclusively with both mortgage brokers and realtors. The average size of a mortgage at that time was $30,000 and interest rates ranged between 11.50% and 15%. Over the past 35 years the MIC has grown dramatically, expanding into new lending areas, in an effort to support local communities and individuals that are unable to obtain mortgages through traditional lending institutions.
During this time, the Corporation has been administered by Powell Jones LLP, a firm of Chartered Professional Accountants in Barrie, Ontario. The mortgage team at Powell Jones LLP has grown to a total of nine staff who oversee operations and work closely with clients, mortgage brokers, realtors and lawyers to ensure that each individual receives the highest quality service available in the industry.
