Commercial Lite Mortgage Feature Sheet

Approved Property Types

Multi-Family Residential, Five-Plex or Greater
Mixed-Use
Office Space

Exclusions

Large Commercial (e.g. Hotels/Motels, Restaurants, Nursing/Retirement Homes, Gas Stations, Automotive Related Industries, Marinas, Residential Developments), Construction, Industrial

Mortgage Features

First Mortgages Only
Closed with a 3-month Interest Penalty or Open Term Available
Interest-Only or Amortized Payments, Maximum Amortization: 40 Years
Available Terms: 1-3 Years / 6 Month Open
Flexible Payment Options, Monthly, Bi-Weekly, Weekly. Prepaid Options Available
Property taxes to be included with Payment

Rates & Fees

Current Rate as Low as 7.99%, Placement Fee: 2.00%
Open Term, Current Rate as Low as 9.25%, Placement Fee: 2.50%

Note: Rates are subject to change without notice. Minimum Placement Fee $3,000.00

Loan Parameters

Maximum LTV: 65%
LTV subject to Opinion of Value or Full CRA Appraisal at Borrowers Expense
Minimum Mortgage Amount and Required Equity: $100,000
Requests exceeding $1,200,000 considered on an exception basis

Location Guidelines

Urban: Minimum population of 20,000 (Rural properties excluded)

Underwriting Requirements

Completed Mortgage Application and Credit Bureau
Employment Information
Tenant Information and Commercial Lease Agreement
Existing Mortgage Information, Outstanding Balance and Status
Purpose and Disbursement of Funds
Exit Strategy

Documentation Requirements

Income Verification, Full-Time: T4/ NOA/ Recent Pay Stub, BFS: NOA/T1 and Confirmation of HST filings
Commercial Lease agreement and Contact Information for Tenants (Must be Minimum 1 Year Lease)
Financial Statements for Corporation, if applicable
MLS Listing for Purchase
Firm Purchase & Sale Agreement
Confirmation of Down Payment for FINTRAC compliance