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Cottage/Island Properties Feature Sheet

Finance your second home with Contemporary Investment Corp's Cottage & Island Mortgages. Rates from 6.75% with up to 65% LTV for all-season properties.

Cottage/Island Properties Feature Sheet

Approved Property Types

  • All Season Cottages (Second Home)
  • Seasonal Cottages/Island Properties

Exclusions

Properties on Reserves/Leased land, Industrial, Commercial, Rooming Houses, Construction, Fractional Ownership, Livestock Farms, Co-ops, Timeshares, Mobile Homes

Mortgage Features

  • 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

  • All Season Cottage, Current Rate as Low as 6.75%, Placement Fee: 1.50%
  • Open Term, Current Rate as Low as 8.00%, Placement Fee: 2.00%
  • Island Property, Current Rate as Low as 7.75%, Placement Fee: 2.00%
  • Open Term, Current Rate as Low as 9.00%, Placement Fee: 2.50%

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

Loan Parameters

  • Maximum LTV: 60-65% on All Season Cottages
  • Maximum LTV: 50% on Island Properties
  • LTV subject to Opinion of Value or Full CRA Appraisal at Borrowers Expense
  • Minimum Mortgage Amount and Required Equity: $100,000
  • Requests exceeding $800,000 considered on an exception basis

Location Guidelines

  • Rural Properties in Muskoka, Georgian Bay and the Kawarthas Accepted
  • Island Properties, Maximum 20-minute boat ride from Marina (longer distances to be approved on an exception basis). Same location guidelines apply.

Underwriting Requirements

  • Completed Mortgage Application and Credit Bureau
  • Employment Information
  • 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
  • Rural Properties: Well & Septic Reports or Lawyer to obtain endorsements on Title Insurance
  • MLS Listing for Purchase
  • Firm Purchase & Sale Agreement
  • Confirmation of Down Payment for FINTRAC compliance