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Investment Property 2nd Mortgage Feature Sheet

Secure an Investment Property 1st Mortgage with Contemporary Investment Corp. Get rates from 6.75% and up to 75% LTV for non-owner occupied properties.

Investment Property 2nd Mortgage Feature Sheet

Approved Property Types (Non-Owner Occupied)

  • Single-Family Dwellings
  • Semi-Detached
  • Duplexes, Triplex, Fourplex
  • Condominiums
  • Townhomes
  • Garden Suites, Laneway Homes
  • Modular, Prefab Homes

Exclusions

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

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 (custom term available to match maturity date of 1st mortgage)
  • Flexible Payment Options, Monthly, Bi-Weekly, Weekly. Prepaid Options Available

Rates & Fees

  • Current Rate as Low as 10.50%, Placement Fee: 1.50%
  • Open Term, Current Rate as Low as 11.75%, Placement Fee: 2.00%

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 (based on combined total with 1st mortgage)

Note: Second mortgages will not be placed behind other private lenders or where the first mortgage is in default

Location Guidelines

Urban: Minimum population of 20,000 (Rural properties considered on an exception basis)

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
  • Lease agreement and Contact Information for Tenants (Must be Minimum 1 Year Lease)
  • Existing 1st Mortgage Statement, Confirmation it is in good standing and paid as agreed
  • Confirmation that the 1st Mortgage pays Property Taxes

Note: If First Mortgage is HELOC or Home Equity Plan: LTV for 2nd mortgage to be based on Global Limit