Investment Property 1st Mortgage Feature Sheet

Approved Property Types (Non-Owner Occupied)

Single-Family Dwellings
Semi-Detached
Duplex, Triplex, Fourplex
Condominiums
Townhomes
Garden Suite, 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 (Applicable to Bridge Financing)
Flexible Payment Options, Monthly, Bi-Weekly, Weekly. Prepaid Options Available
Property taxes to be included with Payment

Rates & Fees

Current Rate as Low as 6.75%, Placement Fee: 1.50%
Open Term, Current Rate as Low as 8.00%, Placement Fee: 2.00%

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

Loan Parameters

Maximum LTV: 70-75%
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 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)
MLS Listing for Purchase
Firm Purchase & Sale Agreement
Confirmation of Down Payment for FINTRAC compliance