Parkbridge Leased Land Feature Sheet
Approved Property Types (Must be Owner Occupied)
- Parkbridge/Community Living Leased Land Modular Home, Minimum 1000 Sq. Ft
Exclusions
Properties Intended for Investment Purposes
Mortgage Features
- Closed with a 3-month Interest Penalty or Open Term Available
- Amortized Payments, Maximum Amortization: 40 Years (to match term set out in the lease agreement less 5 years)
- Available Terms: 1-3 Years, 6 Month Open (Applicable to Bridge Financing
- Flexible Payment Options, Monthly, Bi-Weekly, Weekly. Prepaid Options Available
Rates & Fees
- Current Rate as Low as 7.50%, Placement Fee: 1.50%
- Open Term, Current Rate as Low as 8.75%, 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
Location Guidelines
Exclusive to Lending on Homes Owned by Parkbridge Lifestyle Communities Inc.
Underwriting Requirements
- Completed Mortgage Application and Credit Bureau
- Employment Information
- Term of the Existing 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
- Copy of Lease Agreement confirming the Lease is in Good Standing, with a Remaining Term at Least 5 Years Longer than the Mortgage Amortization
- Well & Septic Reports or Lawyer to obtain endorsements on Title Insurance (if applicable)
- MLS Listing for Purchase
- Firm Purchase & Sale Agreement
- Application Completed and Approved by Community Management at Parkbridge for Purchase
- Confirmation of Down Payment for FINTRAC compliance