Alternative Deal Submission Tips

Alternative (Gateway) mortgages involve building a “story” for borrowers. Here are some tips to help you improve turnaround times for these types of deals.

Initial Submission

To streamline the time to commitment, it helps to proactively provide answers to some common questions that arise with alternative deals.  Check out our submission reference sheet for  the questions typically asked and what additional information you can include with your initial submission to be most successful.

Deal Packaging

Providing “full” packages is always the fastest route to funding a deal. To help in proactively gathering documents, see common examples of requirements in “full” packages below. Note that individual packages will differ depending on the conditions listed in the deal’s commitment. Also, appraisals are required after commitment on all Gateway deals.

Purchase

  • Signed commitment
  • Income used to debt service the deal (including any rental income used)
  • OTP, MLS
  • Down payment
  • Debts paid prior to funding
  • Separation agreement
  • Bankruptcy docs
  • Prepaid judgements/collections
  • Solicitor’s name
Refinance

  • Signed commitment
  • Income used to debt service the deal (including any rental income used)
  • Debts paid prior to funding
  • Separation agreement
  • Bankruptcy docs
  • Prepaid judgements/collections
  • Solicitor’s name

If you have any questions, don’t hesitate to contact your local BDM, they’ll be more than happy to help make your deal successful!