Deal Examples

Here are some real-life examples that paint a fuller picture of alternative deals we’ve received, the information provided to build the story and the resulting solutions. Click on the description to view details. If you have any questions or deals you’d like to discuss, your local BDM would love to hear from you.

“When we needed an exception, [my underwriter] went to bat for the file and negotiated it in our favour — I appreciate underwriters that think outside the box and try to find solutions.”
– Rebecca Awram, Mortgage Advisor, DLC Origin Mortgages

The Gateway Mortgage

  • Refinance to consolidate high-interest first and second mortgages

    The customer needed an alternative mortgage to consolidate debts and pay off previous derogatory credit. (PDF)

    Mortgage Purpose

    Refinance to consolidate debts, which included first and second high-interest mortgages & credit card

    Property

    Location
    Markham, ON

    Type
    Single Family Detached

    Value
    $276,000

    Borrower

    Who?
    Single

    Beacon Score
    702

    Creditworthiness
    Nothing to address

    Credit issues
    · R4s
    · No current active trades
    · Credit card revoked by lender

    Employment
    · Salaried with pay slips
    · In same job for over five years

    BwB Solution Summary

    Term 2 Years
    Rate 3.99%
    Loan Amount $220,800
    LTV 80%
    GDS/TDS 35% / 41%
    Fee $2,208 (100 bps)
    Finder’s fees paid to broker $1,546 (70 bps)
  • Sub-600 bruised credit, purchase

    The customer has bruised credit. He had good previous mortgage payment history, a down payment of sale of property and completion of credit counseling to deal with credit issues. (PDF)

    Mortgage Purpose

    Purchase

    Property

    Location
    London, ON

    Type
    Single family detached

    Value
    $239,000 (MLS listed)

    Borrower

    Who?
    Single

    Beacon Score
    562

    Creditworthiness
    · Previous financial difficulties due to loss of family member
    · Has completed credit counseling
    · 20% down payment from own resources
    · Recent history of loan repayment

    Credit issues
    · Previous R7
    · Current R9 with outstanding balance
    · Current R9 with outstanding balance and late payments

    Employment
    · Salaried, 10 years at same employer
    · Income verified with pay slips and letter of employment

    BwB Solution Summary

    Term 1 Year
    Rate 4.19%
    Loan Amount $191,200
    LTV 80%
    GDS/TDS 24% / 24%
    Fee $1,912 (100 bps)
    Finder’s fees paid to broker $1,147 (60 bps)

The Gateway Business For Self Mortgage

  • BFS, rental property refinance

    This low-doc BFS customer had a high-rate private mortgage on her investment property due to inability to verify income. Twelve months of banks statements allowed her to move to Alt-A mortgage. (PDF)

    Mortgage Purpose

    Refinance to pay off existing high-rate private mortgage (9.25%) of rental property

    Property

    Location
    Winnipeg, MB

    Type
    Single family detached

    Value
    · $165,000
    · Two comparables submitted

    Borrower

    Who?
    Single, divorced

    Beacon Score
    762

    Creditworthiness
    Strong credit

    Credit issues
    None

    Employment
    · Primary Applicant has been self-employed hairdresser for 9 years
    · BFS & rental income verified through 12 months bank statements

    The Solution Summary

    Term 3 Year
    Rate 4.49%
    Loan Amount $120,000
    LTV 73%
    GDS/TDS 19% / 46%
    Fee $1,200 (1%)
    Finder’s fees paid to broker $960 (80 bps)

The Gateway Rental Property Mortgage

  • BFS, rental property refinance

    This low-doc BFS customer had a high-rate private mortgage on her investment property due to inability to verify income. Twelve months of banks statements allowed her to move to Alt-A mortgage. (PDF)

    Mortgage Purpose

    Refinance to pay off existing high-rate private mortgage (9.25%) of rental property

    Property

    Location
    Winnipeg, MB

    Type
    Single family detached

    Value
    · $165,000
    · Two comparables submitted

    Borrower

    Who?
    Single, divorced

    Beacon Score
    762

    Creditworthiness
    Strong credit

    Credit issues
    None

    Employment
    · Primary Applicant has been self-employed hairdresser for 9 years
    · BFS & rental income verified through 12 months bank statements

    BwB Solution Summary

    Term 3 Year
    Rate 4.49%
    Loan Amount $120,000
    LTV 73%
    GDS/TDS 19% / 46%
    Fee $1,200 (100 bps)
    Finder’s fees paid to broker $960 (80 bps)

The Self-Declared Income Mortgage

  • Refinance to pay business debts, self-declared income

    The borrower is self-employed with self-declared income. He was looking to refinance his home to finance and pay off business debts.
    He has an excellent credit history and provided documents to support his stated income. (PDF)

    Mortgage Purpose

    Refinance to pay off business debts

    Property

    Location
    Edmonton, AB

    Type
    single Family Detached

    Value
    $450,000

    Borrower

    Who?
    Married couple

    Beacon Score
    720 & 733

    Creditworthiness
    The Primary applicant owns several businesses buying, renovating and selling properties. He’s looking to take out home equity to finance debts used for business purposes

    Credit issues
    None

    Employment
    Primary Applicant is self-employed
    Income documents used include: Proof of incorporation, NOA and nine months of bank statements

    BwB Solution Summary

    Term 1 Year
    Rate 4.19%
    Loan Amount $270,000
    LTV 60%
    GDS/TDS 25% / 42%
    Fee $2,700 (100 bps)
    Finder’s fees paid to broker $1,620 (60 bps)
  • Self-declared income, former bankruptcy & unpaid collections

    This BFS, self-declared income customer is moving from a high-rate private mortgage to Alt-A mortgage as he improves his credit situation. (PDF)

    Mortgage Purpose

    Refinance to pay off existing high-rate private mortgage, legal costs & unpaid collections (family maintenance), lender’s fee and upgrades to home

    Property

    Location
    Nanaimo, BC

    Type
    Single Family Detached

    Value
    $325,000

    Borrower

    Who?
    Common law

    Beacon Score
    637

    Creditworthiness
    · Self-employed, with previous bankruptcy due to back injury that reduced applicant to limited work for almost three years
    · Unpaid collections for family maintenance recently settled with no future payments required

    Credit issues
    · Banko docs received – no property involved
    · Family maintenance agreement provided

    Employment
    · Primary Applicant is self-employed
    · Income documents used include: Proof of business via GST number, NOA and 9 months of bank statements

    BwB Solution Summary

    Term 3 Year
    Rate 4.99%
    Loan Amount $160,000
    LTV 49%
    GDS/TDS 41% / 46%
    Fee $1,600 (100 bps)
    Finder’s fees paid to broker $1,280 (80 bps)