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Where do you lend?

Everywhere in BC except the Lower mainland and Greater Victoria Area.

How much?

Our max is $1 million first, $250k second. No thirds but we will happily do interalia.

Max LTV?

Depends on region, but here's our map. Normally we target 65% LTV.

How do you pay?

How we'd want to be paid. We collect broker fees and pay you directly. 100bps unless you request something else.

What types?

Construction, purchases, Refi, consolidation, bare land or anything else that makes sense and involves a land title.

Do you do commercial?

Yep, but limited to 60% LTV, with a max mortgage of $1mil.

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A scenic photo of BC near Golden and the Kootenays

Just how different?

Working with us

We're a small-town mortgage investment corp that specializes in working on deals other MIC's won't. As long as your deal is for property located in our lending area and the deal makes sense, we'll consider it.

What's a deal that makes sense? Something with a clear exit path and a LTV that matches the risk of the property, location and borrower.

If your clients have enough equity to cover the worst case scenario and you've got a exit strategy for the deal, awesome - lets see if we can make something work.

If you've ever brokered a deal with another MIC, you'll find a lot of similarities in how we operate. If this is your first B deal, here's a couple benefits of working with a Mortgage Investment Corporation:

  • We underwrite based on common sense
  • We can turn around deals quickly
  • We'll work with you to make the deal work

Tekamar is no different. The only thing that separates us from most MICs is that we tend to lend in places with higher DOMs (days on market) than most. Which just means you've just found a lender that will consider your commercial, float-plane access only deal in the Kootenays where other MIC's might not.

How we’re different from banks

One of the biggest benefits of working with a mortgage investment corporation is the source of our funds. While we are very regulated (just ask our auditors), because we are not borrowing federal money, we are provincially regulated - like credit unions - on what we can lend on. Our lending policies are instead set by the level of risk versus the expected return on investment of our investors/shareholders. This means that because our funds are not federally derived, instead of having to fit your client into a check box of OSFI lending guidelines, we're able to look at it from a "does this deal make sense to our investors" lense.

Faster turnaround, unique situations, more flexibility on equity versus income and the ability to work with your borrower's that just don't fit in the Banks's boxes. Sometimes it just makes sense to go with a MIC.

The How and What

Our Available Products

Construction Mortgages

No longer a need to dread brokering construction mortgage. Between our no-fixed-schedule draws (often fund within 6 hours of updated progress inspection reports), allowance for owner-builders and our standard variable lending area, you might even look forward to your next "how do we build a home" question.

Equity Lending

Plenty of equity, but just not quite enough income to support your client's mortgage needs? No worries. If it makes sense, we'll review it.

Credit Repair

Bad luck (or poor choices) can happen to anyone. We get it. That doesn't mean your clients shouldn't have a home. If there's a plan to fix it, we're happy to consider lending - regardless of the FICO score.

Variable Income Streams

Your clients make the money, but just can't quite show it to meet B20 lending guidelines? Self employed but not claiming it personally? No worries. We're not quite as stickler about their Line150s

Bare Land/Odd Property

Private island with no ferry access? Some unserviced bare land just outside of Kelowna? If the LTV matches the risk of the days on market, we have no issues with putting a mortgage on just dirt.

Bridge Financing/Open Term

Buying a house on the first but need the money two weeks beforehand? Sale on existing home collapsed at the last moment? Just want to know they can move before selling? We can help with that.

Want more product information and detailed lending guidelines?

View all mortgage products here.

The Price of Money

Mortgage Rates

image of adams river near Kamloops, BC and the Shuswap

Ah rates, a client's first concern. Oh, but some flexibility would be good. Did they mention their consumer proposal? How about the fact that the nearest stop light is 45 minutes away?

If you're reading this, your client's probably aren't getting prime-minus anything for this particular deal.

Tekamar Mortgage Fund is a MIC. Our source of funds are private investors, not the Canadian bond market. Our cost of funds are more expensive. We price based on a base cost of funds plus deal-specific risk.

  • Our base target APR is 9.25%
  • We increase based on risk, and decrease based on strength.
  • We will happily use lender fees to adjust to the deal APR.

Why are your rates higher than Other Vancouver MIC™?

Tekamar is different than other MIC's mostly due to it's lending areas. We'll lend in much riskier areas with significantly higher days on market. To achieve this, our investors require a higher return on investment, so our target APR is higher than many MICs.

Because we price on risk, if you've got a deal that's strong or in a lower risk (larger population area), give us a shot and we'll do our best to compete. Our target is 9.25% based on the types of deals we see most often. Our lower bounds of APR are 6.5%

Avoiding Sticker Shock

"My client is rate sensitive" - no worries. Have you talked to them about lender fees? We can (and regularly do) capitalize a lender fee and just do a lower the interest rate.

A 7.88% rate with a 1.37% lender fee is often a lot more appealing to clients, and makes no difference to us.

image of mountains in british columbia in the central and coastal mountains

What about my specific deal?

When each deal we lend on is unique, it's hard to give a definitive price. Sure we've got a target APR, and will often be able to (and happily) quote you a rough estimate if you call us, but the reality is if you want to get a definitive rate, send the deal in on Velocity/Expert etc and we'll give you an exact number based on credit and property location.