Coldstream

“Wait, you’re a MIC that actually does construction?”

Here’s something that makes brokers do a double-take. Yes, we do construction mortgages. No, that’s not a typo.

But before you start sending us your client with the 580 credit score who wants to build their dream home, let’s be clear: these aren’t your typical MIC deals. We only do construction for bankable clients. People the banks would ...

“Their credit report reads like a horror novel, but the house was just renovated and is worth a lot…”

Here’s what happens when life takes a wrong turn. A bad business venture. Workplace Injury. That divorce that dragged on for two years. Suddenly your credit score looks like a batting average and the banks won’t even return your calls.

But here’s the thing – none of that changes what your ho...

“Their income is all over the map, but there’s definitely income…”

Here’s a funny thing about lending based on Line 15000 of your Notice of Assessment: It’s a neat little box to underwrite against. Works great if you’re a salaried employee. Not so great if you’re running a fishing charter in Campbell River where thres fishing season, and the rest of the year.

We get it. Income isn’t always ti...

“The appraisal came back as ‘property type: other’…”

Here’s a truth about real estate that nobody wants to admit: not everything fits in a box. Banks have boxes. Nice, tidy boxes labeled “single family home” and “condo” and “townhouse.” Their computer systems literally don’t have a dropdown menu option for “converted church with commercial kitchen” or “geodesic dome on 40 acres.”

We’ve funded...

“Subjects came off their current home last week but their new place closes Friday…”

Here’s a funny thing about bridge financing: everyone thinks it’s complicated. It’s not. Someone needs to close on their new house before their old house sells. Or their sale fell through after they removed subjects on their dream home. Or they found the perfect downsizer condo but haven’t listed the family hom...

“We need a commercial mortgage, but we’re in Fort St. James…”

Here’s the thing about being a MIC that lends in tiny towns: sometimes commercial comes with the territory. The general store that’s been there since 1952. The six-plex that passes for high-density housing in Vanderhoof. The campground that’s also someone’s retirement plan.

We’re not going to pretend we love commercial lending. We ...

“Got a client with subdivision dreams? Unfortunately we’ll probably say no…”

Look, we know you’ve got that client. The one with 5 acres in Kamloops who’s convinced they’re sitting on a goldmine once it’s subdivided. They’ve got the sketches. They’ve done the math. They just need a lender who “gets it.”

We get it. We just don’t do it anymore.

After 20 years of funding subdivisions across rura...

“They have tons of equity but don’t qualify under B20…”

Here’s the thing about equity lending: it exists because banks literally can’t do it. B20 guidelines require income verification. Full stop. No wiggle room. No common sense exceptions.

We’re provincially regulated. The funds we lend on come from individual investors, not the Bank of Canada. So when your client has 50% equity but their in...

Moving is supposed to be exciting. New town, new job, new chapter. So why do banks act like you’re asking for their firstborn when you need a mortgage?

“You haven’t been at your new job for thre months”
“Your self-employment income doesn’t count in a new market.”
“We need to see established a year if you are part time contract - even if you’re working 40 hours under your new role”

Meanwhile...