Airports. Building Credit. Construction ... Zoos and everything between
If the primary property is in British Columbia, and isn't in the Lower Mainland, Greater Victoria or Haida Gwaii, we'll consider it. These are our guidelines.
Non-B20 qualifying mortgages are okay by us. We're not okay setting a client up for failure, or lending where all we're doing is delaying the inevitable, so some reasonability to afford payments must be met.
We specialize in construction mortgages! Besides the fact that we'll lend on them in areas most other lenders wont, we take pride in our sub-6 hour draw turn around time. We do allow owner builders with proven past experience and a minimum credit score of 700.
If the home has sufficient equity to pay out debts that are at higher interest rates than our mortgage rates, it just makes sense to bundle them. We want to make sure there is an exit strategy to move to a more traditional lender with a year or two.
Banks and even Alt-A lenders have personal Line 150 (L15000) minimum debt servicing requirements. We don't. Instead, we understand that income can come from different places, or even just be left in a corporation. If we can be shown that mortgage payments can be supported, and our other requirements are met, we'll consider it.
We're willing to consider any and all properties located in our lending areas so long as the expected days on market makes sense against the loan to value. That means we'll consider true unserviced bare land, tree-forts, mobile homes with additions surrounding the entire unit and everything in between.
Borrowers want to close on a new home before selling the current one? Current sale fall through? We lend interalia in open-term mortgages across both properties to allow the deals to close. Max LTV across both cannot exceed 70%.
We will lend on commercial properties throughout BC. Our major concern is an ability to pay the mortgage and confirmation of no environmental contamination. If those risks can be mitigated, we can lend.
A mortgage to help cover the costs of a subdivision. Usually a land advance to cover the first phase of development costs (hard costs) as well as the soft costs. Historically, Tekamar did many subdivisions across rural BC. Unfortunately, with the higher risk, we have since canceled our subdivision program and no longer do subdivision/development mortgages.