Closed Program Details

Purpose

• Purchase
• Refinance 

Property Type

• Owner Occupied
• Rentals up to 70% LTV
• Highly Marketable

Term

1,2, and 3 year (fixed)

Open term available upon request

Rate

·        Fixed

·        Rate hold 90 days

Loan Amount

·        Minimum $100,000

·        Maximum $1 million

Maximum (LTV)**

• Up to 80% of the property’s appraised value or purchase price, whichever is less

Down Payment

10% minimum. Gifts allowed

Payment Options

Monthly, semi-monthly, bi-weekly, weekly (accelerated)

Prepayment Privilege

• Lump sum up to 20% of the original principal amount
• 20% increase in payment

Early Payout

Closed term: greater of 3 months interest or interest rate differential

Credit History

• Minimum 500+ beacon score
• Beacon under 500 will be available on a case by case basis
• Bankruptcy must be discharged
• Consumer proposal must be paid in full

Income

• Documentation will be required to support existence of a business
• Documentation will be required for confirmation of employment as stated
• Contributory income from residing immediate family allowed

Other

• Assumable transferable upon approval