B lending:

Alternative lenders, more commonly referred to as “B” lenders in our industry have really changed over the last 10 years.  As federal and provincial lending legislation is becoming increasingly restrictive, B lenders are stepping up to fill the gaps left by BIG BANKS.

Traditionally,  B Lenders specialized in helping Canadians to have weak credit, are self employed and have more than 20% equity or down payment.

Things are now changing.

The types of borrowers who do not fit inside the box of traditional banks or credit unions has increased.

Typical Client Profiles For B Lenders:

– High value property $1,000,000 +
– Properties to be held in company/corporate names
– 2nd mortgage products HELOC & Credit Card.
– Bad credit
– Self employed without a 2 year history in business or low claimed income
– Previous bankruptcy or consumer proposal
– Can use mortgage proceeds to payout bankruptcy or consumer proposal early.
– Commissioned Sales People

B lenders provide short term lending solutions, usually 1-3 year terms.  Fees are typically 1%-3% of the total mortgage amount.   Mortgage rates are a little higher usually 1%-2% compared to Bank’s or Credit Unions.

Contact us today to see if B Lending is the right solution for you.


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