Here’s the scoop:
Our clients are partners owning rental properties. Both are self-employed, with incomes ranging on their CRA Notice of Assessments from the past two years. They did not qualify for financing with a conventional lender.
They had done significant improvements to one of their properties and were looking to take some of the equity out. The broker they had been dealing with for the past 5 years was only able to get them 65% loan to value on the refinance, which wasn’t as much as they had hoped and left them short on paying off some other items.
Here’s how we helped:
- BWG had two other lenders approve the deal at 75% and 70% loan to value, but the rates were slightly higher
- BWG approached one of the original lenders (that the first Broker had approached) and, due to our knowledge of their products and strong relationship, we secured an approval for our client at 75% loan to value (LTV) with a lower interest rate
- More good news: this lender did not have lender fees, which saved the client even more money