Commercial Product Overview
LTVs
First & Seconds
- 75% in major urban centres or within 10-15 kms of communities with a population of 25,000 and over.
- 50-65% smaller market areas.
Rates & Fees
- Start at 10.5% for Firsts and 13% Seconds
- Lender Fees- 2% on Firsts, higher on Seconds (minimum $3500)
- Broker Fees- You set. (Cannot exceed Lender fee)
Market Area
- Alberta
- British Columbia
- Saskatchewan – only 1st’s in Regina and Saskatoon
- Ontario – only Major Urban Centres of Southern Ontario
Standard Guidelines
- Terms typically quoted as 1 year
- Amortization up to 30 years or interest only
- 3 months interest pre-payment penalty on closed mortgages o Fully open terms available (rates & fees may be adjusted)
- Appraisal required on all deals. Must be from approved appraiser list. Caplink will also have their realtors’ opinion of value. Lesser of which will be used to qualify
- All mortgages renewable, low renewal fees
Additional Requirements
- May require the following items depending on the deal:
- Environmental & Mechanical reports
- Permits, surveyor & engineering reports
- Other conditions as required