Common Sense Solutions
Bringing the “common” back into common sense!
We review the merits of each file individually and look for creative, common sense solutions.
We’re not limited by the same regulations as the banks, so if your client doesn’t fit into the banks’ “box”, send them to us! We live outside the box in a land with real people, not numbers.
We’re not restricted by GDS/TDS
Income comes in different shapes and sizes and we welcome them all! Because we are not restricted by the banks’ regulations, we are in a position to look at the whole financial picture to support your clients’ payment abilities, even if they’re self employed.
We have a lender for that…
At Cove, we have access to funds from a variety of sources, including our own mortgage investment corporation (MIC). This allows us to help you with a wide range of deals – from low rate 1st mortgages to higher LTV 3rd mortgages, we will match your client with the lender that’s right for them.
Credit bureaus don’t always add up…
Math. It’s a fact. 1 + 1 will always = 2 … except on a credit bureau!
A low beacon score doesn’t always mean a bad payment record. We’ve seen beacon scores that just don’t make sense – which is why we feel it’s important to look beyond the number. We read the whole report! We review the clients’ payment history and take into account their story – something the banks just don’t have the flexibility to do.
We lend where we know – BC!
Our lending committee has ridden the waves of this real estate market- from the crash in 2008 to the peaks of 2016- we know how to adapt to changing property values.
Our reliance on the underlying security of the deal allows us to help borrowers with poor credit use the equity in their home to get back on track and re-invent their payment record.
We also know that when the real estate market is down, your clients’ exit plans may be delayed.
We are happy to offer renewal to borrowers that need more time.
General Underwriting Guidelines
General Terms
- 1st, 2nd, and 3rd mortgages
- Purchases, Refinances, Debt consolidations, Equity Take outs
- One year term (up to 2 years available)
- Amortized or Interest Only payments available
- Up to 75% LTV financing
- Open terms available
Competitive Rates*
Contact us for our current rates or subscribe to our newsletter to stay up to date on our sales.
Reasonable Fees*
- starting at 1% for 1st mortgages
- starting at 2% for 2nd/3rd mortgages
- minimum $2,000
*Subject to change without notice
We welcome….
- Self employed borrowers (registration in company name permitted)
- Borrowers with multiple properties (we recognize rental income)
- Borrowers with low beacon scores
- Non-traditional income streams (we don’t rely on GDS/TDS)
We lend on…
- Single Family Residential
- Condo Apartments
- Town homes
- Small Commercial
- Serviced land
- Mobile homes (affixed to land)
… all across BC!
Approved Appraisers
Macintosh Appraisals
604-522-3900
info@macintoshappraisals.com
Metro Vancouver
Lawrenson Walker
604-535-1494
info@lawrensonwalker.com
Metro Vancouver
Walton Appraisals
604-892-2311
info@waltonappraisals.com
Whistler & Squamish
A-1 Appraisals
250-861-8440
a-1admin@telus.net
Kelowna, Vernon
Flynn Myrtle Moran
250-374-7731
info@fmmkamloops.ca
Kamloops, Central to Southern Interior
Schoenne & Associates
250-542-2222
schoenneassociates@shaw.ca
Vernon
Lawrenson Walker
250-384-1494
info@lawrensonwalker.com
Victoria
Baker Osland
250-475-2221
info@bakerosland.com
Victoria and South Island
PCAG Property Advisors
250-723-5099
info@pcag.net
Port Alberni & West Coast Island
*For areas not listed, appraisal company will be chosen at time of commitment.
Frequently Asked Questions
What is your minimum beacon score?
We don’t have one! We look at more than just the numbers. Let’s face it – numbers don’t always add up! We look past the credit score by reviewing all the details in the credit report – getting a sense of who your client is.
Do you lend to clients with multiple rental properties?
Yes! We think that homes generating income to offset the mortgage should be able to do just that! Don’t you? We love rental properties and clients that have rental income streams.
GDS/TDS
We are not restricted by GDS/TDS, we are in a position to look at your client’s entire financial picture to help you find the right mortgage for their circumstances.
Where do you lend?
We lend all throughout BC! As we have access to funds from various sources, we are able to offer a range of options across the province. Each lender has a different comfort level in outlying areas, so while we may not be able to service your deal in our MIC, we may be able to offer financing from one of the other lending sources. Long story short? Send in your deal and we’ll try to help!
Do you lend to self employed borrowers?
Yes we do!
If your client is self-employed, we may need to see proof of their GST remittances, and/or employee source reductions (because, believe it or not, the government will come after us if these aren’t paid!).
Why do you order realtor CMAs?
The property market these days is a tad bit volatile! In order to have confidence in the security we are lending on, we rely on both appraisals and realtor opinions. Appraisals show how the property compares to recently sold properties, but what about what’s on the market now? Or what’s coming down the pipeline? We have developed relationships with some highly respected and experienced realtors to also get their take on how marketable a property is. We have found this additional intel to be invaluable!
Have more questions?
Contact our team
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