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.
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.
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.
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.
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.
*Subject to change without notice
*For areas not listed, appraisal company will be chosen at time of commitment.
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.
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.
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.
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!
Yes we do!
We adapt our income requirements to accommodate self-employed borrowers and small business owners. We accept NOAs and bank statements as proof of income.
There are risks, however, associated with lending to self-employed borrowers and small business owners. Check out our blog post on “Deemed Statutory Trusts & Super Priority” to learn more and see how we try to mitigate these risks in our lending practices.
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!