CMB MAGAZINE cmba-achc.ca spring 2019 | 27
As a broker, there are several things
that you can do to ensure that you get top
priority when working with your private
lender to get your deal approved."
to establish where their income is earned.
Is the income local or foreign? Are their
property taxes up to date? Income taxes?
Do they file an income tax return in
Canada? Do they have credit in Canada
or are they foreign clients? Why are they
seeking private versus conventional funds?
Do they have assets or income to support
loan payments? Most private lenders will
consider a higher LTV for clients who earn
income in Canada or have a strong net
worth comprised of assets held in Canada.
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WHAT TO SUBMIT WHEN YOU
SEND IN THE FILE
If your client is acquiring a property,
please ensure you send in the purchase and
sale agreement. If the property is a presale,
forward the notice from the developer
with the closing date. If there is anything
extraordinary in the contract, advise your
lender. If you pulled a credit report, then
send it with your application. Many private
lenders are only able to quote a rate range
if they don't know your client's credit history.
Send in the client's completed application.
Missing information regarding your client's
assets and liabilities will slow the process
and likely negatively impact the lender's
quote. Private lenders are creative. When
they know all your client's real estate and
other holdings, they may present different
options not originally considered.
Most private lenders are well established,
professionally run companies that give
priority to those brokers that take care in
knowing their lenders' guidelines and
work cooperatively to expedite the loan
application, underwriting and funding
process.
Christine Perkins is the National Account
Manager, Residential Loans with Lanyard
Financial Corporation and has worked in
the private lending mortgage sector for
over 13 years.
