The alternative lenders on Lender Spotlight may be the lenders that you don't know much about, but they might also be the lenders you're looking for. To highlight some of these lenders, we've asked them "what is the niche that you'd love people to know more about you?" and here's what they say.
“We look at small town files.”
“We are fully open with a 3 year rate guarantee.”
“Our most important niche that we fill in the MIC/private market is the fact that we will offer higher LTVs than most others in our sector. We will do 1st mortgages to 85% LTV on one charge, and bundles (or stand-alone 2nds) to 90% LTV. In addition, we don't have GDS/TDS limits at any LTV and we do a great job with Quick Close requirements.”
“Our no payment mortgage has no age or income restrictions, allowing clients to access up to $1.5 million in tax-free funds by tapping into their home equity. Qualifying is simple and based on two things: the client's property and their credit score. This removes the complications of borrowers who have high GDS/TDS ratios, are in transition, or have a very low stated income. On average, Fraction helps borrowers increase their credit scores by up to 30 points and enables them to reduce their monthly debt payments by up to 50%. Did we also mention we work with investment properties, Airbnb's, vacation homes, and student housing?”
“Our #1 niche product is that our loans are always FULLY OPEN. We are now lending in Ontario as well.”
“We love rental properties including SFH, duplexes, triplexes, 4-plexes and small apartment buildings up to 30 units.”
“By far our most popular niche product is our “No Doc up to 80% LTV” especially since it can be combined with our other popular products like rental investments.”
“We are Rural and Construction experts and will entertain up to 80% in all markets on most property types everywhere in Ontario. Just because their traditional or other alternative lenders won't or can't help, brokers shouldn't assume they can't get their deal done!”
“Tembo’s niche is lightning FAST, short term equity loans for new purchase deposits and renovations. In a hot housing market like what we’ve been experiencing, homeowners prefer getting their hands on a property before listing their existing one for sale. The difficult part with this is coming up with 5% or more for a deposit when all their money is tied up in the equity of their existing home. Being able to close within 48 hours, Tembo never lets a client's deposit get in the way of submitting a compelling offer. Also, as the market starts showing early signs of cooling off, we are seeing homeowners looking to do minor renovations before listing to maximize their sale potential. Clients come to us for the renovation funds as their equity is tied to their home. Ultimately, real estate agents and mortgage brokers come to us over and over because we are fast, fair and flexible!”
Learned some cool things about these lenders and interested in working with them? Check them out on Lender Spotlight where you can get their contact information, and don’t forget to submit your file to them via Finmo Pro! Stick around for more as we have a part 2 coming up.