Offer a product that your competition cannot. Solidity is partnering with only Dominion Lending Agents!
Solidity will consider a second position behind a developer or vendor take back with a copy of the mortgage agreement.
Save you client interest charges! Only pay interest on the advanced funds. No admin fee for draws!
Broker fee to be charged separately. Takeout mortgage commitment recommended.
Appraisal required prior to all draws. Borrower to pay for appraisal.
|Purpose||Assist your clients with building their dream home!|
|Loan Amount||No Maximum
|Features||Up to 75-80% LTV as complete, interest paid only on funds
advanced, no early payout penalty.
|Eligibility*||Canadian Citizens, Permanent Residents, & Newcomers. Self Employed with 2 year NOA grossed by 15% or Eligible add backs.|
|Terms||Fully open 1 year term.|
|Interest Rate||11.25% – 75% Calculated Monthly or 80% Calculated Monthly|
|Debt Service||Beacon <680 GDS 35% TDS 42%
Beacon >680 GDS N/A TDS 44%
|Fees||$850+HST Mortgage set-up fee, 1% Lenders Fee and closing costs paid by the borrower. No draw fee! Appraisal fee will apply.|
|Draws||Prior to draws, an appraiser will perform an inspection. Draws are based on project completion status (%). Draws subject to construction lien holdback. No lender draw fee.|
*For borrowers without Canadian credit history,
Solidity will consider alternative sources and willingness to pay the loan.