B lender mortgage broker Ontario Canada for self employed

B lender mortgage broker Ontario Canada for self employed

Toronto, Ontario · Member since 2014 · 95 posts · 23 votes

A question for my fellow Canadian investors here.

I am in the look for creative hard working mortgage broker for my next rental property in Ontario.

so far 6 application denied but I keep going because I feel this is possible with the right broker.

here is a bit more info...

1 I own one prime resident in Toronto  and one rental duplex in Barrie Ontario. mortgage on both and both has significant  equity . 

2 I have  proof of funds and 20-25% down payment ready

3 credit score is great.

4 I have a real estate  investment corporation in Ohio generating decent income from flips  in 2020 and 2021  

5 stated income in Canada very low 

6 looking for a b lender to buy a property in the 400-500k range. private money is not an option because i want to hold 

for at least few years.

would love to hear your feedback . any ideas? any suggestions how to make it happen? any recommended brokers specializing in self employed?

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Banker · Nova Scotia, Canada · Member since 2018 · 83 posts · 59 votes
5y

@Itay Heled 

@Tyler Stiller is fantastic at what he does, I'm sure he can help. 

Additionally, have you ever given any thought to commercial lending instead of a "B" lender? It works a lot better for those of us who are self employed and do not have traditional means of income verification as it is more based off of the income that the asset produces, instead of focusing on your own income. Something to keep in mind anyways. 

Happy investing! :) 

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  • London, Ontario · Member since 2018 · 104 posts · 38 votes
    5y

    @Itay Heled

    Hello sir! I’m working on a number of these type of files now. I can definitely help you with the B lenders.

    I’ll pm you now

  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Itay Heled:

    A question for my fellow Canadian investors here.

    I am in the look for creative hard working mortgage broker for my next rental property in Ontario.

    so far 6 application denied but I keep going because I feel this is possible with the right broker.

    here is a bit more info...

    1 I own one prime resident in Toronto  and one rental duplex in Barrie Ontario. mortgage on both and both has significant  equity . 

    2 I have  proof of funds and 20-25% down payment ready

    3 credit score is great.

    4 I have a real estate  investment corporation in Ohio generating decent income from flips  in 2020 and 2021  

    5 stated income in Canada very low 

    6 looking for a b lender to buy a property in the 400-500k range. private money is not an option because i want to hold 

    for at least few years.

    would love to hear your feedback . any ideas? any suggestions how to make it happen? any recommended brokers specializing in self employed?

     @Chris Wharton do you have any recommendations for Itay?

  • Banker · Nova Scotia, Canada · Member since 2018 · 83 posts · 59 votes
    5y

    @Itay Heled 

    @Tyler Stiller is fantastic at what he does, I'm sure he can help. 

    Additionally, have you ever given any thought to commercial lending instead of a "B" lender? It works a lot better for those of us who are self employed and do not have traditional means of income verification as it is more based off of the income that the asset produces, instead of focusing on your own income. Something to keep in mind anyways. 

    Happy investing! :) 

  • Chris WhartonBusiness Member
    Lender · Columbus, OH · Member since 2020 · 85 posts · 73 votes
    5y

    @Itay Heled I've got some non-qm options we could look at if you like. Let me know when a good time to chat would be.

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