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Business For Self2018-12-11T20:56:25-08:00

Project Description

Business For Self

A woman in Alberta wanted to purchase a second home. She owned her own successful business but was reporting personal income of just under $8,000/year. She had purchased another property within the prior 12 months, which had been converted to a rental property.

Her existing mortgage broker said that the new deal wasn’t possible, as she had poor credit resulting from high debt associated with her business. The GLM Mortgage Group team assured her it was possible and helped her achieve her goals.

For more information on Business for Self and your Mortgage call us today at 604-259-1486

The Details

Purchase Price Of Home

$626,000.00

Requested Mortgage Amount

$500,800.00

LTV

80%

Income Documentation

Working contracts

Bank statements reflecting one month of business activity

Verification of Business for Self

Credit Scores

675

Total Debt Services Ratios

39%

Mortgage Solutions

Used stated income of $150,000 based on gross business revenues combined with rental income of $2,500/month. Strategy includes paying down debt and increasing credit score over the next year through an alternative/B lender (higher interest rate but tolerates lower credit scores) in order to ultimately negotiate with a conventional/A lender with a better interest rate (stricter guidelines).

Purchase Price of Home

$626,000.00

Requested Mortgage Amount

$500,800.00

LTV

80%

Income Documentation

Working contracts

Bank statements reflecting one month of business activity

Verification of Business for Self

Credit Score

675

Total Debt Services Ratios

39%

Mortgage Solution

Used stated income of $150,000 based on gross business revenues combined with rental income of $2,500/month. Strategy includes paying down debt and increasing credit score over the next year through an alternative/B lender (higher interest rate but tolerates lower credit scores) in order to ultimately negotiate with a conventional/A lender with a better interest rate (stricter guidelines).

TURNING NO INTO YES!

 We work with you taking on even the most challenging cases turning a NO into a YES!

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