Project Description
Investment Property
Partners who owned more than 10 investment properties together wanted to buy one more. One partner lives in BC and the other in Manitoba.
Due to the amount of debt associated with the existing properties, one partner had a very low credit score. One partner’s income qualified but the other partner is self-employed. The combined mortgages outstanding for all existing properties is over $1.3 million. They have a down payment of 25% for the future investment property, but lenders won’t allow ownership of more than four residential properties. Thankfully, GLM Mortgage Group had a solution.
Let GLM Mortgage Group guide you through the process of purchasing an Investment Property . Call us now at 604-259-1486.
The Details
Purchase Price Of Home
$340,000.00
Requested Mortgage Amount
$255,000.00
LTV
75%
Income Documentation
Notice of Assessment for last two years
Letter of Employment and most recent pay stub
Verification of Business for Self
Lease/rental agreement/mortgage statements and details for all properties
Credit Scores
712 & 643
Total Debt Services Ratios
23%
Mortgage Solutions
Used a lender that applied the rental surplus of the numerous properties to offset liabilities. The lender did not limit residential mortgages using a 30-year amortization.
Purchase Price of Home
$340,000.00
Requested Mortgage Amount
$255,000.00
LTV
75%
Income Documentation
Notice of Assessment for last two years
Letter of Employment and most recent pay stub
Verification of Business for Self
Lease/rental agreement/mortgage statements and details for all properties
Credit Score
712 & 643
Total Debt Services Ratios
23%
Mortgage Solution
Used a lender that applied the rental surplus of the numerous properties to offset liabilities. The lender did not limit residential mortgages using a 30-year amortization.
