Lending Guideline
| Purpose of Fund | Purchase, Refinance, Equity Takeout, Bridge Loan, Debts Consolidation, and Renovation |
| Loan-to-Value | Up to 70% LTV (75% on exceptional basis) |
| Payments | Interest only due on the 1st of each month |
| Debt Servicing | GDS / TDS not applicable |
| Term | – 1 day to 12 Months – Open or Closed |
| Interest Rate | – First Mortgages Starting at 9.5% – Second Mortgages Starting at 11.5% – Pricing is based on credit risk such as beacon score, LTV and location |
| Credit History | – Will consider previous bankruptcy and consumer proposal – No minimum beacon score |
| Lender Fees | – Starting from 1% – Depends on the term of the mortgage |
| Lending Areas | Major urban and surrounding areas such as Burlington, Oakville, Mississauga, GTA, Markham, Richmond Hill, New Market, Barrie, Ajax, etc. |
| Property Types | Residential Only |
| Minimum Equity | $100,000 |
| Broker Process | Submit your deal to deals@rescomic.ca. Please explain factors regarding the deal so that we can make a fair assessment without delay and please include the following: – Mortgage Application – Credit Report – Appraisal (if available) – Comments (purpose of fund, previous credit issues and exit strategy, etc.) |
| Other | We will go behind any major Financial Institution including the Home Equity CHIP mortgage, but will not go behind another private lender or MIC. |