When conventional lenders (such as banks or credit unions) deny mortgage financing, it can be easy to feel discouraged. However, it is important to remember that there is always an alternative!
 
If you’re seeking a mortgage, but your credit score is damaged in some way and big institutions won’t lend you the money, you’ll find yourself in what’s commonly referred to in the industry as the “Alternative-A” or “B” lending space.
 
Much like the A Lender space (big banks, credit unions, etc.), there are various companies which operate in the B lending space. Alternative lenders cater to individuals who lack a strong credit history, or a guaranteed income (recent immigrants, or the self employed, for instance). As a result, these lenders generally have lower entry qualifications, which are offset by slightly higher interest rates.
 
Why is alternative lending necessary?

·       CRA arrears

·       Income issues such as non-traditional income as with self-employed borrowers

·       Credit issues such as low credit score, credit arrears, current mortgage or even bankruptcies

·       Unexpected liens on title

·       Foreclosure situations

·       Unique financing needs/opportunities

When it comes to the alternative lending space, there are many options and availabilities. If you are struggling to obtain an A-Lender mortgage, I would be happy to discuss your options with you and help you source an alternative.

Contact me today!

Rodney Schunker | Principal Broker (Lic. M12000165)

Cell: 416-697-6423 | Toll Free: 1-855-697-6423

Fax: 1-855-787-7723 | Web: www.kingdommortgages.ca

Mail: Unit 304 – 2250 Bovaird Dr E, Brampton, Ontario, L6R0W3

Email: schunkerr@gmail.com or rschunker@kingdommortgages.ca

Kingdom Mortgages Inc Brokerage # 13608

Each office independently owned and operated. Proud member of Mortgage Centre Canada.