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Non Resident Lending


Canada Non Resident Lending

Overview 

 Applicants under these guidelines do not reside in Canada. 

 Maximum exposure of 3 properties per non-resident investor.

 Solicitor’s Preliminary Report must be completed with the customer present. Out of country signing of the Mortgage Loan Agreement is not permitted.

Rental Properties up to 4 units, 

Recreational properties meeting conventional standards. 

Loan to Value

 Maximum 65% LTV subject to Sliding Scale  

Down Payment: 

 35% from own resources which can include gifts 

Appraisal Requirements 

 Full Appraisal Required 

Amortization 

 25 years 

Debt Servicing

  All debts including housing costs from principal residence are included in the debt servicing calculations

  Standard debt servicing calculations applies.

  Maximum GDS Ratio: o 35% where beacon score is less than 680 (minimum beacon score is 650) o Up to 39% where beacon score is 680 or greater 

 Maximum TDS Ratio: o 42% where beacon score is less than 680 (minimum beacon score is 650) o Up to 44% where beacon score is 680 or greater Credit Bureau 

 Satisfactory international credit bureau OR satisfactory Letter of Reference from Bank in country of origin where customers currently have borrowings. Note: When using a Letter of Reference, it is a best practice to provide the letter up-front, where possible, to improve the quality of your deal submission. This will help us determine the customer’s creditworthiness. The reference letter must confirm the following: o Borrowings, past and present, o Repayment history, and o Confirmation of assets 

Income Confirmation

  Standard income confirmation is required.


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1-855-993-5363   1-8559WE-LEND
support@expertfinancial.ca

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