Canada Non Resident Lending
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,
Loan to Value
Maximum 65% LTV subject to Sliding Scale
35% from own resources which can include gifts
Full Appraisal Required
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
Standard income confirmation is required.