Self-employment has a number of advantages. You work for yourself, you’re building your own brand, and the direction you decide to move in is your own. However, there are also a number of challenges that can present, for a self-employed individual. Obtaining a mortgage through traditional avenues, without the same documentation that most salaried positions have access to, can be very difficult and time consuming for self-employed borrowers.
This is where Canadian default insurers and lenders step in. They have developed options for Business For Self (BFS) borrowers that qualify them for mortgage lending options when circumstances render their finances difficult to qualify for the typical mortgage. But BFS borrowers may still find themselves with a “non-conforming” mortgage with added restrictions in place. Private lenders such as ourselves bridge this gap, and are able to offer flexible solutions that help BFS borrowers find the right home.
Graysbrook provides Stated Income loans of up to 75% LTV (Loan-To-Value) – a term used to describe the ratio of the first mortgage line, as a percentage of the assessed value of the home. These mortgages are typically 1-2 year terms, 100% open, and allow payouts of any amount, at any time, without penalty in most provinces. This doesn’t apply only to homes – Graysbrook has options for BFS borrowers covering:
- new home construction,
- home purchase,
- small business loans,
- commercial properties,
- new to Canada,
- rental properties