When the bank says “no” to clients, they move to private lending. The bank might say no for several reasons: income unsatisfactory to the Bank, credit issues that are recent or unresolved, downpayment/equity is borrowed, property type/zoning that is unusual, location issues, CRA tax arears, or use of Funds.
Northern Alliance is an Alternative Lender that has you, the mortgage broker, in mind. When other lenders say "No", we like to say "Yes!". Featured below are some of our most recently funded 1st & 2nd mortgages.
Victoria, BC
2nd mortgage
Northern Alliance has funded $80,000.00 as a 2nd mortgage with a 77% LTV.
Purpose: equity take out to complete suite and upgrades. Was BFS but recently returned to being an employee and couldn’t qualify at a bank.
Kamloops, BC
2nd mortgage
Northern Alliance has funded $39,500.00 as a 2nd mortgage with a
75% LTV.
Purpose: debt consolidation. The borrower was in a car accident and got behind on consumer debt payments
Kelowna, BC
1st & 2nd mortgages
Northern Alliance has funded $255,000.00 as a 1st & 2nd mortgage with a 75% LTV.
Purpose: refinance to buyout ex-spouse. Borrower is self-employed and income didn’t fit bank criteria.
Calgary, AB
2nd mortgage
Northern Alliance has funded $85,000.00 as 2nd mortgage with a 75% LTV.
Purpose: equity take out for debt consolidation and tax arrears.
Kelowna, BC
2nd mortgage
Northern Alliance has funded $26,250.00 as a 2nd mortgage with a 80% LTV.
Purpose: debt consolidation. The borrower just started a new job and didn’t qualify for bank financing.