TWT Recently Funded a Residential Mortgage for a luxury condominium in Toronto.
-$2,500,000 Mortgage
-Roughly 73% loan to value (LTV)
-Sub 2% interest rate
-No set up fee
TWT used a Net Worth Program to help approve the mortgage. Net Worth Mortgages allow clients to get approved for a mortgage using evidence of strong marketable securities to cover shortfalls in income from a debt servicing perspective. The rule of thumb is $1 in investments for every $1 in mortgage required.
A lot of clients using net worth are either business for self, successful entrepreneurs or in or near retirement.