We are pleased to announce our net worth lending program is back!
This program is designed to provide additional mortgage solutions to customers with moderate incomes who have a significant amount of verifiable liquid assets and strong credit scores.
Asset Requirements:
-Minimum lucid assets of $250,000
-Must have $1.00 in liquid assets for every $1.00 in mortgage needed above standard qualified amount.
-Example: client qualifies for $500,000 mortgage and is requesting $1mil mortgage, client must show $500,000 in liquid savings.
Documentation Requirements:
-Standard income verification applies
-Evidence liquid asset amount meets or is in excess of the liquid assets required over a 12 month history of ownership.
Elible Assets:
-Stocks of publicly traded Canadian company
-GIC
-Bank Account
-Muutal Funds
-Equity in existing property being sold (firm sale agreement required)
-TFSA
-ESOP
-Retirement accounts - discounted by 30% to account for withholding tax
For more information or to apply for a residential mortgage under our net worth mortgage program, please email
scott@thewestlaketeam.com or connect with us on our home forms.