Not everyday new mortgage solutions are made available to mortgage brokers, mortgage customers and our referral partners - especially in light of covid-19.
Over the past week another net worth mortgage lending program has been made available, and for a brokerage like ours, that is involved in a lot of solution based mortgage lending and handles a lot of affluent and high net worth clients, we are excited for our clients and referral partners.
This new program are for customers who's full financial picture is not captured by traditional income requirements. These customers have accounted for at least $500,000 in confirmed liquid assets, but may not meet standard income and debt servicing standards.
Like any niche mortgage lending solution, including high net worth mortgage lending, robust submission commentary is required and enhanced due diligence with upfront documentation. Origin of assets and length of time these assets have been held is very important, along with explanation on ability to repay the new mortgage.
We have created a one page product synopsis that dives into more details to help our clients and referral partners position this product accordingly. if you are interested in this product please email
scott@thewestlaketeam.com
If this product is not the right fit, we do have other net worth and equity based lending programs. Part of the value proposition in working with our mortgage team is understanding our clients needs and staying up to date with lending solutions so we can find a match.