We're here to help!
To better assist our valued brokers, borrowers, and partners, we have curated a comprehensive list of frequently asked questions (FAQ) that commonly arise when collaborating with our team.
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Do you lend behind a collateral charge?
YES – We offer a solution to clients by considering the:
- Current mortgage balance, not the actual registered charge on the property
- If there’s equity available behind the current mortgage balance
- As long as there’s equity in the property, we will be able to help fund the deal.
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Do you lend behind a reverse mortgage?
YES – We will fund behind a reverse mortgage, and should the borrower require payments to be bundled into the mortgage, you can request a prepaid option enabling increased cash flow for the borrower.
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Do you lend on a 3rd mortgage?
YES – When the borrower has a 1st mortgage with a bank/credit union and has a 2nd mortgage as a line of credit, thereby, 2 charges are secured on the property, we will fund a 3rd mortgage under these circumstances.
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Do you lend behind other private mortgages/MICs?
NO – Our current policies do not allow us to fund behind other private lenders/ MIC’s.
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Do you offer renewals? What are your renewal terms?
YES, As long as the mortgage is in good standing, we will contact the BROKER 60 days prior to maturity and discuss whether the client would require a renewal.
Renewal terms are always flexible and discussed with the broker to ensure that the client gets what they need without breaking the bank.
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What are your legal fees?
Legal Fees are mentioned upfront on the commitment. Other than the legal fees, the client would incur title insurance, disbursements and HST.
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Is an appraisal required?
Appraisals are always required. There are limited circumstances where we waive the appraisal when the LTV is low and justified with ample comparable sales.
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Can the borrower break my mortgage early?
YES, the borrower can pay off the mortgage either in part or in full at anytime during the term
subject to the terms specified on your commitment. -
My client has a Lendfinity Mortgage and requires additional financing.
Contact us and our underwriting team will assist you.
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Do you consider purchase value or appraised value in case of a builder purchase?
In cases of a builder purchase, Lendfinity considers the appraised value. The appraisal report must be from our list of approved appraisers. Please see our website for the complete list covering all of Ontario’s cities.
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How to submit a deal?
Brokers are able to submit deals via Filogix, Velocity or Lendesk (Lenfinity is listed as a private lender).