Michael & Lucy
Michael and Lucy have been self-employed marketing consultants for 10 years and have built a successful business. The couple is currently renting a home in downtown Toronto and looking to purchase in the area.
They were not able to provide traditional income documentation in order to be considered for an insured BFS stated income application. They were, however, able to confirm their income and BFS tenure with alternative documentation and worked with a mortgage broker who could assist them with their search for a mortgage to fit their specific needs.
Michael and Lucy were approved for a mortgage through their mortgage broker with B2B Bank's BFS Expanded solution that allowed them to prove their income in a flexible manner!*
|Purchase price of home
|Requested Mortgage Amount
|Loan to value
- 12 months business bank statements showing deposits over $300,000
- Most recent NOA to prove no income tax arrears
- Letter of Attestation
- Confirmation of BFS for two years
||Excellent credit history with 779 for Lucy and 808 for Michael
- GDS/TDS ratio is 28%/31%
- Based on 5-year benchmark, 25-year amortization and minimal debts carried by the couple
- 3.54% - two-year posted rate of 3.14% + 0.40% deal-specific premium**
At B2B Bank, you'll find a knowledgeable Business Development team, experienced credit managers, competitive compensation and an impressive range of mortgage solutions. To us, that's what banking that works for brokers is all about.
*The calculations shown are for illustration purposes only. Actual rates and amounts may differ. Assumes that the interest rate remains constant throughout the amortization period. Rates are subject to change at any time.
** Actual rates may vary and are subject to change at any time.
For illustration purposes only. The images of persons featured in this case study are images of models and are used for illustrative purposes only; none of these images are actual clients of B2B Bank.
Mortgages are funded by, registered in the name of, and administered and serviced by B2B Bank. ®B2B BANK and BANKING THAT WORKS FOR BROKERS are registered trademarks of B2B Bank.