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Mortgages

FLEXIBLE MORTGAGE SOLUTIONS WITH “uDrive”

As an alternative, MIC mortgage lender, we focus on being a good business partner to our mortgage broker community and work diligently to find creative solutions for their clients who don’t qualify for a mortgage at traditional financial institutions.

Our unique “uDrive” program allows mortgage brokers and their clients to adjust both the rate and fee to suit the needs of each borrower. “uDrive ” offers flexibility in providing mortgages to borrowers on marketable residential real estate in British Columbia, Alberta, Manitoba and Ontario. Typical mortgages are for purchase, refinance or construction, predominantly secured in the 1st position, with interest rates of 6.65% to 9.95% per annum. Flexible 1 or 2 year term is available with the option for interest only payments. We also provide 2nd mortgage solutions at rates between 10.15% – 13.45% per annum and permit additional private lenders to lend behind us if required.

LENDING GUIDELINES & RATES

You can also download the Lending Guidelines & Rates here.

Lending Guidelines >

LENDING LOCATIONS

Download a detailed list of our lending locations here.

Lending Locations >

Types of Loans

  • Residential 1st and 2nd mortgages available for purchases, refinance or revenue property
  • Interalia mortgages available (mortgage over multiple properties, which could also be over multiple Provinces)
  • Residential construction draw mortgages

Terms

  • Maximum Loan to Value of 75%
  • No GDS/TDS required. NOA is preferred but stated income is acceptable.
  • Amortized (30 years is standard) or interest only options on lower LTV requests
  • No lender fee option available
  • Reduced interest rate option available (with the addition of a lending fee)
  • Fully open mortgages
  • One or two year terms available
  • Appraisal required
  • Construction draw mortgages available with no standby fee

Lending Locations

Marketable urban real estate communities in British Columbia, Alberta, Manitoba and Ontario.

 

RECENT TRANSACTIONS

$500,000


Kelowna, BC


61% Loan to Value


Residential first
construction mortgage

$187,500


Winnipeg, MB


75% Loan to Value


Residential first mortgage
acquisition financing

$320,000


Surrey, BC


44% Loan to Value


Residential second
mortgage refinancing

$445,200


Victoria, BC


70% Loan to Value


Residential first
mortgage financing

$280,000


Kamloops, BC


65% Loan to Value


Residential first
mortgage refinancing

$32,000


Winnipeg, MB


64% Loan to Value


Residential second
mortgage refinancing

APPROVED APPRAISER LIST

Our list of approved appraisers can be found here.

Download List >

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