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 and Manitoba. Typical mortgages are for purchase, refinance or construction, predominantly secured in the 1st position, with interest rates of 6.50% to 9.50% 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 10.00% – 13.00% 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 >
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
- 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
Marketable urban real estate communities in British Columbia, Alberta and Manitoba.
60.98% Loan to Value
75% Loan to Value
Residential first mortgage
44% Loan to Value
39% Loan to Value
Inter Alia mortgage refinancing
65% Loan to Value
64% Loan to Value
APPROVED APPRAISER LIST
Our list of approved appraisers can be found here.Download List >