“The BFS segment in Canada is growing and represents about 18% of the workforce,” says Tom Hickey, VP Operations (Adjudication) for B2B Bank. “We see an opportunity to adapt to the changes in the workforce Canada is experiencing.”
While the opportunities are there for the taking, the paperwork needed for a loan application can be intimidating; which makes it incumbent on the broker to be proactive and ensure that all of the Ts are crossed and the I’s dotted when it comes to credit and .
“A lot of the subtrades that own their own businesses – like house painters – are getting paid in cash,” Tylor Volk, a lead planner with Mortgage Architects, told MBN. “It is these clients who need to be encouraged to show their invoices and deposit their pay, instead of just taking it and spending it.”
Lenders like B2B Bank have products that are 65% loan-to-value – but there is an expectation of income reasonability as well, which demands the broker be thorough with the client.
“A lot of people think they can just state whatever income they want,” says Volk. “What we’re seeing now is that we are having to demonstrate and prove income in an alternative and reasonable manner.”
MBN
About Me
- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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