Closed in 2023 · Published October 17, 2026
- Residential
- Alternative
- Purchase
- First-time buyer
- Business-owner
- Self-employed
- Purchase price
- about $951,000
- Mortgage
- $760,800
- Loan-to-value
- 80%
- Income qualified
- about $251,000
- Rate in 2023
- about 6%, three-year fixed
The Situation
A married couple has run their own business since 2011, repairing heavy-duty machinery for forklift operators and supplying bags to the restaurant industry. In 2023, with clean credit, they set out to buy their first home, a three-bedroom rancher in Coquitlam priced at about $951,000.
The Challenge
Their income runs through the business, part of the down payment had to come out of the company account, and the offer had to firm up within three business days, with no subject-removal period.
The Solution
In 2023 we placed a mortgage of $760,800 with an alternative lender under its stated-income program, 80% of the price, on a three-year fixed term at about 6% with a 30-year amortization. The lender read six months of business bank statements, about $359,000 a year in deposits, took 30% off for expenses and qualified the couple on about $251,000, at debt-service ratios of about 28% and 32%. The down payment of $190,200 came from the business account.
The Outcome
The couple own their first home, qualified on what their business actually brings in.