The Situation
A police officer wanted to move from a Metro Vancouver condo, rented to family at about $2,800 a month, to a townhouse in the Lower Mainland at roughly $790,000 with 20% down.
The Challenge
Carrying two properties stretched the ratios on salary alone. The client also co-owns a barbershop whose hard first year in the pandemic had left a few late payments on the bureau in 2021.
The Solution
We placed the residential mortgage with an alternative lender under its stated-income program for credit above 680: the client's share of the barbershop's net income was documented from twelve months of business bank statements and added to the police salary, the condo's rent was supported with deposits, and the old late payments were explained in writing. The lender approved about $633,000, 80% of the price, on a three-year fixed term with no lender fee.
The Outcome
The client owns a townhouse and a rental condo, with the down payment drawn from savings and the bank refinances arranged earlier, and a 2021 blemish never became a decline.