B2B Bank – Laurentian Bank is the 7th largest bank in Canada.
B2B Bank is a balance sheet lender. What is a balance sheet loan? A loan that a lender will retain on its books instead of selling it off to another financial institution or to individual investors at a discount.
They have a full array of products for fully income qualifying applications to equity programs for applicants that are self-employed.
Equity 50 is a pure equity program. The paperwork required includes your most recent NOA to confirm taxes are paid and current, and a reasonable explanation as to how the mortgage repayment will be made. Offshore income cannot be considered.
Equity 65 is a stated income program for applicants with a credit score of at least 660. This program is available for purchase or refinance.
Expanded Business For Self program allows up to 80% financing, or up to $1 million maximum, where the approval is based on the cash flow of the business and not tax documents. With a minimum credit score, often there is no fee for this financing.
Credit Rebuild program provides up to 65% financing to assist clients with past credit difficulties. For applicants with lower credit scores, ie 619 or less, the loan-to-value ratio may be reduced to 60% or less.
Up to 80% financing for vacation homes. Acceptable vacation homes must be suitable for year-round occupancy, on municipal water/well and sewer/septic, must have a permanent heating source, and must be in an acceptable lending location.
Business For Self for less than 2 years Program. Up to 65% financing is available for purchase or refinance. You will need your most recent last year’s Notice of Assessment to confirm no taxes owing, and also one or more of the following: 3 to 6 months’ worth of bank statements to confirm cash flow, Business Licence, Accountant’s Letter, accountant prepared financial statements, and a Letter of Attestation of Income.
Home Equity Lines of Credit available up to 65% financing for purchase or refinance. Up tp 80% financing is available with combination HELOC + mortgage. This lending product is also available under the Business For Self Stated Income Program to 65%.
Amortizations of up to 35 years available in some cases.
Prepayment privileges of up to 15% once per calendar year + 15% increase in payments once per calendar year.
Weekly & biweekly payment frequencies available.
Applications may be subject to a lending fee based on credit score, and overall application strength.
Rate pricing is determined on a case by case basis. Pricing is relative to risk assessment.
If you need a lender that is going to try to work with you for your financing requirements & has flexible lending guidelines, B2B is an excellent lender option.