There are several requirements you must qualify for to be eligible for a hard money loan.
Primary Considerations
- Accepted Jurisdictions
- Alberta, British Columbia, and Ontario
- Property Value
- The loan to value of the property cannot exceed 65% based on the appraised value.
- Court search (verified through public records)
- There are no active court cases related to defaults.
- Title
- All applicant(s) must match the owner(s)' on title.
- There are no liens and charges (excluding first mortgage or a HELOC) on title.
- CRA Taxes (provided by you via your CRA account)
- Zero balance with the CRA.
- Age (verified through government ID on file)
-
- 18 years old: Alberta, and Ontario
- 19 years old: British Columbia
- Must have a Canadian bank account or equivalent with 24 months of transactions (verified through third party provider)
- Must be a Canadian resident for at least 3 years.
Secondary Considerations
- Credit score of
- Transunion: 693 and above
- Annual income of at least $35,000 (verified through bank statements via third party provider)
- A debt-to-income ratio of less than 35% (Monthly debt obligations / monthly gross income)
- No bankruptcy within the past 7 years.
- Must have at least 3 trades on your credit file (credit card, line of credit, auto loan, mortgage, etc.)
If you meet these requirements then please proceed to apply through our website. If unsure, you may still proceed to apply.