Client must be discharged. A reasonable explanation for bankruptcy and good equity will be required.
Pillar will register a mortgage in the corporate name. We will require articles of incorporation and personal guarantees of the principles.
We will consider 50% of the value of raw land; in certain circumstances, like a serviced building lot, we may go as high as 60%. If a home has a large acreage, that is not an operating farm, Pillar will consider 80% of the total value of the home and land, not just five or 10 acres.
Pillar is interested predominantly in marketable real estate. We will finance up to 80% of the value of a home even in rural areas. The 80% limit is not reduced because of well and septic systems on the property or being located in rural areas.
Our bridge financing mortgages are open for repayment without penalty. Usually the mortgage is in place for a short time until the borrower sells an existing home or in the case of construction mortgages completes the project. Permanent or take-out financing must be arranged; therefore, few questions are asked with respect to debt coverage
If additional equity is required, we will blanket on a second or third property; this is possible even in second position.