Residential purchase, self-employed

This client purchased a property in the Brockville area in Ontario. The home is 1,700 sq ft bungalow with 3 bedrooms, 2 bathrooms on 1 acre. 25% down payment was a family gift. Due to failing business, client went bankrupt in 2010 but since re-established credit. Client has since been self-employed for 2 ½ yrs which created some difficulty in obtaining traditional financing. Financials indicated $166,000 in revenue and net income of $10,500. Pillar will enable the client to build some payment history while restoring credit so that the individual can then transfer to a traditional lender at a lower rate.