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Construction financing of a 3 bedroom, 1,720 square feet home in Shanonville, Ontario.
Borrowers have cash from a sale of a previous home and have combined annual income of around $125,000. Their parents on title on the property because of the land transfer to them. They have excellent credit and tenure. Also, some work has already began on the property.
A construction deal of a 1,663 square foot, 1.5 storey home in Bracebridge to 33% LTV. The client is currently on Long Term Disability earning around $26,000 annually and previously employed as a Financial Advisor for a Schedule A bank. Partner does not draw any income at the moment. The exit will be to add a family member to qualify at an A lender.
Clients are building a 1,807 sq. ft. bungalow with 2 bedrooms and 2 bathrooms on 28.7 acres (value was based on 10 acres). Strong income and job security shown through NOA’s for both applicants.
Broker will arrange take-out; if TDS is an issue, Pillar is able to provide take-out financing at a rate lower than what was provided for construction. Another short-term solution, another happy client!
Joanne and Mark needed construction financing of a 2,700 sq. ft. two storey property in Ottawa, Ontario. They bought a home to tear down so they could build the home of their dreams. Pillar is advancing 80% of the land value. The clients have annual income of $165,000 and guarantors of income of $235,000. Pillar will provide the take-out financing after completion, while they search for new financing.
Diane and Tim required a construction mortgage of a 2,960 sq ft. two storey home in Ottawa, Ontario. Pillar will be paying out the 1st mortgage with First National and funds to complete the construction. They will have take-out financing in place with First National at completion. Tim is self-employed in the construction industry with his NOA showing income of $59,000.00 and wife earns $48,000.00 a year. They both have decent credit history on all accounts. Pillar is the bridge to completing their dream home.
Construction deal in Almonte, Ontario. House being built is 1,854 sq ft with 4 bedrooms and 2 ½ bathrooms on 5 acres. Pillar is blanketing 2 vacant lots at 65% and advancing the building lot to 65%. We are paying out an existing line on the property. She was on mat leave for most of the year with an annual income of $12,400. Her husband works for a large corporation with annual income of $53,500. Take out is with First National and the mortgage amount will be reduced throughout as the 2 vacant lots are sold.
A couple with limited credit history is refinancing an 1,882 sq.ft, 2 storey home in Harrowsmith. They have a combined annual income of approximately $60,000 with self-employed income and receive other government benefits and support. Pillar will be paying out existing mortgage to Magenta and consumer debts.
A couple with a Budget Blinds/Interior Decorating business with annual income of approximately $60,000 were looking to refinance a property in Thunder Bay. Their business keeps most of their profit in the company. They have owned the business for a little over 8 years. Pillar is paying out a 1st mortgage with First National, CRA and other debts.
This couple needed to refinance a 2 bedroom, 730 sq. ft semi-detached home in Lively, Ontario to payout an existing first mortgage with a Credit Union, property taxes, consumer proposal balance and a couple of collections. Client has NOA income of $46,000 per annum. Common law partner will be signing as consenting spouse as the partner is still fighting with WSIB for benefits payments. Exit is to rebuild credit and move to conventional financing in 2 years.
Refinance of a waterfront cottage on Ottawa River located in Pembroke, Ontario. Debt consolidation will save the clients around $1,200 per month.
Borrower is a newly public servant with an approximate annual income of $90,000, purchased a home in Port Severn near Barrie, alongside a near-by house, as a rental property. Down payment on the home came from borrower’s own resources. Pillar’s exist is to refinance with a lower rate lender in 2 years, once rental income is established.
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.
Purchase of a family home from an estate in Frankville (15 minutes south of Smiths Falls). Purchase price is $130,000 and appraised value is $160,000. Down payment is coming from an estate. Sibling is currently renting home and will remain in home paying $1,000 per month for rent. Home is 1,224sq ft with 2 bedrooms and 1 bathroom on ½ acre.