Client Story
James owns a small construction business in Hamilton and is primarily paid in cash. He saved a 20% down payment for a new home. However because he accepts cash, most of his income is undocumented and therefore not accepted by A lenders.
Firstly, he wants to keep his monthly payments low. Secondly, he hopes to avoid major up-front expenses so he can reinvest in his business.
Borrower Details:
Credit: A
Beacon: 620
Income Documentation: None (including notice of assessment)
Property Details
The property James chose aligns well with Magenta’s underwriting philosophy. A high quality home, in a high quality urban Hamilton neighbourhood. The reason we’re able to provide flexible solutions for borrowers is because we’re a property first lender. When evaluating an application, our underwriters weigh the property and location most heavily.
Results
Product: No Doc, 80% LTV
Income documentation requirements: None (including notice of assessment)
Turnaround: Commitment out in under 48 hours
With Magenta, James was able to quickly and effortlessly secure funding to buy his dream home. He was able to keep his monthly payments low, and was happy to avoid up front expenses by capitalizing his lender fees. For more solutions like this, reach out to your Magenta BDM.
