RESIDENTIAL BROKERS

Fast, flexible, mortgage solutions

MESSAGE TO BROKERS

Your solution-focused lending partner

Magenta is one of Canada’s leading residential, private MICs. Since 1994, we’ve specialized in fast, flexible, and easy mortgage solutions for Ontarians who fall just outside of bank lending criteria.

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LOCATIONS

Lending areas

We lend in urban, small-centre and rural locations across Ontario.

Interactive map of lending areas

MORTGAGE PRODUCTS

Fast, flexible mortgages designed for alternative borrowers.

Equity Lending

No Doc

Easy, equity-based lending. Unlock the value of the property to qualify. Now with no gross revenue restrictions!

NO DOC: SUBMISSION TIPS

1-Year Rates

Start at 7.99%

2-Year Rates

Start at 7.74%

Max LTV

75%

GDS/TDS

No maximum

Lender Fee

Start at 2.25%

Beacon

No minimum*

Terms

Closed & open

Occupancy

OO & Rental (incl. Student Rentals)

Urbanity

Urban, Small-Centre & Rural

Submission Tips

Following the No Doc submission tips at the link above will result in a faster file processing time.

View more details

*< 650 beacon score may impact terms of loan.
Applications with active mortgage arears and active power of sale are not eligible for the No Doc product.

Income Programs

Business for Self

Our most flexible income program. Designed specifically for self-employed borrowers.

BFS: INCOME ATTESTATION FORM

1-Year Rates

Start at 7.99%

2-Year Rates

Start at 7.74%

Max LTV

80%

GDS/TDS

No maximum*

Lender Fee

Start at 1.75%

Beacon

No minimum**

Terms

Closed & Open

Occupancy

OO & Rental (incl. Student Rentals)

Urbanity

Urban, Small-Centre & Rural

Income Requirements

  1. Income attestation form
  2. Bank statements 
(3-12 months)
  3. 1 confirmation of business ownership

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*Ratios may impact terms of the loan for income programs.
**< 650 beacon score may impact terms of loan.

Income Programs

Verifiable Income

Our Verifiable Income program is now even more flexible for borrowers with non-traditional sources of income.

1-Year Rates

Start at 7.99%

2-Year Rates

Start at 7.74%

Max LTV

80%

GDS/TDS

No maximum*

Lender Fee

Start at 1.50%

Beacon

No minimum**

Terms

Closed & Open

Occupancy

OO & Rental (incl. Student Rentals)

Urbanity

Urban, Small-Centre & Rural

Income Requirements

Documentation supporting 100% of income on application. * Verifiable BFS requires business documentation supporting 100% of income.

View more details

*Ratios may impact terms of the loan for income programs.
**< 650 beacon score may impact terms of loan.

Rentals

Residential Rentals

Featuring 100% offset on rental income, no maximum number of doors and student rentals up to 75% LTV. Holding companies accepted! Add 50 bps to base rate for rentals.

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Lending Areas Map

Search exact locations and determine urbanity (Urban, Small-Centre, Rural).

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Broker Portal

Streamline your file workflow with status updates and easy uploading!

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Approved Appraisers

Find an approved appraiser from our list at the link below.

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Submission Tips

Refer to our submission tips to help us process your files faster!

VIEW QUICK CLOSE TIPS

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Broker Newsletter

Stay up to date on Magenta’s residential mortgage products and policies.

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Broker Blogs

Grab a cup of coffee and read up on Magenta’s products, news and insights.

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FAQ

Common questions

Where does Magenta Capital Corporation lend?

Magenta Capital Corporation funds real estate properties located in strong, stable urban markets where we have deep experience and understanding of property valuations, like Ottawa, Cambridge and Kitchener-Waterloo.

Does your “No Doc” product require a notice of assessment?

No. We don’t require any income verification. We are a property-first lender. Is the property typical for the neighbourhood and in a marketable area? If the answer is yes, then our No Doc product is a great solution!

What types of properties do you lend on?

Quality residential real estate located in strong, urban real estate markets in Ontario, with a heavy overweighting of 1st mortgages secured by owner occupied single family homes.

Are there property types that are excluded

Properties with wood foundations

Properties on a flood plain

Properties on leased land

Remote rural properties

Properties outside the primary lending areas with a value of less than $150,000.00

Mobile homes

Remediated grow ops/meth labs

Properties with holding tanks

Properties on cisterns

Properties with a shared well

Farm land from which income is derived

Properties where the sole source of heat is an outdoor furnace

Log homes

Properties with any gas tanks or fuel storage

Properties that show an apparent lack of “pride of ownership”

How do I submit a deal to Magenta Capital Corporation?

After the broker and regional manager discuss the deal, the broker will submit the file using the platform of their choice. An underwriter and funder will be assigned, and the file will be completed through a solicitor.

How can I view the application status of my file once it has been submitted?

1. Submit your file through the Submission Platform of your choice.

2. Once received by Magenta Capital Corporation, you will receive a “Confirmation of Application Received and Underwriter Assigned” email with the next steps and a link to the broker portal.

3. If you don’t have a portal account, you will receive a separate one-time account activation email. Please ensure that it is not in your junk folder.

4. Log in to your broker portal account.

5. View the application status of your file on the “My Loans” page. Loans in progress will appear in the “in progress” tab.

For more information on the Broker Portal, please refer to our Broker Portal User Guide, or reach out to your Magenta representative.

How can I activate a broker portal account?

1. How can I activate a broker portal account?
2. Please reach out to your Magenta representative who will activate your broker portal account.
3. Once activated you will receive a one-time “Broker Portal Setup Account Activation” email with a temporary password. Please ensure that it is not in your junk folder.
4. Use the temporary password to set up your account.
5. Log in any time on our website at magentacapital.ca, or through the link in the underwriting communication emails.

For more information on the Broker Portal, please refer to our Broker Portal User Guide, or reach out to your Magenta representative.

How can I check the condition status of my file and see which documents have been reviewed, accepted, or require updates?

1. Log in to your broker portal account (or reach out to your representative to activate an account)
2. Click on the “File Name” on the “My Loans Page” to view detailed information about the file.
3. Once your documents are uploaded, the following status updates will populate in the “Outstanding Conditions and Documents field”.
Waiting for review: Appears when a document is successfully uploaded
Reviewing: Appears when documents are under review
Changes Needed: Appears if updates are required to the documentation. Notes will be provided on required updates.
Approved: Appears when document is accepted.
Rejected: Appears if a document is not accepted. Notes will be provided to advise why the file was rejected and what document(s) are required.

For more information on the Broker Portal, please refer to our Broker Portal User Guide, or reach out to your Magenta representative.

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Why brokers love Magenta Capital Corporation