No Doc? No Problem.
At Magenta, we know there are many reasons why clients might look for an equity-based mortgage product. For some, unexpected challenges may have left a mark on their credit or a gap in their tax filings that make applying for traditional mortgages difficult, regardless of their current assets and income. Others might have an income that’s difficult to verify because it is from non-traditional sources such as self-employment, separation, or inheritance.
With these challenges in mind, let’s explore how Magenta’s No Doc mortgages can be a game-changer for alternative borrowers who fall just outside of traditional lending criteria.
Business For Self
Magenta offers No Doc mortgages tailored to alternative borrowers whose circumstances may not be best served by other institutions. For instance, a small business owner might look to use home equity to fund their business, but if that business has a significant cash component, the owner will lack the verifiable income needed to qualify for a bank loan.
With Magenta’s No Doc mortgage, an appraisal conducted by an appraiser from Magenta’s approved appraisers list ensures the property is marketable and in a high-quality location. By meeting our appraisal standards, borrowers can unlock the value in their property with up to 75% loan-to-value (LTV).
Rentals
No Doc Mortgages are also well-suited for property investors. Securing a mortgage on a rental property to fund renovations for other projects could be a major step for their business, but like many self-employed entrepreneurs, they face the same challenge. Due to the fluctuating nature of their cash flow, they may lack the evidence to prove their ability to repay a loan through the lens of Gross Debt and Total Debt Service Ratio, despite their actual financial capacity being more than sufficient.
With a Magenta No Doc Mortgage for rental properties, there is a 100% offset on rental income with no maximum number of doors and up to 75% LTV on student rentals.
Unlock the Power of No Doc
Transform the way you serve your alternative borrower clients with our No Doc mortgage solutions. We shift the focus from traditional bank formulas to the true value of the property itself. While income is a factor, it’s just one piece of the puzzle. Borrowers also need to meet criteria like down payment and credit score, among others.
Still on the fence? Here’s why No Doc is a game-changer:
- The Gold standard in No Doc: Starting at just 5.74% for qualifying applications. No Doc mortgages have never been more within reach.
- Flexible Payments: Featuring options like 50-year amortization or interest-only payments. Magenta ensures your clients enjoy lower monthly payments, enhancing their cash flow.
- Tailored Solutions: Choose from first and second mortgages, with flexible 1 & 2-year rates to suit your needs.
- Capitalized Fees: Magenta automatically capitalizes fees. Your clients can avoid upfront costs, spreading them over the lifetime of the loan.
- Broker Benefits: Choose, approve, and fund with ease. Magenta offers a Broker Fee option of up to a maximum of 1.10%.
No Doc? No Time Like the Present
Discover the flexibility of our No Doc Mortgages, accessible in urban, small centre, and rural areas across our lending regions. With our recent expansion into the Greater Toronto Area (GTA), your clients can benefit from a broader spectrum of solutions. Dive into our interactive Google Map to see our lending locations or reach out to your Magenta representative for more personalized insights.
Click here to see our Spring promotion with rates starting as low as 5.74% on qualifying No Doc files funded before April 30, 2025. This Spring, No Doc mortgages have never been more within reach.
Are you interested in what else Magenta has to offer? Connect with our mortgage origination team, or click here to learn more.