Approved! The purchase of a rental property in Sault Ste. Marie under a holding company owned by three friends.
Financial growth is the goal for three childhood friends investing in their future with the purchase of a Sault Ste. Marie investment property under their holding company. Rental income will cover the property costs and expenses.
Confirmable and sustainable income, excellent net worth, prime credit, and a marketable property made this a quick approval for us at 75% LTV.
Owning a rental property can be stressful to maintain – we understand that – which is why FREE Home System Warranty for the full 1-year mortgage term will help these clients be worry-free!
We use the rental offset income to calculate debt service ratios. What does that mean? It’s a big advantage for clients since they can use a percentage of their rental income to offset rental expenses, which helps clients qualify. Many lenders add-back rental income to the calculation which results in higher debt service ratios.