Alternative Rates

Alternative Lending Rates Starting From 4.99%

What Is Alternative Lending?

Alternative lending provides borrowing solutions for people who don’t meet the traditional mortgage guidelines when buying a home, consolidating debt, renovating, etc. This could be for a variety of reasons; however, the most common examples include:

  • Self-employed borrowers who are unable to prove sufficient income to qualify
  • New immigrants to Canada who have not established a credit history
  • Existing homeowners who have substantial equity in their homes, but do not meet the income requirements of major financial institutions and banks
  • Borrowers with previous credit delinquencies or discharged bankruptcies

How Does It Work?

Alternative lending scenarios are evaluated case by case given that everyone’s financial and property situation is unique. Accordingly, a common sense approach to mortgage underwriting is used to determine maximum borrowing amounts, terms and rates.

Typically, lenders require 20-25% equity / down payment as a minimum. Additionally, they’re very interested in the caliber of the property against which the mortgage will be secured. They’ll balance the latter with the overall financial profile to determine the what options are available.

Terms are typically 1-2 years with standard amortization periods, mortgage penalties, pre-payment flexibilities and more. At the end of the term, the goal is to transition you back to the traditional lending channels, whenever possible, to secure a lower rate.

Request Consultation

  • This field is for validation purposes and should be left unchanged.
B2B Bank
Canadiana Financial Corp
CMLS Financial
First National Financial LP
Industrial Alliance
RMG Mortgages
Street Capital
TD Canada Trust

Contact Us Today!

  • This field is for validation purposes and should be left unchanged.

Ready to apply?

Your time is priceless. It should only take minutes to apply for your mortgage.

Apply Now

or Send to my email for later!

  • This field is for validation purposes and should be left unchanged.

If you would like to continue on a larger screen, fill out your email above and click ‘Send to Email’ and we will forward you a link to our application.

Lifestyle Contest

What would you do with $5000?

Did you hear about our $5K Lifestyle Contest? Here’s the deal - if you get a mortgage with Spin or refer a friend who does before December 31 2017, you’ll both be entered for a chance to win $5000!

View Contest (New Window)