KING CAPITAL
LENDING CRITERIA
PURPOSE OF FUNDS
- Primarily 1st and 2nd mortgages
- Purchases, Refinancing and Construction mortgages and loans
- Bridge Loan financing
MORTGAGE AMOUNT
- Minimum loan amount $10,000.00
- No maximum loan amounts
LOAN TO VALUE LIMITS
- Up to 80% on Residential single family homes
- Up to 75% on condo units in the GTA
- Up to 75% on commercial or multi-residential properties
PROPERTY CRITERIA
- Primarily residential and commercial properties
- Prime marketable properties located in the GTA and surrounding areas
- Preferred properties - single family dwellings; Condos (townhouse, low or high rise), recreational properties, multi-unit residential (student housing, rooming houses, duplex, triplex), agricultural, vacant land
- Ineligible Property Types - mobile home and social housing
LENDING AREAS
- Prime marketable properties located in the GTA and surrounding areas. Including but not limited to: Toronto GTA; Simcoe; Hamilton; Niagara Region; Kitchener-Waterloo; Durham
MORTGAGE PAYMENTS
- Interest rates starting at 6.99%.
- Interest only monthly payments
- Prepaid interest deductions are available
MORTGAGE TERMS
- From 3, 6, 9 and 12 months
- Longer terms may be available on a case by case basis
- Mortgage Renewal option available
FEES
- Lender Fees starting at 1.50%
PREPAYMENT PRIVILEGES
- Open and closed terms
INCOME VERIFICATION
- Most recent Notice of Assessment (NOA) may be required to confirm no taxes owing
- Further income documentation may be required
APPRAISALS
- Appraisals required. King Capital may accept NAS appraisals
- MPAC assessments may be accepted in place of an appraisal, depending on low LTV
CREDIT BUREAU
- Credit bureaus required for all borrowers
- No minimum beacon scores
APPROVED SOLICITORS
- King Capital Approved List - exceptions may be considered
FUNDING
- 2-5 Business Days
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