1-888-341-KING
1-888-341-KING (5464)

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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