How Rowan Smith Mortgage Broker – City Wide Mortgage Services Helped A Self-Employed Client Obtain A Mortgage
I’m Rowan Smith, a mortgage broker in Vancouver, BC, with twenty-one years of banking and broking experience. I co-own City Wide Mortgage Services with my three business partners, and take care of mortgage services and private lending.
Therefore, along with arranging straightforward home purchases, I specialize in more complex transactions such as construction, commercial, and debt restructuring while in foreclosure. Please keep reading to learn about how I helped a self-employed client attain a mortgage.
The Challenge: The client had just come out of a consumer proposal
I had a client that had just come out of a consumer proposal a month ago, but his financial situation had greatly improved since he started paying off his outstanding debts.
He had now saved a twenty percent down payment and wanted to get financing, but his bank told him that it wasn’t possible.
To make matters worse, he was now self-employed and very tax efficient. He didn’t show much income personally, but he made a lot of money. In addition, he hadn’t filed his taxes in two years and was in the process of doing that.
The Solution: Find an alternative lender
One challenge I had was waiting for him to prove that his consumer proposal was paid off in full, and his taxes were up to date, which took his accountant some time. However, once that was completed, I quickly got him approved.
I used a program through an alternative lender where they looked at bank deposits instead of tax filings to arrive at his income.
My strategy was to get him an alternative loan for one to two years at a slightly higher rate while I coached him on rebuilding his credit. At that point, he would be able to go back to traditional bank lending. (It worked!)
The Bottom Line
It took about a month to address the issues, and my client was in his new home within ninety days.
Contact Rowan Smith Mortgage Broker – City Wide Mortgage Services today if you need similar assistance with a mortgage. As a leading mortgage broker in Vancouver, British Columbia, I provide customized solutions for my clients.
My services include home purchase mortgages, construction mortgages, private lending, equity mortgages, debt consolidation, and self-employed mortgages. I also take care of pre-approvals, refinancing, and renewals for clients.
I serve clients across Vancouver, Yaletown, Burnaby, Richmond, Coquitlam, Surrey, South Surrey, White Rock, Langley City, Fort Langley, Langley Township, Aldergrove, Abbotsford, Chilliwack, Hope, and the surrounding areas.