How Rowan Smith Mortgage Broker – City Wide Mortgage Services Helped A Self-Employed Client Prove Income
I’m Rowan Smith, a Mortgage Broker, attached to City Wide Mortgage Services. I have over twenty-one years of banking and brokering experience, which helps me offer effective lending solutions to my clients.
I also enjoy taking on ad-hoc challenges as it enables me to use my problem-solving acumen to find a feasible solution.
Please keep reading to learn how I helped a self-employed client prove income.
The Challenge: The client didn’t have a two-year income average proof
The client was self-employed and handling a large equipment rental business. He wanted to buy a property on the Gulf Islands.
Unfortunately, his income was essentially zero during 2020, so he didn’t file any tax for the year. However, in 2021 he had earned over $700,000 as of September.
Since the banks request to see a two-year income average, I knew we couldn’t approach them. The only way to get him financed was through an alternative lender.
This situation posed another significant challenge as the alternative lenders had concerns about his ability to live on the Island while running his business on the mainland.
The Solution: Found an alternative lender
I convinced an alternative lender that he had high-caliber people managing projects and didn’t need to be physically on-site all the time.
Once I had the lender on board, I used six months of bank statements showing his revenues and several invoices to cross-reference deposits to his account. It got accepted as his income proof instead of traditional tax documents.
The Bottom Line
I quickly took stock of the situation and resolved it in about a week of chasing paperwork.
If you face a similar challenge, get in contact with Rowan Smith Mortgage Broker – City Wide Mortgage Services today.
As a leading mortgage broker in Vancouver, BC, I provide efficient home purchasing services.
I specialize in home purchase mortgages, pre-approvals, renewals, private lending, and debt restructuring in foreclosure. I also offer commercial and construction mortgages to my 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.