Cottage Purchases
Cottage Financing
Cottage financing in the past was expensive but not any more!
- Both client and property must meet criteria
- Maximum loan to value (LTV) on a purchase - 95% or on an existing property — 90%
Eligible Properties
- Year round access (please call us for information on island cottage purchases)
- Well & Septic systems (variances available)
Amortization
- 25 year standard
- Extended amortizations of 30 and 35 years are available
Investment Properties
Rental / Investment Purchases
Both the applicant and property must meet lending criteria
- Types of property — Maximum 1-4 units — residential
- Maximum LTV — 90%
Borrower Qualification
- Downpayment from borrowers own resources
- Maximum Total Debt Service Ratio 40%
- Using actual rent or 80% of market rent