ACE Financial Services
18 Wynford Dr, Suite #208 M3C 3S2 Toronto, ON, Canada

Good Morning Ace Fam! Let’s start this week with a little bit of learning with our favourite segment what is... When we explore options with our clients, sometimes banks (or A lenders) aren’t the best fit. Not to worry! We are partnered with multiple alternative (or B) lenders who can accommodate our clients. What are the benefits of a B lender? They use the non-traditional income to qualify their borrowers... This one is especially important for all our self employed clients, as with a B lender we can use what is called stated income. Alternative lenders use your business bank statements to determine your income and expenses. This income in most cases is higher than what you report to the government on your tax returns. B lenders work with bruised credit B lenders have a lower threshold for credit scores and most of them use the principle of common sense lending. Say you had an issue with your credit card because of a personal emergency but now you’re on track to make all the payments and your business bank statements show income flow - B lenders might just make an exception for you. Short term solution The terms of a mortgage with an alternative lender are normally shorter than with a bank. We help our clients graduate (or move) to a bank after 1 or 2 years of being with a B lender for a lower interest rate. Have questions about alternative lending? Send us a DM or schedule a free consultation to see if an alternative mortgage is the right option for you.

Holiday Greetings from ACE family to Yours!

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