Lending Guidelines

General Lending guidelines

Is your client buying a new home? Below you will find Cedar Peaks Mortgage Services General Lending Guidelines.

Construction Lending guidelines

Have a construction draw mortgage you need funded? Find Cedar Peaks Mortgage Services Construction Lending Guidelines below.

fix & flip Lending guidelines

Renovating made easy! Below you will find Cedar Peaks Mortgage Services Fix & Flip Lending Guidelines.

Have a deal that you would like to submit to Cedar Peaks?

Please consult our Checklist for Deal Submission, and then forward your request to Mark.

Single-Family Purchase

First Mortgage – Business for Self Clients – Fernie, BC
$435,000 l 9.25% l 69% LTV

A young family was outgrowing their residence. Mom was self-employed and declared little personal income; Dad took a leave of absence during the Covid pandemic to raise their young, immunocompromised child. This purchase allowed space for their puppy to run and for their family to grow in the future.

First-Time Buyers

First Mortgage – Condo – Purchase, Renovate, Live – Edmonton, AB
$105,000 l 9.75% l 77% LTV Pre-reno, 63% LTV Post-reno

This young couple was engaged to be married. Both 19yrs old, she worked full-time and he was a full-time student. They used a portion of their savings for a down payment on a condo close to the University, with a plan to renovate and make it their home. The only stumbling block was less than a year of credit history. Cedar Peaks was thrilled to help them establish their life, and their credit as homeowners.

Financial Distress/Equity Take Out

First Mortgage – Foreclosure / Equity Take Out – Calgary, AB
$310,000 l 9.95% l 52% LTV

A single mother was impacted with health, job and financial difficulties during the Covid pandemic. We were able to help her refinance her principle residence. By doing so she staved off foreclosure, satisfied outstanding debts, and put herself on the path to financial recovery.

NEW COMPANIES

First Mortgage – Duplex Construction – Calgary, AB
$1,100,000 l 8.95% l 68% LTV

This particular company was formed in September 2020 by the principals for the purpose of constructing the subject property. As this is a new company, there were no financial statements available at time of application or funding.

COURT ORDERED SALE – COMPLETE CONSTRUCTION

First Mortgage – Construction – Calgary, AB
$1,400,000 l 8.75% l 74% LTV

This mortgage financing is being utilized by the borrower to purchase the subject from the Court of Queens Bench as it was a foreclosure and complete construction. Initial Advance of $675,000 for land value and work in place!

NON-RESIDENT – CONSTRUCTION

First Mortgage – Construction – Edgewater, BC
$875,000 l 8.95% l 49% LTV

The borrowers currently reside in Europe and will be relocating to Edgewater, BC upon completion of the subject property at which time they expect to have received their Permanent Residency. The property is 79.79 acres in size and once complete will have a 5512 SF 2 storey home with an attached carport and shop.

FUTURE DEVELOPMENT

First Mortgage – Lot Purchase for Future Development – Edmonton, AB
$705,000 l 8.75% l 75% LTV (Purchase Price) & 67% LTV (Appraised Value)

The borrower purchased 3 Residential Lots for future construction purposes in the desirable SW Edmonton district of Hays Ridge/Jagare Ridge. They were able to purchase these lots with a Year End Discount being offered by the Developer of approximately 11%.