B Lenders

B Lenders:

B Lender, they typically have higher rates than banks ranging ballpark from 4 to 5% and there are also lender fees ranging from 1 to 2%, they still ask for some documentation, ie) verifying self employment, but they are more relaxed on the income conditions, typically banks will use the notice of assessment on your personal income, whereas B lenders will look at the deposits going into your account, they are also more relaxed on the credit scores, Bank type lenders typically require a minimum credit score of 620, whereas B lenders will go lower on the credit score.

At Ronin Mortgage, we always look after the clients interest first, we look at providing the lowest interest rate solution first then work up from there, even if we place a client with a B or private lender, we will help guide them in steps on how to improve their credit and what they can do with the income so that in 6 months or a year’s time we can place them back with a major lender or bank.