Cove Mortgage Ltd. has been providing innovative and sensible lending solutions since 1976. Their experience in the industry has established them as a go-to private lending firm for residential mortgages, with a reputation for creativity in their loan structuring.
Key Offerings of Cove Mortgage Ltd.:
Loan-to-Value (LTV) Ratios: Cove Mortgage Ltd. extends financing up to 80% LTV for urban properties and up to 75% LTV for rural properties, offering substantial borrowing power against real estate.
Flexibility in Qualifications: They do not require borrowers to meet specific GDS/TDS ratios, facilitating loans based on the merit of the property and borrower rather than on strict financial metrics.
Credit Criteria: In line with their flexible qualifications, there is no minimum Beacon Score requirement for potential borrowers.
Repayment Options: Their standard offering is interest-only loans, which can ease the monthly financial burden on borrowers. Principal and interest payment options are also available upon request, providing further flexibility.
Loan Amounts and Terms: The range for loan amounts is $50,000 to $1,000,000. Cove Mortgage Ltd. offers terms of 12 to 24 months, catering to those looking for short to medium-term financial solutions.
Open and Closed Term Availability: Borrowers have the option to choose between open and closed mortgage terms, depending on their future financial strategies and the flexibility they require.
Property Types: Cove Mortgage is open to financing a diverse array of property types, including single-family dwellings, townhomes, condominium apartments, mobile homes affixed to land, small commercial properties, and serviced land in major urban centers.
Swift Processing Time: Providing a commitment within 24 hours, they prioritize efficiency and responsiveness in their service delivery.
Documentation Required: A complete application, credit bureau report, appraisal, purchase documents including the Property Condition Disclosure Statement (PCDS), and confirmation of down payment are typically needed. Additional supporting documents may be requested based on the specifics of the deal.
As a dedicated mortgage broker, I, Elvira, am here to assist you in securing a private mortgage through Cove Mortgage Ltd. With their pragmatic lending approach and my expertise in the industry, you can rest assured that I will guide you towards a customized financial solution that meets your property financing needs. Whether it’s purchasing your first home, investing in a rental property, or tapping into the equity of your real estate, together we can navigate Cove Mortgage Ltd.’s offerings to streamline your borrowing experience. If you’re exploring your mortgage options and need expert advice and assistance, reach out to me, Elvira, for personalized service and support in obtaining the private mortgage you require with Cove Mortgage Ltd.