Business owners and self-employed individuals often have difficulty when applying for mortgages and loans, regardless of their personal financial position and credit history.  Unimor acknowledges and encourages the entrepreneurial spirit and has a network of private lenders that currently offer mortgage and loan programs to borrowers who are self-employed or that operate their own business.

If a borrower is able to prove sufficient income to meet the private lenders’ criteria, the borrower may be eligible to finance as much as 95% loan-to-value (LTV) on a purchase, and as much as 85% LTV on a refinance.

However, if a borrower cannot prove sufficient income, the mortgage and loan programs may allow a loan of up to 90% of the lower of the appraised value or the purchase price, and the down payment must come from the borrower’s own resources.  Furthermore, these private lenders may offer a qualified borrower a mortgage loan for up to 85% loan-to-value on a refinance.

In addition to meeting the debt service requirements, the borrower may need a credit rating of 650 or more.  Most private lenders also require a borrower’s past year Notice of Assessment.  Unimor’s mortgage lending and loan approval process for business owners and self-employed individuals is more straightforward and often requires much less paperwork and proof of finances versus the major banks or financial institutions.