What Documents Do I Need for Alternative Financing?
You do not need to have a perfect document package before contacting us. Start with what you have. Once we understand the property, mortgage, income and reason for the financing, we can tell you exactly what is missing and what the lender will require.
← Back to Alternative Financing QuestionsThe Exact Documents Depend on the File and the Lender.
Alternative lenders can have more flexible underwriting than traditional banks, but they still need enough information to understand the borrower, property, existing debt and proposed mortgage.
Government-Issued ID
Valid identification is required as part of the mortgage application, lender verification and legal closing process.
Current Mortgage Statement
A recent statement helps confirm the lender, mortgage balance, payment and basic details of the existing financing.
Property Tax Statement
We need to confirm the current property taxes and whether there are any tax arrears that need to be addressed.
Income Documents
The documents depend on how you earn your income and may include employment, pension, tax or other supporting information.
Other Mortgage Statements
If there is a second mortgage, private mortgage or other secured financing, we need the current information for those debts as well.
Property Information
Details about the property and current financing help determine which lenders and mortgage structures may be appropriate.
Send the Documents That Explain What Is Actually Going On.
Alternative financing is often used because something about the file does not fit conventional bank guidelines. The documentation should help us understand that issue rather than hide it.
If there is CRA debt, mortgage arrears, legal enforcement or another significant issue, send the related documents at the beginning so the financing can be structured properly.
If tax debt is part of the financing, provide the most current information you have about the amount owing.
If payments are behind, provide current statements and any lender correspondence relating to the arrears.
If legal enforcement has started, send the complete legal documents immediately so the timeline is clear.
Any other registered debt affecting the property needs to be identified when determining the required mortgage amount.
A Current Property Value Is Usually a Critical Part of the File.
Alternative lending decisions often depend heavily on the property's value and resulting loan-to-value. A current appraisal is therefore commonly required before the lender can finalize the financing.
A New Appraisal May Be Required
An older appraisal may not be acceptable to the lender or suitable for the current transaction.
The Lender Needs Current Value
The appraisal establishes the property value used to calculate the loan-to-value and available equity.
The Borrower Generally Pays
The appraisal is normally a borrower expense and the appraiser will typically arrange access directly with the homeowner.
Do Not Delay an Urgent File
If the financing is time-sensitive, ordering the appraisal quickly can prevent unnecessary delays later in the process.
Additional Documents May Follow
Once the lender reviews the application and appraisal, additional supporting information may be requested before final approval.
Every File Is Different
A straightforward refinance and a complex arrears or CRA file will not necessarily require the same supporting documentation.
Send What You Have First. We Will Tell You What Is Missing.
Do not delay contacting us because you think you need every document before the conversation starts. Once we understand the file, we can prioritize the information that matters and give you a clear list of what is required next.
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