New City has access to four secondary Lenders and now recently, a first mortgage Lender providing a one stop shop to get your clients the flexible financing they need to get the job done. Using the basic information on properties and borrowers, if you get us the info we need, we can back to you with a decision fast. Which in turn means getting your clients their money fast, and hopefully repeat business for both of us.
The five Lenders under our management all share the same interest only structure with Prime + interest rates which will vary depending on property type and situation. We have the ability to spread our loans throughout the five Lenders to achieve higher principal amounts of up to $3,000,000. Once our underwriting team has created a loan that works for both your borrower and our Lenders it passes through a credit committee approval with a turn around on-average of one business day then it’s off to the lawyers.
We make it a point in our practice to personally inspect every property we lend on. If your client’s property happens to be out of driving distance from the Vancouver area we will need to charge an inspection fee to cover our expenses of travel. To Alberta the fee is generally $1000. Vancouver Island is generally $300. Inspection itself, depending on the property, only requires ½ hour to an hour.
We're direct lenders who can get your project funded - FAST
Call us today and we can get you the money you need, often in as little as 4 days!
check back soon as we begin blogging about what's happening in the mortgage markets in Canada
Suite 208 - 3855 Henning Dr.
Burnaby BC.
Canada V5C 6N3
Phone: 604 738 5422
Fax: 604 738 5428