Non-Resident Lending
Whistler Real Estate Co Ltd, #137- 4370 Lorimer Road, Whistler, BC V0N 1B4
Non-Resident Lending - A Summary of Where We Are At
- It is extremely important for non-residents to open a bank account while they are here, even if the account won't be actively used or eventually closed. This can save a lot of grief with finalzing their mortgage file if they purchase in the future.
- The industry standard for lending to non-residents remains at a 65% loan-to-value ratio.
- We have one lender that may consider up to 80% financing for US residents only. Applications must be fully qualifying with full supporting documentation. Not available for Phase II hotel/condo units.
- Lenders follow a "sliding scale" for high value properties. This can result in the maximum available financing being lower than 65%. Every bank has a different scale, and sometimes exceptions are granted.
- Available rates vary depending on the type of property & the loan amount requested. Quartershare and Phase II units are financed at higher rates due to the "specialty" nature of the real estate.
Supporting Documentation Needed
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Completed application via web site.
- Most recent last 2 year's tax returns. These are important as Canadian banks need them not only to support qualifying income, but to provide confirmation that applicants are up to date with their tax filings.
- In addition to the tax returns, other income documents may be needed. They are referred to as P-60s in the UK, W-2s in the US, and/or Notice of Assessments in Australia & Hong Kong. Current paystubs may also be required.
- Verification of assets. This is usually provided by way of the clients' most recently received investment & bank account statements.
- ID via passport and driver's licence.
- Mortgage statements & rental income confirmation for other properties owned may be requested from the lender.
- Equifax credit report and/or banker's reference. Not applicable for US residents because we can access US Equifax from Canada. Clients from the UK can obtain a copy of their report by going to www.equifax.co.uk. Applicants from other countries need to obtain a banker's reference letter that confirms a minimum of a 3 year history with their bank, and that all dealings have been satisfactory.
- Supporting documentation can be emailed or faxed. Originals are not required for approval or pre-approval.