Recent News

WMIC IS GROWING!

November 15, 2012

We would like to welcome our newest staff members! KEENA BRASH, SENIOR UNDERWRITER, joined Westboro in February2013. Keena has been underwriting mortgages for the past 12 years for a MIC administrator in Eastern Ontario. Keena’s knowledge and experience with the alternative mortgage market makes her
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Info for Mortgage Brokers/Agents

Applications must be sourced through a Licensed Mortgage Broker /Agent.

WMIC is locally owned and operated by professionals with extensive background in the mortgage business; both residential, commercial and in relation to builders.  With offices in Ottawa, Kingston and Sharbot Lake, the WMIC team is committed to lending funds to businesses and individuals from Ottawa & Valley to Kingston & Seaway!

At WMIC, we pride ourselves on providing fast and creative mortgage solutions to meet your clients’ needs. We are a common-sense lender so if the deal makes sense, we will approve it. We are not ‘cherry pickers’! WMIC relies heavily on Mortgage Brokers/Agents as a source of mortgage referrals since we do not lend directly to the general public.

As you are no doubt aware, MICs focus on approving applications that do not necessarily meet the stringent guidelines of a conventional Lender. Our Underwriters have more than 35 years experience and have the expertise to select those deals that may not meet all of the 5 C’s of credit but are deemed safe and collectible.

We understand the importance of Brokers /Agents getting feedback on their deal as quickly as possible. We promise same day feedback and commitments within 24 hours.

** Ottawa & Valley / Quebec Region: Please submit your applications through Filogix and contact Monique Terriah at m.terriah@westboromortgageinvestments.com or (613) 729-5764 ext 230

** Kingston & Seaway: Please submit your applications through Filogix and contact Keena Brash at k.brash@westboromortgageinvestments.com (613) 484-3557 OR Marc Moeys at marc.moeys@westboromortgageinvestments.com or (613) 453-0984


Lending Guidelines

Prime Lending Area: 
Eastern Ontario urban centers (Ottawa, Kingston, Brockville, Carleton Place) and Gatineau, QC, as well as small centers which are defined by properties within 10km of the town limits (populations of 5000 or more)

PROPERTY Types:
• Residential 1sts & 2nds (owner occupied & rentals)
• Cottage/Waterfront Properties
• Residential Development Land
• Building Lots & Vacant Land
• Hobby Farms/Farms
• Mobile Homes (no leased land)
• Mixed Use Properties
• Commercial/Industrial 1sts (selectively)

Residental Rates Fees ($1k min)
1st Mortgages – Urban Areas & Small Centers 7.99% – 11.95% 2.0% – 3.0%
2nd Mortgages – Urban Areas & Small Centers 12.95% – 15.95% 3.0% – 5.0% 

 

Commercial & Multi Unit Rental Rates Fees ($1k min)
1st Mortgages – Urban Areas 9.95% – 12.95% 2.5% – 4.0%


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Terms
Our standard term is 12 – 24 months. Note that fees/rates may be higher if a longer term is requested.

Compensation
We pay Finders Fees on the forementioned types of mortgages providing the property is located within our prime lending area: Owner Occupied, Residential and MUR 1st mortgages in Urban/Small Centre areas – 75 to 100BP’s.


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SUNDRY ITEMS
• Principal on Commercial/Industrial 1sts must have a beacon score of 600 +
• WMIC will consider 1st mortgages for properties in Gatineau proper with a beacon score of 600 + 
• Mortgages outside our lending area will be considered at a reduced LTV (65%-75%)
• Residential renewal fee on residential deals is $350
• Commercial renewal fees are determined on individual basis
• Borrower may use own lawyer on residential deals, however WMIC’s lawyer must be used on commercial deals, WMIC’s lawyer must be used wit
• Fees may be capitalized and deducted at source
• Appraisers with CRA or AACI designations will be acceptable
• Applications are processed through Filogix Lender Base System

Generally speaking, the strength & merits of each deal will dictate the rate, fees and loan-to-value. Keep in mind, however, that we try to be as flexible as possible. If the deal makes sense, we’ll work with you to get it approved.


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Contact

** Ottawa & Valley / Quebec Region: Please submit your applications through Filogix and contact Monique Terriah at m.terriah@westboromortgageinvestments.com or (613) 729-5764 ext 230

** Kingston & Seaway: Please submit your applications through Filogix and contact Keena Brash at k.brash@westboromortgageinvestments.com or (613) 484-3557 OR Marc Moeys at marc.moeys@westboromortgageinvestments.com or (613) 453-0984

 

FORMS FOR BROKERs

Self-Declared Income Letter
Pre-Authorized Debit Form
LENDING GUIDELINES 2013