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Examples of Loans financed by Sun Mortgage Corporation recently:

  1. Refinance of a single family residential home for an individual on disability with 45% equity in the property. Set up an interest reserve to subsidize the mortgage payments to allow time for the individual to get back to work and/or arrange conventional financing.

  2. Refinance of a single family home with poor credit scores.

  3. Renovation of a single family residential home. Total loan amount of 75% of the “As Complete” appraised valuation. Initial proceeds of 75% of the “As Is”appraised valuation with the balance held in trust with borrower’s solicitor. Holdback released from time to time pending independent verification from an appraiser and/or site visits by Sun Mortgage Corporation.

  4. Older 24-unit apartment renovation in Winnipeg. Total loan amount $2.0 million advanced in 6 stages. Borrower’s equity of 30% to purchase the property. Sun Mortgage Corporation funded the construction cost with progress matched to the project budget and independent verification from an appraiser and/or site visits by Sun Mortgage Corporation.

  5. Condominium refinance to consolidate first and second mortgage and other debts with a holdback of $5,000 for new flooring. Once the mortgage was in land titles, $2,500 released to the contractor for the flooring and the final $2,500 released upon completion of the flooring.

  6. New construction of a 36 unit condominium complex in South Winnipeg. Total loan amount $5,000,000 advanced in 10 separate stages. Interest payments and fees withheld from each advance. Holdback of funds for each advance released pending independent verification from an appraiser or engineer plus site visits by Sun Mortgage Corporation. Borrower owned the land free and clear and had a proven track record in the industry.

If you have similar scenarios or scenarios that are not easy to fill with a prime lender, don’t hesitate to contact us!

LOCATION & CONTACT
Location

460-167 Lombard Ave

Winnipeg, MB

R3B 0T6

 

 

Contact

Phone: (204) 956-0769

Toll Free: 1-866-956-0769

Fax: (204) 982-7584

E-mail: info@sunmortgage.ca

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