Deposit Loans
If you have a a firm offer on your home, and you'd like to make a strong offer on another property, but you don't have the funds available for the deposit because the sale of your existing property hasn't gone through yet, you need a deposit loan. We can help you with that.
Product Highlights
No appraisals
No credit checks
No income verification
No payments
No upfront costs
No charges registered on title*
Documents Required
Title of existing home
Current mortgage statement
Unconditional sale agreement
Application and Government ID
Void cheque (for deposit)
Purchase docs (new home)
The Process
Sign promissory note
Sign direction of funds
Sign application and declaration
Lawyer/notary acknowledgement
Funds transferred to your account
Pricing Details
We're happy to provide deposit loans between $10,000 and $100,000.
We charge a 5% setup fee with a minimum charge of $1000.
We charge 1% of the total amount outstanding per month.
We will outline the total costs in the loan agreement.
The funds from the sale of your property will be directed to us by the lawyer/notary.
*As we're relying on the firm sale of your existing property and another institution to provide mortgage financing for your next property, if for some reason the sale of your existing property falls through, we will register this loan against the title of your existing property.