Provide options to borrowers who fall outside of traditional credit requirements

With both the population and employment demographics of Canada changing so significantly, there are people who want to access a mortgage and own a home – but they may fall outside of traditional credit requirements.

Alternative lending (Excalibur) offers a mortgage option for those people*. They get the chance to tell their stories, which provides the context for our underwriting specialists’ mortgage decisions.

  • Self-employed: a growing segment of the population with small business on the rise.
  • Rehabilitating credit: factors beyond people’s control (death in the family, divorce, children’s tuition) can affect their credit.

In our efforts to continuously go beyond service for you, so you can go beyond service for your clients, we have added Excalibur to our mortgage menu. When you have a potential Excalibur opportunity, you engage your Account Manager who will then engage one of our Excalibur underwriters to work collaboratively with you and your client to uncover his/her story.

At First National, we believe that every person should have the opportunity to access a mortgage and own a home. Excalibur helps you make that a reality for more of your clients.

To learn more about Excalibur or to initiate an opportunity, contact Elena Robinson.

*Only available in Ontario

Recent closings

  • Title transfer for self-employed client

    • Refinance title transfer of owner occupied home to remove ex-spouse
    • LTV 56%, beacon score of 529
    • Income confirmed with valid business license, signed contract and six months business bank account statements
    • Paid off current FI 1st mortgage and all debts
    • Savings of $500/month for the client
  • Debt consolidation for bruised credit applicant with pensioner co-applicant

    • Refinance of owner-occupied home
    • LTV 60%, beacon score of 616
    • Paid off existing private 1st mortgage, private 2nd mortgage and all credit bureau debts (savings of $315/month)
    • Full-time income supported with recent job letter and pay stub
    • Co-applicant is a pensioner confirmed with three months bank statements and beacon score of 578
  • Self-employed painter with confirmed income and co-applicant

    • MLS purchase of owner-occupied property
    • 75% LTV, beacon score of 747
    • Down payment from sale of current property
    • Income as a self-employed painter confirmed with valid business license, signed self-declared income letter and six months of business bank account statements
    • Co-applicant with beacon score of 803, only source of income is child tax credit supported with the annual Canada Tax credit statement
  • Debt consolidation + home renovation

    • Refinance of owner-occupied property
    • LTV 80%, beacon scores of 633 and 617
    • Paid out FI 1st mortgage and all credit bureau debts (savings of $1,336/month)
    • $35,000 ETO for renovations
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