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

  • Fresh start debt consolidation

    • Refinance of owner-occupied property
    • LTV 72%, beacon score of 687
    • Paid out FI 1st mortgage, $43,000 in credit card debt and property tax arrears
  • Self-employed head hunter with confirmed income

    • Refinance of owner-occupied condominium
    • LTV 75%, beacon score of 714
    • Paid off current FI 1st mortgage and all debts
    • Income as head hunter supported with HST registration, cheques from the agencies the client does sub-contracting for and six months business bank account statements
  • Debt consolidation with added investment opportunity

    • Refinance of owner-occupied condominium
    • LTV 66%, beacon scores of 615 and 696
    • Paid off current FI 1st mortgage and all debts
    • $81,000 equity take out for investment purposes
    • Reduced clients’ monthly payments and provided equity needed to invest for emergencies
  • Self-employed HVAC contractor with confirmed income

    • MLS purchase of owner-occupied property
    • 75% LTV, beacon score of 638
    • Down payment from sale of current property
    • Income as a self-employed HVAC contractor confirmed with articles of incorporation and six months business bank account statements
  • Self-employed electrician with confirmed income

    • MLS purchase of owner-occupied property
    • 67% LTV, beacon score of 718
    • Down payment from sale of current property
    • Income as a self-employed electrician confirmed with HST registration, valid current contracts and six months business bank account statements
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