Borrowers with a Consumer Proposal in their history, whether discharged or not, provide an opportunity for brokers who work with alternative lenders.
Although these borrowers are typically turned down by conventional lenders, they are often excellent clients for us. Why? Because the very fact that they didn’t claim bankruptcy but rather chose to use a Consumer Proposal to work themselves out of a bad situation speaks volumes to their character.
Here are two important tips for brokers:
First, get to know which lenders will take these deals (lenders like Kokanee Mortgage).
And second, when you’re meeting with the borrowers, ensure you get copies of all the Consumer Proposal documents because the lender will inevitably want to see them.
That’s it! Besides that, it’s just a typical alternative lender deal.
If you have good clients who just need a hand-up after a bad financial situation, contact the underwriters at Kokanee Mortgage. We’ll make it happen.