In truth, 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.
2 tips for brokers: First, get to know which lenders (like Kokanee Mortgage) will take these deals. Second, when you’re meeting with the borrowers, get copies of all the Consumer Proposal documents they have because the lender will inevitably want to see them. That’s it. Other than 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.