In the world of Alternative Lenders like Kokanee Mortgage, generic formulae like TDS and GDS have little meaning. After all, these borrowers are usually with Alternative Lenders precisely because they don’t fit the existing ratios.
In place of the classical definition of the acronym, we think of TDS as meaning a Thoroughly Descriptive Story. What do we mean by that?
Thorough: We want ALL the details, especially the bad stuff. Hoarders, Grow-Ops, Bankruptcies or others – our underwriters need to know it all up front.
Descriptive: Let us know how they got into their current situation. You can never provide too much detail and it helps us understand how we can help.
Story: Let us know how a mortgage with us will help them get over the hurdle they face. Show us that they are on an upward financial trajectory and just need some help through an immediate cash crunch.
Craft a “TDS” for your next Alternative Lender client, and you’ll find quicker and better results from your lender partners.