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
    2 year term @ 5.65% with 1% lender fee capped into the mortgage

    • 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
  • Self-employed with confirmed income and cleared up credit
    1 year term @ 5.05% with 1% lender fee capped into the mortgage

    • MLS purchase of owner occupied home
    • 75% LTV with lender fee capped into the mortgage, beacon score of 587
    • Income confirmed with business license, invoices and six months business bank account statements
  • Increased cash flow for landlord through debt consolidation for personal property
    1 year term @ 3.89% with 1% lender fee

    • Refinance of owner occupied home for debt consolidation
    • 80% LTV, beacon score of 690
    • 100% of rental income from non-subject rental property used for debt servicing
    • Paid off current FI 1st mortgage and almost all debts to increase client's cash flow
  • Fresh start debt consolidation
    2 year term @ 4.29% with 1% lender fee

    • Refinance of owner occupied property for debt consolidation
    • LTV 61%, beacon score of 681
    • Paid out FI 1st mortgage and private 2nd mortgage along with credit bureau debts
    • Savings of $1,500/month for the client
SUNPFNWEB05