The DMS Lending Guidelines
Max 80% LTV: Only Available Under the following conditions;
- Urban Area (Plus 15Km Radius) – Edmonton | Calgary | Red Deer | Lethbridge & Bedroom Communities
- Detached Homes | No Condos
- Only DMS Private Lenders in 1st Position
- No “Full First” 1st Mortgages are Max 70% LTV
- Min 550 FICO Score
Max 75% LTV: Available Under the following conditions;
- Semi-Urban Areas (min pop; 15K) Just send a What’s App chat to see if your property applies
- Condos in All Urban Areas | reduced LTV for condos with monthly fees greater than $500/month
- Urban Areas | 25K Radius
- Only DMS & Neighborhood Holdings in 1st Position
- No “Full Firsts”
- Min Fico 525
Max 65% LTV: Available Under the following conditions;
- Semi-Rural Areas (min pop; 3,500) Just send a What’s App chat to see if your property applies
- Conversion Condos & Condos Less than 700 Sq Ft | reduced LTV for condos with monthly fees greater than $500/month
- Semi-Urban Areas | 25K Radius
- Only 1st Mortgage Available
- Properties in Foreclosure
- Min Fico 525
Max 60% LTV: Available Under the following conditions;
- All other Areas in Alberta; including Farmland; Hobby Farms and Derelict Properties on an exception basis
- Hotel Condos on Exceptions basis
- Min FICO 475
- Only 1st Mortgages Available
DMS Standard Documents
- 3 Months Bank Statements to Show Ability to Pay and Credit Worthiness
- CRA Balance Not to Exceed $2,500
- CRA Taxes must be filed no greater than one year behind
- Current Title on All Refinances and ETOs
- Full Loan Notes – Including Reason for funds | Use of Funds | Exit Strategy
DMS Standard Solicitor Requirements
- Subject Property Taxes Paid
- Subject Property Mortgage Current
- General Security Agreement | Waived on Exception
- Assignment of Rents and Leases
- Title Insurance
- Promissory Note
- General PPR Registration