Bayfield Mortgage Investment Corporation

BAYFIELD MORTGAGE INVESTMENT CORPORATION LENDING GUIDELINES LENDING AREAS Other lending areas may be considered on an exception basis. British Columbia Bayfield lends in the following British Columbia locations: GVRD, including the Lower Mainland and Fraser Valley Chilliwack Port Moody Maple Ridge Pitt Meadows Port Coquitlam Mission Sunshine Coast Whistler Squamish Pender Harbour Sechelt Gibsons Vancouver Island Greater Victoria Area Nanaimo Courtenay Comox Parksville Cumberland Campbell River Interior British Columbia Prince George Kelowna Vernon Penticton Kamloops Salmon Arm Osoyoos Alberta Bayfield lends in the following Alberta locations: Calgary Greater Calgary area Edmonton Greater Edmonton area Red Deer Lethbridge Medicine Hat Manitoba Bayfield lends in the following Manitoba locations: Winnipeg Brandon MORTGAGE POSITION First mortgages Second mortgages Third mortgages may be considered on an exception basis MAXIMUM LOAN-TO-VALUE Maximum LTV: Up to 75% ELIGIBLE PROPERTY TYPES Owner-occupied residential properties Residential rental properties Acreage properties with a house Mobile homes located on land owned by the borrower Condominiums Townhouses Leasehold properties Small commercial properties may be considered on an exception basis CREDIT REQUIREMENTS Credit history is reviewed. The applicant’s credit history will have some bearing on the interest rate. INCOME CONFIRMATION Income confirmation is generally not required. MORTGAGE TERMS AND AMORTIZATION Available terms range from 6 months to 1 year. Open mortgages are available. Closed mortgages are available. Available amortization ranges from 35 to 40 years. REPAYMENT TERMS Principal-and-interest payments are standard. Interest-only payments may be considered on an exception basis. PAYMENT FREQUENCY AND METHODS Available payment frequencies include: Monthly Semi-monthly, on the 1st and 15th of each month Biweekly, if requested Weekly, if requested Available payment methods include: Pre-authorized payments (PAP) Post-dated cheques PREPAYMENT TERMS Closed Mortgages The prepayment penalty is the lesser of: Three months’ interest; or Interest owing for the remainder of the mortgage term. Additional Payments Up to three payments may be made each month without penalty. A lump-sum payment of any amount may be made on the mortgage anniversary date without penalty. RENEWALS Renewals are offered provided there has been little or no problem with the client. ASSUMABLE MORTGAGES Mortgages may be assumable with Bayfield’s prior approval. ELIGIBLE LOAN PURPOSES AND FINANCING SCENARIOS Bayfield considers financing for: Equity take-outs Refinances Purchases Bridge financing Inter-alia mortgages Blanket mortgages Vacation properties Second homes Investment properties Second mortgages behind CHIP Construction financing Re-advanceable lines of credit (LOC) For additional details regarding the listed financing scenarios, contact Bayfield’s senior underwriter.