B Clients

On July 22, 2022, major banks offered 5.44% - 5.54% 5-year term
While alternative lenders offer between 5.59% - 5.79% for 1 year term
Minimum down payment needed is 20%
Alternative lenders limit the borrowing amount between $750,000 to $2,500,000
Lender fee is usually 1% of the loan amount
Between 0 – 0.50% of the loan amount
You can expect between 1-1.5% higher cost including rates, lender fees and broker fees.
Typical process with alternative lenders for purchase is between 1-2 weeks.