New to (Atlantic) Canada? Overcome thin or limited credit challenges with Keystone.

For many new residents of Canada, securing a mortgage can be a daunting task. Traditional lenders often rely heavily on established credit history to determine credit worthiness, which poses a significant challenge for those with thin credit files or limited credit history. However, private lenders like Keystone Capital Group can help in these scenarios.

Consider the case of a new resident moving from Ukraine, looking to settle in Charlottetown, Prince Edward Island. They are currently on work permit and working towards permanent residency, but they face difficulty in obtaining a mortgage from traditional banks due to their lack of established credit history in Canada.

This borrower has savings of $200,000, which they plan to use towards a down payment for a $525,000 home. Traditional lenders may turn them away due to their limited credit history, but Keystone Capital Group can step in to bridge this gap. As a private lender, Keystone evaluates the borrower’s overall financial situation, including their savings, employment status, and potential for future income, rather than solely relying on credit scores. Typically, for borrrowers with thin or limited credit history, Keystone can lend up to 65% of the property value:

Purchase price: $525,000

Total mortgage available at 65%: $340,000

Down payment required: $185,000

Keystone’s personalized approach ensures that borrowers can achieve their dream of homeownership, even when traditional lenders cannot accommodate their needs. By focusing on the borrower’s complete financial picture, Keystone Capital Group can enable new Canadians to establish roots and build a future in Atlantic Canada.