“A” lender approval pulled after conditions removed, Fast B deal required to fulfil purchase contract in small remote Alberta community

Request: Client sold house to buy new dwelling where the existing credit union mortgage lender had an approval in place for the new purchase. Once approval was granted and existing house sold, client simply stopped paying all liabilities as they would eventually be paid from sale of existing. 5 trade lines went into r3 status or worse causing credit union to pull approval on a subject removed purchase contract. Client needed mortgage financing locked down in less than 2 weeks.


  • Location of property was rural with population of approx. only 1,000
  • Over $75,000 of consumer debt with many actively in major derog status
  • Beacons 520 and 504


  • Mortgage agent referred the deal to Plan B on a rush basis to find approval and fund
  • Plan B submitted application to 16 lenders. 3 approvals were located all from the private sector
  • Best approval was accepted and presented to client with focus on affordability
  • Plan B did not want the mortgage accepted out of desperation to ensure no arrears potential
  • Client assured the approval fit the house budget.
  • Income was verified and gds/tds were at acceptable levels PLUS the new payment was lower than mortgage payment on house just sold
  • Mortgage funded on time. Client avoided legal action for breach of contract and loss of contract deposit
  • Very relieved consumer and mortgage agent
  • Approval was 70% LTV, 8.99 rate with 1.50% lender fee
  • Referring agent solidified relationship with referring real estate agent
  • Referring agent received accolades for getting the deal done
  • Referring agent received 100bps commission