82% LTV title transfer refinance while actively still in consumer proposal

Request: Single family dwelling in Abbotsford BC has title in applicant’s sibling’s name. Applicants reside in dwelling. Requested to transfer title into applicants name via gifted equity. Applicants are actively in a consumer proposal with substantial balance still owing. Income to service coming from child tax credit, suite rental income, tables on diskette employment income and finally stated truck driving income.

Challenge: Subject’s location coupled with required LTV to payout existing mortgages on title. Multiple sources of “soft” income where one being stated income. Actively in a consumer proposal with over $20,000 still remaining that could not be paid out from proceeds. Trustee approval required to allow transaction. Gifted equity. Very limited selection of lenders that would approval all above challenges on one deal.


  • Referring broker employed Plan B on Thursday to assist in locating potential lenders and help present terms to client.
  • New 1st mortgage approval was located on Friday. 2nd mortgage approval to top up the required LTV was located on Monday. Deal presented and successfully sold to client with signing package completed on Tuesday.
  • Final weighted average interest rate was 7.75% with total fees of 3% ($11,475)
  • Applicants thrilled with affordable terms and to be able to have house ownership in their names.
  • Referring broker received all the credit for transaction and will likely have loyal clients for life with a LARGE network of family referrals stemming from this one transaction.
  • Broker commission $4,625.00

$600,000 cash out refi on stated income

Request: Family of parents and son looking to raise some capital to purchase a commercial building for investment purposes. Both had good equity in their personal residences and were willing to explore ETO’s to raise this required capital.

Challenge: Lenders limitations on maximum amount of Equity Take Out (ETO) at one time. Stated income for elderly parents. NOA line 150 very low in comparison to the stated income. Required “A” rates to make transaction feasible. Available lenders for this type of transaction have very small broker lists/access.


  • Transaction referred to Plan B to help locate available lenders and access to those lenders
  • Within 3 business days a local credit union was sourced out which Plan B had access to (referring broker did not)
  • Full ETO was approved for a total of 600K cash out after paying out existing mortgages. This being done on stated income and some rental income (rental income coming from a daycare ran out of the basement suite)
  • Commercial purchase not included in anyway against the residential TDS
  • New approved rates were both 3.29% which were dramatically lower than existing rates
  • Clients received the approval they needed to complete their investment goal, with the added bonus of lowering their existing rate
  • Referring broker came out looking like a star as these clients have previously gone through a few other brokers that were unable to deliver. NO doubt will be clients for life.
  • Referring broker will be compensated 80bps between the 2 deals after fee split with Plan B