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