Eclipse Mortgages

Here is a recap on how Eclipse qualifies their Business for Self-deals utilizing the bank statement approach.

BFS Product:

• Our minimum beacon is 550 for a max LTV of 75%
• And a beacon of 580+ can get you up to 80% LTV
• Ratios at 50/50
• 30 Year AM

Eclipse will remove a percentage of expenses based on the industry:

Services (Transportation Services, day care providers, Message Therapists, Hairdressers, IT, Cleaner, PSW, Professionals (Doctors, lawyers, chiropractors) 80% Gross Income/20% Expenses

Construction / Renovations (Contractors, painter, roofer, flooring installer, Electrician, Plumber) 70% Gross income/30% Expenses

Commodity (Store Fronts restaurant, bakery, retail vendor) 50% Gross Income/50% Expenses

Method 2 (Bank Statement Approach)

• Document Evidencing the Business Exists
  • Articles of Incorporation
  • Valid Business License
  • HST/GST return
  • Business license number
• Most Recent 6 Months Business Bank Statements
• Validation Of Business Deposits
• BFS Declaration of Income Completed by the Borrower

A quick reminder that our Champion League - 2 Year term Summer Special is still available.

*Eclipse Champion League Summer Special

• NEW Business only
• 2 year term - The choice is yours we have two options available to you 6.34% Paying 75bps OR 6.49% paying 90bps
• Min Beacon Score 600 – This is what’s great about it we are opening it up to the lower beacon bucket applicants that fall within the 600+ range these clients have the potential of saving up to 40bps off our posted rates.
• Rentals – posted rates apply, however 15bps extra commission available (speak to your BDM or Underwriter)
• Excludes: Loans over $1 million and Converse product (Non-Conforming)

*Put Eclipse Champion Summer Special in your NOTES- please indicate your preference regarding rate and comp

*Special can be pulled at anytime

*Available to all Champions League brokers only

*Confidential special – do not share with lenders or non-champion league approved brokers

*Qualifying at contract +2 max amortization of 30 years