If a BFS client states he/she has income of $75,000 per annum, we would expect to see business bank statements that would suggest the business can afford to pay the borrower $75,000 annually. We may also need to see personal bank statements, demonstrating personal income at this level. This all assumes no traditional income documents, such as tax returns, are available.
We suggest brokers continue to ask their clients – “is this mortgage payment affordable?” Our expectation is that brokers are satisfied that their client can afford to repay this debt and we can see in their bank statements that the debt is affordable.
Broker Partner Program
Optimum’s Broker Partner Program rewards brokers 10 basis points who use us at a higher efficiency, so long as the funding-to-close ratio exceeds 40 per cent. Along with the bump in bps, those brokers who are in the program have their deals pushed to the top of the pile, ensuring a quick turnaround on all their deals.
A dedicated underwriter, application status updates and personalized BDM support all contribute to the 24-hour deal turn-around service.