Squire is not a mortgage brokerage. We do not originate our own loans and mortgages; we underwrite, finance, and administer them. All new loans and mortgages flow through independent, licensed Mortgage Brokers and Agents. 

 

Required Information

 

Initial documents required to start a file:

• Complete and accurate application - Filogix form in PDF format preferred

• Credit reports for all Borrowers and Guarantors - Equifax report in PDF format preferred

 

If after reviewing the initial documents we decide to proceed, we may require additional supporting documentation:

• Appraisal report issued by an accredited appraiser

• Proof of Income - T4; most recent payroll cheque stub; letter of employment; bank statement

  • we accept stated income for self-employed borrowers and will take the time to understand their source of income

• Notice of Assessment from CRA 

• Mortgage Statements

• HST statements for self-employed, sole proprietor borrowers (if applicable)

• Other documents as deemed pertinent 

 

For construction financing additional documentation may include:

• Build plan

• Draw schedule

• ‘As is’ appraisal and an ‘As complete’ appraisal

• Other pertinent project information as needed; to be determined during site visit and borrower meetings

 

Loan Workflow

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• Mortgage Broker fees are paid directly by the borrower and are typically detailed in our Letter of Commitment

• Mortgage Brokers/Agents are required to vet client information before submission

• Our underwriters review client/property/project information and quickly make a go/no-go decision.  If the answer is no, we will let the broker or agent know promptly with an explanation as to why.

• We strive to provide inital feedback within 24 hours.

• If we decide to proceed we will identify missing information and note any questions and communicate that to the Broker/Agent.

• Once we decide to fund we will issue a Letter of Commitment. The Commitment will outline all basic terms of the loan in a straight forward manner. There are never any hidden fees.

• Most construction loans, in addition to the above, will require a site inspection; approval of a build plan and a construction draw schedule; as well as a borrower meeting(s).

• Once the borrower signs back the Letter of Commitment, we receive all outstanding documentation and any preconditions are met, we submit the mortgage instructions to our legal counsel to prepare the required documentation.

  • The amount of time the process takes most often depends upon the speed with which the Borrower and their Mortgage Broker/Agent can deliver all documentation.

• Squire’s lawyer ONLY represents the interest of the lender.  The borrower is required to engage their own lawyer for independent legal advice, thus avoiding any conflicts of interest.

• Once Squire’s lawyer is satisfied with the form and content of all documentation they requisition funds to be released by Squire. 

• The lawyers close the transaction on an agreed date and the net loan proceeds are advanced to the borrower and a Charge is registered against the secured property.