To get started you need to go into the "Alternative Lending" section. Click the 'Alternative Lending' icon on the left menu.
The filters displayed will help you screen to find the best lender for your borrower.
First, select the type of mortgage you are looking for either Residential or Construction.
How to search for construction lenders in the alternative lending section
Select the Loan Type (residential or construction.)
Next select the location (province and city/town)
Now select the the loan goal.
Once you hit the Search button on the left of your screen the lenders' results will appear with available lenders. From there, according to your initial selection, Spotlight helps you to find the best option for your client.
How to identify the best alt lenders for a construction deal
First select the type of property.
2. Select the "Lot Details" such as if it has a septic system (likely the lender will require additional documentation such as a water test), if it's serviced by the municipality (sewage, street lighting) or if it's unserviced completely.
3. Enter Construction Oversight details, Terms and Loan Amount
4. Choose the Interest and Occupancy Type
NOTE: The lender is the final option to select if you have a lender in mind for your client. Selecting a lender will limit the lender options but you are free to choose who will be the best fit for your client.
The list of possible lenders will display on the right.
Click on the card to read more details about the programs that they offer. You can read the loan details and contact the lender:
If you click on 'Contact Lender', Lender Spotlight will send an email with a preset message to the lender (see sample below).
What if nothing displays when searching for an alt lender
It could be that no alt lenders are available in your area for construction or match the criteria you have entered. On the top left of the menu you can go back to change your search parameters.
If you have any questions or concerns, please click on the chat button for help.