FAQ's

Trinity Diversified North America is an integrated financial services company with roots stretching back more than four decades.

Trinity Diversified Lending provides a 1 year, interest only, second mortgage product to suit the needs of clients in and around the Greater Toronto Area. Whether purchasing, refinancing or taking out a little equity, we consider all deals on an individual basis focusing on the big picture, not just credit. We deal with high ratio loans, damaged credit and former bankruptcies.

Login for further details or give us a call. Our friendly customer service is available Monday to Friday, 9am to 5pm. Feel free to call us at 905-850-6842 for assistance.

Questions

Why are the rates higher than conventional lender rates?

Why are the fees higher than conventional lender fees?

What is the broker fee?

Why do you need an appraisal?

Why do we need to use your appraiser instead of any appraiser?

Can you close tomorrow?

What is an ILR?

Why do you need both spouses on the application?

Do you do pre-approvals?

Why do clients have to bring the lender fee in upon signing?

Can you capitalize the fees?

Can our client get a flexible term?

Can our clients get a blended payment?

My client is new to the country. Do they qualify for your mortgage?

Do you have a stated income program?

Will you provide a mortgage on investment properties?

Answers

Why are the rates higher than conventional lender rates?
Our rates are competitive to all other private mortgage lenders and reflect the uniqueness of our product in dealing with challenged credit up to 90% LTV.

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Why are the fees higher than conventional lender fees?
Our fees are competitive to all other private mortgage lenders and reflect the uniqueness of our product in dealing with challenged credit up to 90% LTV.

The fees payable to Trinity Diversified range from 3-10% based on the details of the deal. These fees are the Risk Fee and Lender Fee, which are separated for transparency.

Lawyer fees are not controlled by Trinity Diversified. During underwriting we will over estimate lawyer fees to ensure your client will be covered.

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What is the broker fee?
The broker fee is the amount we will be disbursing to your brokerage upon closing. Unless indicated on the application, we will estimate a broker fee according to our fees matrix.

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Why do you need an appraisal?
An appraisal ensures our investment is covered in the case of mortgage default.

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Why do we need to use your appraiser instead of any appraiser?
Due to the high risk of our mortgages we insist on having our appraiser inspect the property.

HINT: If you know your client will require a first and second mortgage, call us to ask which appraiser we will accept when getting the appraisal done for the first mortgage lender. This will save your client paying for two appraisals.

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Can you close tomorrow?
No. Our process does not allow for quick closings. Closing will typically take place two weeks after approval provided all conditions are met in a timely manner.

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What is an ILR?
ILR is Independent Legal Representation. All clients are required to have their own legal representation for closing the mortgage.

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Why do you need both spouses on the application?
Trinity Diversified requires both spouses to be on our mortgage regardless of whether they are both on title. This allows us to look at the entire household situation and make our decisions based on what is best for the clients.

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Do you do pre-approvals?
No. However, if you have questions whether your deal fits our lending guidelines feel free to call us for clarification.

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Why do clients have to bring the lender fee in upon signing?
The lender fee is brought in upon signing in order to cover any legal costs that incur in the event that the deal does not close after instructing the lawyers.

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Can you capitalize the fees?
Fees can be added on tip of the mortgage amount unless the final mortgage amount exceeds 90% LTV

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Can our client get a flexible term?
No. Our product is a one year, interest only mortgage that is available for renewal or payout at the end of the term. Clients who wish to pay off their mortgage before the end of the term will be subject to three months interest penalty.

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Can our clients get a blended payment?
No. Our product is a one year, interest only mortgage that is available for renewal or payout at the end of the term.

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My client is new to the country. Do they qualify for your mortgage?
All deals are considered on an individual basis. However, clients who lack a social insurance number and have no credit will unlikely be approved for our mortgages.

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Do you have a stated income program?
We do not have a stated income program. Clients who are business for self will have to state a reasonable income according to industry standards and provide proof that they have no taxes owing through personal and business NOAs.

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Will you provide a mortgage on investment properties?
All deals are considered on an individual basis. Clients who want to place a second mortgage on an investment property will most likely need to cross-collateralize to their owner-occupied residence. In cases where the LTV is below 80%, cross-collateralization may not be necessary.

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