Alternative & Bad Credit Mortgages — Winnipeg
Mortgages from alternative (B) lenders and trust companies for Winnipeg borrowers with bruised credit, a recent consumer proposal, or income the big banks don’t understand.
Arranged by Poupe Vongkhamchanh, Mortgage Agent with CENTUM Financial Services LP (AFC), serving Winnipeg and Manitoba homeowners. View full profile on CENTUM →
How alternative lending works.
Between banks and private
Alternative lenders, often trust companies, sit between the big banks and private lenders on price and flexibility.
Flexible on credit and income
They can look past recent credit problems and accept income a bank might not, such as newer self-employment.
Down payment
Purchases usually need at least 20% down; refinances usually top out around 80% of value.
Priced above bank rates
Rates are typically higher than bank rates, and a lender fee may apply.
Short terms, then move on
One- to three-year terms give you time to rebuild credit and move to a prime lender at renewal.
Who we help
Borrowers with late payments or collections, people recently discharged from a consumer proposal or bankruptcy, self-employed Winnipeggers with less than two years of tax returns, and homeowners whose debt ratios are too high for a bank.
Poupe starts by checking whether a bank or credit union can approve you, since some are more flexible than you’d expect. If an alternative lender is the right fit, we compare several, explain the costs, and map out what you need to do so your next mortgage is at a regular rate. If a private mortgage is the only option, we’ll tell you why.
Signs an alternative lender might fit
Your bank declined you
Being declined by one bank doesn’t mean every lender will say no.
You’re in or just out of a consumer proposal
Some lenders will work with you during or soon after.
Your credit score dropped
Late payments, high balances or collections in the last couple of years.
You’re newly self-employed
Less than two years of business income on your tax returns.
Your debt ratios are high
Car loans and credit cards pushing you over bank limits.
Not sure which one is you?
A quick, no-pressure call clears it up fastest — and it costs you nothing.
Our alternative lending process
Credit and income review
A clear look at what’s holding your application back.
Check A lenders first
Some banks and credit unions are more flexible than you’d think.
Compare alternative lenders
Rates, fees, terms and prepayment options side by side.
Approval and closing
We handle the paperwork and coordinate with your lawyer.
Plan your way back
A credit rebuilding plan so you can move to a prime lender at renewal.
Frequently asked questions about alternative (b) lending.
Still wondering about something? A quick, no-pressure call clears it up fastest.
Often, yes. Alternative lenders and some credit unions approve borrowers with lower credit scores, past late payments or a recent consumer proposal, usually with a larger down payment and a higher rate than a bank would offer.
A B lender, or alternative lender, is usually a trust company or specialized lender that serves borrowers who don’t fit the big banks’ rules. Rates and fees are higher than bank mortgages but lower than private mortgages.
For a purchase with an alternative lender, plan on at least 20% down. Some situations need more. Default-insured mortgages with less than 20% down generally require stronger credit.
Yes. Some alternative lenders will approve you during a proposal or soon after it’s paid off. After discharge, rebuilding credit for one to two years can put you back into bank-rate territory.
Make every payment on time, keep credit card balances low, re-establish credit if needed, and file clean tax returns if you’re self-employed. Most borrowers aim to switch to a prime lender at the end of a one- to two-year term.
Let’s get you approved, then get you back to prime.
Free consultation with a licensed Manitoba mortgage professional — no pressure, no cost.