Product: Rental financing
In addition to max. 75%LTV on a rental unit. We’ve made some changes to our policy. Here it goes:
For the purpose of confirming gross rental income, expired
leases can be accepted with the addition of one of the
following:
·
Signed acknowledgement
from the tenant confirming rental/lease agreement is still in effect; or
·
Copies of the last 3
months of cancelled cheques; or
·
Evidence of the last 3
months of rental deposits in the account
If applicant owns 1 rental property (maximum 1 unit),
either:
·
50% of the confirmed
gross rental income can be included as income and full principal, interest,
(property) taxes and heating (PITH) for the subject rental included in
liabilities; or Rental worksheet can be used to
calculate the rental property Debt Service Ratio Owner occupied rental
properties included
Opinion of Market Rent is
acceptable for purchase and refinance transactions up to 65% LTV
Td economics:
·
The past week saw the TSX, most commodity prices and the Canadian
dollar versus the U.S. dollar, all make up ground. However, all three still
remain underwater so far in 2013. That is consistent with Canada’s economic
under performance versus the United States.
·
February’s retail sales data were consistent with a more modest
performance in consumer spending north of the border, as trend sales have
slowed in both real and nominal terms. Moreover, the lack of pricing power at
the retail level speaks to increased competition in the face of softening
demand.
·
This difficult retailing environment is likely having an influence
on small business confidence, which slipped further in April, according to the
CFIB’s Business Barometer. Particularly since insufficient domestic demand is
cited as the main limitation to small business growth.
Have a great week!
Romy Alegria | Manager, MMS | TD Canada Trust
P: 416.278.2540 | F: 1-866.222.5708
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