Comat Mortgage Corporation is a private mortgage lender located in Vancouver, British Columbia serving borrowers who may not meet the guidelines of traditional financial institutions. We are an equity lender that focuses primarily on the quality of the loan security.
Since 2004, Comat has been lending funds on the security of mortgages on Canadian residential real estate in British Columbia, Alberta and Ontario.
Comat is a “mortgage broker” registered and in good standing with the British Columbia Financial Services Authority.
However, Comat does not provide mortgage advice to borrowers or solicit mortgages directly from borrowers who are not independently represented by their own mortgage broker. Our loans are initiated as a result of solicitations from mortgage brokers acting for borrowers.
Comat lends only its own funds and does not accept funds from third party investors. This allows us to give timely consideration of all proposed loans. Our objective is to respond to a loan proposal within one business day.
Loan Amounts: $75,000 to $750,000 or higher in special circumstances.
Security: Comat lends on the security of first and second mortgages on Canadian residential real estate in British Columbia, Alberta and Ontario. Owner-occupied urban real estate is preferred. Personal covenants will be required where permitted by law. In some cases, ancillary security such as an assignment of rents, inter alia mortgage or guarantor may also be required.
Loan-to-Value-Ratio: Generally not to exceed 75%, including all prior charges.
Interest Rate: Commensurate with quality of the security and the borrower’s covenant as well as prevailing market conditions. Generally, first mortgages will carry interest rates of 7.0% or higher and second mortgage rates range between 8% and 11.5% or occasionally higher in unusual circumstances. A competitive lender fee is charged in some circumstances.
Payments: Monthly payment by direct deposit is generally required. Payments can be interest-only or based on an agreed amortization depending on the circumstances.
Term: Generally 12 to 24 months. Most mortgages carry a standard prepayment penalty. Renewals are generally offered with competitive renewal rates on mortgages that are in good standing, provided there has been no deterioration in the value of the security.
Fees and Costs: Appraisal, title insurance, legal and any agreed lender fees are to the account of the borrower and will be deducted from the loan proceeds advanced to the borrower. Mortgage broker’s fees payable to the borrower’s advising broker will also be deducted from the loan proceeds and paid directly to the broker.
Legal Representation: Comat requires the borrower to have separate representation by a lawyer or notary public. All such representation fees are to the account of the borrower.