MESSAGE TO BROKERS
Your solution-focused lending partner
Since 1994 our unique underwriting formula has allowed us to provide flexible, short-term solutions at competitive rates, with capitalized fees. As a property-first lender, we weigh the property, location and client story most heavily. Our team of experts will work with you every step of the way to package, underwrite and fund the mortgage solutions your alternative clients need. We can also accommodate quick close applications.
Learn MoreLOCATIONS
Where we lend
We lend in select urban, small-centre and rural locations across Eastern and Southwestern Ontario.
View the list of our lending areas
BENEFITS
Why partner with us
Flexible
We can provide you with customized solutions for clients who are: business for self, holding companies, property investors, borrowers with damaged credit and more. We also offer flexible income documentation including no doc, low doc, stated income and verifiable income.
Client-focused
Our origination and underwriting teams will work with you to find the best solutions for your clients, and keep you informed every step of the way. We love collaborating with our broker partners to find custom mortgage solutions for borrowers, even under tight deadlines!
Reputable
Established in 1994, Magenta is one of the oldest and largest MICs in Canada. In a complex market, we make it simple for brokers to meet the borrowing needs of their clients. Our service model ensures an accurate, fast and reliable experience that allows you to focus on what you do best – building client relationships.
MORTGAGE PRODUCTS
Customized solutions to meet your clients' needs
First residential mortgages
- Rates: Start at 7.99%
- Fees: Start at 2.00%
- LTV: Up to 80% LTV for Verifiable Income. Up to 75% LTV for Stated Income, Low Doc and No Doc
- GDS/TDS: Extended ratios up to 45%/60%
- Amortization: Up to 50-year amortization
- Minimum Credit Score: No minimum beacon score requirements
- Quick Closes: 24 hours or less
- Capitalized Fees: Fees and broker compensation are added to the client’s principal and spread over the life of the mortgage.
- Income Types: Verifiable, Stated Income, Low Doc and No Doc
Second residential mortgages
- Rates: Start at 9.99%
- Fees: Start at 2.00%
- LTV: Up to 80% LTV for Verifiable Income. Up to 75% LTV for Stated Income, Low Doc and No Doc
- GDS/TDS: Extended ratios up to 45%/55%
- Amortization: Up to 50-year amortization
- Minimum Credit Score: No minimum beacon score requirements
- Quick Closes: 24 hours or less
- Capitalized Fees: Fees and broker compensation are added to the client’s principal and spread over the life of the mortgage.
- Maturity Matching: We’ll match the maturity date of your client’s first mortgage to simplify financial planning.
- Income Types: Verifiable, Stated Income, Low Doc and No Doc
Residential refinancing
- Rates: Start at 7.99%
- Fees: Start at 2.15%
- LTV: Up to 80% LTV for Verifiable Income. Up to 75% LTV for Stated Income, Low Doc and No Doc
- GDS/TDS: Extended ratios up to 45%/60%
- Amortization:Up to 50-year amortization
- Minimum Credit Score: No minimum beacon score requirements
- Quick Closes: 24 hours or less
- Capitalized Fees: Fees and broker compensation are added to the client’s principal and spread over the life of the mortgage.
- Income Types: Verifiable, Stated Income, Low Doc and No Doc
Rental mortgages
Rental Mortgage Features:
- 100% offset on rental income
- No maximum number of doors
- Student rentals
- Multi-Unit Residential
- Holding companies accepted
- Rates: Start at 8.49%
- Fees: Start at 2.00%
- LTV: Up to 80% LTV for Verifiable Income. Up to 75% LTV for Stated Income, Low Doc and No Doc
- GDS/TDS: Extended ratios up to 45%/60%
- Amortization:Up to 50-year amortization
- Minimum Credit Score: No minimum beacon score requirements
- Quick Closes: 24 hours or less
- Capitalized Fees: Fees and broker compensation are added to the client’s principal and spread over the life of the mortgage.
- Income Types: Verifiable, Stated Income, Low Doc and No Doc
Income types
Our flexible income types are available across all Magenta mortgage products. Please see income documentation requirements below, or reach out to your Magenta representative for more information:
Verifiable: Traditional income documentation demonstrating 100% of the annual income listed on the application.
Stated Income: Non-traditional income documents like business ownership, bank statements and other supporting documentation.
Low Doc: Confirmation of no outstanding taxes verified through documents such as Notices of Assessment, HST and source deductions.
No Doc: No income verification requirements, not even a Notice of Assessment!
Lending areas
Lending Areas: Available in urban, small centre and rural locations across Ontario. Please see our interactive Google map for detailed locations.
Paul Campbell: Senior Director, Mortgage Origination: Ottawa, Kingston and Southwestern Ontario. [email protected]
Veronica Daniel: Internal Account Manager: Hamilton, Burlington and Oakville. [email protected]
FAQ
Common questions
Where does Magenta lend?
Magenta funds real estate properties located in strong, stable urban markets where we have deep experience and understanding of property valuations, like Ottawa, Cambridge and Kitchener-Waterloo.
Does your “No Doc” product require a notice of assessment?
No. We don’t require any income verification. We are a property-first lender. Is the property typical for the neighbourhood and in a marketable area? If the answer is yes, then our No Doc product is a great solution!
What types of properties do you lend on?
Quality residential real estate located in strong, urban real estate markets in Ontario, with a heavy overweighting of 1st mortgages secured by owner occupied single family homes.
Are there property types that are excluded
Properties with wood foundations
Properties on a flood plain
Properties on leased land
Remote rural properties
Properties outside the primary lending areas with a value of less than $150,000.00
Mobile homes
Remediated grow ops/meth labs
Properties with holding tanks
Properties on cisterns
Properties with a shared well
Farm land from which income is derived
Properties where the sole source of heat is an outdoor furnace
Log homes
Properties with any gas tanks or fuel storage
Properties that show an apparent lack of “pride of ownership”
How do I submit a deal to Magenta?
After the broker and regional manager discuss the deal, the broker will submit the file using the platform of their choice. An underwriter and funder will be assigned, and the file will be completed through a solicitor.