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Flex family

Flex 2nd Mortgage

The highest loan-to-value ceilings Lendmax offers. Flex 2nd sits behind an institutional, conventional or private first mortgage, takes the full credit spectrum including no established score, and is underwritten on equity and exit rather than income.

What fits

  • Second charge behind an institutional, conventional or private first
  • Highest combined loan-to-value ceilings in the Lendmax suite on qualifying files
  • Full credit spectrum, including no minimum score
  • No minimum income and no maximum GDS or TDS
  • Smaller markets and rural property assessed on marketability
  • Debt consolidation, arrears, tax balances, renovation capital, business cash need
  • Terms of 3, 6, 9 and 12 months; interest-only or amortized
  • Priced above Prime to reflect the wider box
Position
Second charge
First can be
Bank, credit union or private
Provinces
ON · BC · AB
Credit floor
None
Amounts
$25,000 to $300,000
Income
Not required
Funding
Up to 2 business days
Inspection
May be required at higher LTV

What lifts a file to the top ceiling

  • Owner-occupied property in a market with real turnover
  • A first mortgage that is current and well-documented
  • A named exit — a listing, a refinance application, a maturing term
  • Verifiable income, where it exists, even though it is not required

What pulls it down

  • Condominium security — reduced ceiling, two-bedroom minimum
  • Non-standard property pending a marketability review
  • A first mortgage in arrears with no plan to cure it
  • No stated repayment path at all

Flex 2nd Mortgage — questions

Will you go behind another private lender?

Yes. That is a defining feature of the Flex family and a common file — often where a borrower took private money quickly and now needs a further advance without disturbing the existing charge.

Is there an income test at the highest ceilings?

Income documents are not required at any tier. At the top of the range we look harder at the exit, the first mortgage's standing and the property's marketability, and an inspection may be required. Where verifiable income exists it strengthens the file even though it is not a condition.

How fast can a Flex second fund?

Up to two business days from instruction, once the borrower has accepted. Instructions go to counsel within two hours of your client's acceptance.

Need the highest ceiling in the suite?

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