{"id":4224,"date":"2019-04-30T11:04:41","date_gmt":"2019-04-30T11:04:41","guid":{"rendered":"https:\/\/www.matrixmortgageglobal.ca\/?p=4224"},"modified":"2021-03-31T08:46:17","modified_gmt":"2021-03-31T08:46:17","slug":"private-lenders-step-in-for-self-employed-borrowers","status":"publish","type":"post","link":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/","title":{"rendered":"Private Lenders Step In For Self Employed Borrowers"},"content":{"rendered":"<p>At Matrix Mortgage Global, we see a lot of self-employed borrowers in the same set of circumstances. Any savvy business owner\/operator will want to write off as much of their business expenses as possible, therefore presenting a less-than-representative annual income on their T1 General tax returns. A Contractor, for example, might bring in $200,000 in revenues but expense $150,000 of it between the cost of building materials, sub-contractors, truck payments, etc. They would put $50,000 down on their line 150 of the T1 General, and save quite a bit of tax by doing so.<\/p>\n<div><\/div>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4225\" src=\"https:\/\/www.matrixmortgageglobal.ca\/wp-content\/uploads\/2019\/04\/Matrixblogs1.jpg\" alt=\"selfemployed borrowers guidelines\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/Matrixblogs1.jpg 800w, https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/Matrixblogs1-300x200.jpg 300w, https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/Matrixblogs1-768x512.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/div>\n<p>&nbsp;<\/p>\n<p>Here&#8217;s the downside. When it comes time to qualify for a mortgage, they will be asked for their T1 General and will have to pass the income qualification guidelines\u00a0<i>based on\u00a0<\/i>the $50,000 income, thus\u00a0<i>significantly<\/i>\u00a0decreasing their borrowing and purchasing capacity. The B-20 Stress Test has made it such that Schedule A Banks and Trust Companies have had to turn away 20% more borrowers because they don&#8217;t fit the guidelines.<\/p>\n<p>Cue Private Lenders: Right in tandem with the increasingly strict mortgage qualification guidelines, the share of private lending in the market has gone from 3% in 2015 to 12% in 2018. They are filling a very real need in the market place for non-traditional income earners, as well as those experiencing credit issues or other complications. They are much more willing to view borrower eligibility from a big picture perspective in terms of\u00a0<i>actual<\/i>\u00a0affordability, and do not have set cut-off guidelines for income and credit. Private lenders and MICs (Mortgage Investment Companies) prioritize the asset (Property) above all else (Credit, income).<\/p>\n<p>According to StatsCan, anywhere from 15-20% of Canadians are Self-Employed. If you include those who have a &#8220;side hustle&#8221; such as the ever popular growing ride-sharing and food-delivery service companies (Uber, Lyft, Foodora, DoorDash, etc.), you&#8217;re looking at something closer to 35%. <a href=\"https:\/\/www.matrixmortgageglobal.ca\/\">Matrix Mortgage Global<\/a> funded over 400 private mortgage deals last year, with at least 50% of those being self-employed borrowers. Many of them are relieved to be offered a mortgage solution, although at a rate 3-4% higher in some cases, plus fees up to 2 or 3%. In the end, it tends to balance out if once considers the income taxes they saved.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At Matrix Mortgage Global, we see a lot of self-employed borrowers in the same set of circumstances. Any savvy business owner\/operator will want to write off as much of their business expenses as possible, therefore presenting a less-than-representative annual income on their T1 General tax returns. A Contractor, for example, might bring in $200,000 in&hellip;<\/p>\n","protected":false},"author":1,"featured_media":4225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[115],"tags":[86,90],"class_list":["post-4224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-matrix-mortgage-global","tag-matrix-mortgage-global-canada"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Private Lenders Step In For Self Employed Borrowers - Matrixmortgageglobal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private Lenders Step In For Self Employed Borrowers - Matrixmortgageglobal\" \/>\n<meta property=\"og:description\" content=\"At Matrix Mortgage Global, we see a lot of self-employed borrowers in the same set of circumstances. Any savvy business owner\/operator will want to write off as much of their business expenses as possible, therefore presenting a less-than-representative annual income on their T1 General tax returns. A Contractor, for example, might bring in $200,000 in&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/\" \/>\n<meta property=\"og:site_name\" content=\"Matrixmortgageglobal\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-30T11:04:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-31T08:46:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/Matrixblogs1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CMSadminNew\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#website\",\"url\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/\",\"name\":\"Matrixmortgageglobal\",\"description\":\"Just another WordPress site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/Matrixblogs1.jpg\",\"contentUrl\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/Matrixblogs1.jpg\",\"width\":800,\"height\":533,\"caption\":\"selfemployed borrowers guidelines\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/#webpage\",\"url\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/\",\"name\":\"Private Lenders Step In For Self Employed Borrowers - Matrixmortgageglobal\",\"isPartOf\":{\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/#primaryimage\"},\"datePublished\":\"2019-04-30T11:04:41+00:00\",\"dateModified\":\"2021-03-31T08:46:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#\/schema\/person\/6aa2af4bcd8c66d9d8240ebe9a757695\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Private Lenders Step In For Self Employed Borrowers\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#\/schema\/person\/6aa2af4bcd8c66d9d8240ebe9a757695\",\"name\":\"CMSadminNew\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0be18fd6dbece008bb7c249a9f35013acca152c439430ea1a04d1afd09f20fbf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0be18fd6dbece008bb7c249a9f35013acca152c439430ea1a04d1afd09f20fbf?s=96&d=mm&r=g\",\"caption\":\"CMSadminNew\"},\"sameAs\":[\"https:\/\/www.matrixmortgageglobal.ca\/staging\"],\"url\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/author\/cmsadminnew\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Private Lenders Step In For Self Employed Borrowers - Matrixmortgageglobal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/","og_locale":"en_US","og_type":"article","og_title":"Private Lenders Step In For Self Employed Borrowers - Matrixmortgageglobal","og_description":"At Matrix Mortgage Global, we see a lot of self-employed borrowers in the same set of circumstances. Any savvy business owner\/operator will want to write off as much of their business expenses as possible, therefore presenting a less-than-representative annual income on their T1 General tax returns. A Contractor, for example, might bring in $200,000 in&hellip;","og_url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/","og_site_name":"Matrixmortgageglobal","article_published_time":"2019-04-30T11:04:41+00:00","article_modified_time":"2021-03-31T08:46:17+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/Matrixblogs1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"CMSadminNew","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#website","url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/","name":"Matrixmortgageglobal","description":"Just another WordPress site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/#primaryimage","inLanguage":"en-US","url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/Matrixblogs1.jpg","contentUrl":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/Matrixblogs1.jpg","width":800,"height":533,"caption":"selfemployed borrowers guidelines"},{"@type":"WebPage","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/#webpage","url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/","name":"Private Lenders Step In For Self Employed Borrowers - Matrixmortgageglobal","isPartOf":{"@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/#primaryimage"},"datePublished":"2019-04-30T11:04:41+00:00","dateModified":"2021-03-31T08:46:17+00:00","author":{"@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#\/schema\/person\/6aa2af4bcd8c66d9d8240ebe9a757695"},"breadcrumb":{"@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/private-lenders-step-in-for-self-employed-borrowers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/"},{"@type":"ListItem","position":2,"name":"Private Lenders Step In For Self Employed Borrowers"}]},{"@type":"Person","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#\/schema\/person\/6aa2af4bcd8c66d9d8240ebe9a757695","name":"CMSadminNew","image":{"@type":"ImageObject","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/0be18fd6dbece008bb7c249a9f35013acca152c439430ea1a04d1afd09f20fbf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0be18fd6dbece008bb7c249a9f35013acca152c439430ea1a04d1afd09f20fbf?s=96&d=mm&r=g","caption":"CMSadminNew"},"sameAs":["https:\/\/www.matrixmortgageglobal.ca\/staging"],"url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/author\/cmsadminnew\/"}]}},"_links":{"self":[{"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/posts\/4224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/comments?post=4224"}],"version-history":[{"count":1,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/posts\/4224\/revisions"}],"predecessor-version":[{"id":9045,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/posts\/4224\/revisions\/9045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/media\/4225"}],"wp:attachment":[{"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/media?parent=4224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/categories?post=4224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/tags?post=4224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}