Our Lending Process

Step 1 – Submit a completed Loan Request Form.

Step 2 – Work with a licensed mortgage broker to develop your financing plan and submit a completed mortgage application.  If you aren’t yet working with a mortgage broker, let us know – we’d be happy to refer you to one of our excellent mortgage broker partners.

Step 3 – Submit required documentation as requested – this could include income verification documents, identity verification documents, an appraisal, etc.

Step 4 – Once all Freelea Financial conditions are satisfied, instructions will be provided to your lawyer prior to releasing funds.

Step 5 – Your loan is funded!  Funding will generally occur within 7 days of all conditions being satisfied – assuming there are no issues.

Who are Freelea Financial Inc. clients?   Freelea Financial clients may need credit repair, have a high debt service ratio, be self-employed, or may simply require quick financing for another reason.  Typically, Freelea Financial borrowers are dealing with circumstances that make it difficult for them to access funds from traditional banks.

What areas does Freelea Financial lend in?   We offer mortgages for properties throughout Nova Scotia.

What types of properties will Freelea Financial consider as security?   While our lending focus is primarily on residential properties, we will consider bare land and multi-units at 50% LTV with a strong exit strategy.

No Application Fees.  There are no application fees.  Once approved, we will provide a Mortgage Commitment, which will outline all the terms, interest rate, and associated fees.  If a client wishes to finalize the Mortgage offered, we charge a fee of between 1–4% of the loan amount depending on the type of mortgage, terms, length, and level of risk.

No Minimum Credit Score.  Here at Freelea Financial, we know bad things can happen to good people, and your credit score doesn’t always paint the full picture.  Even if you have a less-than-perfect credit history, you may still be eligible for financing – talk to your broker to see if our products are right for your financial plan.

No Maximum TDS/GDS Ratios.  As we have no maximum Total Debt Service (TDS) or Gross Debt Service (GDS) ratios here at Freelea Financial, our lending is not restricted by traditional lender requirements.  This allows our clients more flexibility in their financial planning.

Maximum LTV of 80%.  Freelea Financial will lend up to 80% of the value of the property or purchase price – whichever is lower.

Interest-only Payments.  Our loan products offer interest-only payments, which can help you manage your cash flow while you’re working toward your goals.

Interest Rates.  Every client and every deal is unique, so we price each transaction individually.  The rates and terms we offer are based on a number of criteria – the property type, loan type, location, loan to value, client needs, and application inputs (such as credit score), etc.

Want more information?  Get in touch – we’re happy to help!