Real Estate Disruptors
Declined For A Mortgage? Here’s How Others Are Still Getting Their Canadian Dream Home

Alternative lending options in Canada are becoming more popular. With the introduction of new brokers, lenders, and loan options, people who are traditionally denied a mortgage are now capable of quickly finding a lending option that suits their circumstances.
Sergo Rica, a mortgage agent, has been growing his contacts in the mortgage and banking industry, and with that growing network, he has become the go-to for aspiring homebuyers who have been declined for a conventional mortgage. He is using alternative lending methods to make this happen.
Who Are Alternative Lending Options Ideal for?
Alternative lending options in Canada may be ideal for a variety of people, but a common factor connecting these audiences is that they don’t qualify for your conventional mortgage. Sergo identified the following:
- Bruised/Poor Credit: Credit is a crucial factor when it comes to qualifying for a mortgage, so it is no surprise that banks see aspiring homebuyers with past bankruptcy or a low credit score as “risk”. The more of a risk you are, the higher your interest rate, or in some cases, banks will have no choice but to turn you away.
- Self-employed People: You can drive a luxury sports car, but if you’re self-employed, there is a good chance banks will have a hard time determining what your income is. Business owners and freelancers have a lot of moving parts that make their income hard to verify. Deposits can be coming in, but withdrawals are also constantly coming out due payroll and other business expenses.
- Real Estate Investors: You’d think that if you are successfully paying off several mortgages, you would have a higher chance of getting approved for an additional one; however, investors who already have several mortgages commonly get rejected for an additional one.
“With alternative lending, it’s not the end of the road for these different groups,” Sergo shares.
Alternative lending is a form of qualifying individuals for a mortgage through alternative methods, such as:
- Bank Statements
- Deposits
- Net Worth
“Alternative lending and hard money lending are different. Hard money lending has high-interest rates (9%), whereas, with an alternative lending option, you’d get a rate that’s just 1% higher than your traditional mortgage,” shares Sergo.
If you haven’t been approved for a mortgage, know that there are other effective options to get approved. Don’t hesitate to reach out to Sergo if you have any questions.
Media Contact: Sergo Rica
Email: sergo@selectmortgagecorporation.com
Office Number: 519-215-2941
Mobile Number: 647-965-7422
Brokerage License # 12908
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