However, the key to a seamless approval process lies in how well a mortgage broker packages the deal. A well-prepared submission not only speeds up approvals but also increases the likelihood of securing optimal terms for your client.
If you’re a mortgage broker looking to get deals approved quickly, here are essential tips for submitting strong mortgage applications with Lendworth.
1. Provide a Clear & Complete Borrower Profile
Understanding the borrower’s financial situation is critical for assessing risk and structuring a suitable mortgage solution. Make sure your submission includes:
✅ Borrower’s income details – For employed individuals, provide recent pay stubs and a T4. For self-employed clients, include two years of tax filings and bank statements.
✅ Credit history – A full credit report helps determine loan structure and interest rates. If credit is poor, include a brief explanation.
✅ Assets & liabilities – A net worth statement allows lenders to assess the borrower’s financial standing.
✅ Exit strategy – Clearly explain how the borrower will repay or refinance the mortgage at the end of the term.
2. Highlight the Property Details
Since private lenders like Lendworth focus on asset-based lending, the property securing the loan plays a major role in approval. Provide:
🏡 Property type and location – Include the full address, type of property (single-family home, condo, multi-unit, etc.), and key features.
📸 Appraisal or recent comparables – If available, provide an appraisal or a list of recent sales in the area to support the valuation.
📑 Existing mortgage details – If there is a first mortgage, provide details, including balance and lender information.
3. Clearly State the Loan Purpose
A strong application clearly outlines why the borrower needs financing. Whether it’s debt consolidation, home renovations, bridge financing, or an investment property purchase, Lendworth needs to understand the reason for borrowing to structure the right solution.
4. Ensure Loan-to-Value (LTV) and Debt Service Ratios Are Within Acceptable Ranges
Lendworth takes a risk-based approach to lending, and keeping your deal within reasonable LTV limits increases approval chances. In general:
📌 First mortgages: Up to 75% LTV (depending on location).
📌 Second mortgages: Up to 85% LTV (case-by-case basis).
📌 Total debt service ratio (TDS): Should remain within manageable limits.
If the LTV is high, providing additional security, such as a strong co-borrower or additional collateral, strengthens the application.
5. Submit a Well-Written Summary & Supporting Documents
A concise but detailed deal summary makes it easier for Lendworth’s underwriters to assess and approve the application quickly. Your summary should include:
📝 Borrower profile – Brief financial background and creditworthiness.
📝 Property details – Key property information and estimated value.
📝 Loan request – Amount, purpose, LTV, and preferred terms.
📝 Exit strategy – How the borrower plans to repay the mortgage.
Accompany this summary with all necessary supporting documents, including:
📂 Income verification (pay stubs, bank statements, NOAs)
📂 Property appraisal or comparables
📂 Existing mortgage statement
📂 Government-issued ID
6. Communicate Clearly & Respond Promptly
If additional information is needed, a fast response from the broker can mean the difference between closing a deal in 48 hours versus delays. Being readily available to answer questions and provide missing details ensures a smooth and efficient approval process.