Former CIBC Banker Helps Self-Employed Torontonians Find Mortgage Options After a Bank Says No

TORONTO - Rezul -- TORONTO, Ontario – For many self-employed people in Toronto, a declined mortgage application at the bank is where the search starts, not where it ends. Nalin Jayaseelan, Mortgage Agent with Fides Mortgages, helps sole proprietors and incorporated owners find financing through B lenders and private lenders when a traditional bank cannot say yes.
Bank underwriting is built around steady salaried income backed by T4 slips. Business owners often look different on paper. Many write off legitimate expenses, pay themselves in dividends, have uneven income year to year, or run a newer company. The result can be a taxable income that understates what the business actually supports.

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Nalin spent 18 years at CIBC before he became a mortgage agent, so he understands how a bank's credit process weighs an application and where self-employed files tend to stall. Now working for the borrower, he gathers the documents that show how the business really earns money and compares options across more than 100 lenders, from major banks to B lenders and private lenders.
B lenders, such as trust companies and some credit unions, generally apply more flexible income guidelines than the big banks. Private lenders focus mainly on the property and the borrower's overall plan, and are often used for a shorter term while the client works toward qualifying with a traditional lender again. Both routes usually cost more than a bank mortgage, so Nalin reviews the trade-offs and the exit plan with each client before anything is signed.
"Getting turned down by a bank doesn't mean your business is weak. Usually it means the paperwork isn't telling the whole story. I learned how credit decisions get made during my years at CIBC, and now I use that to show lenders what a self-employed client's income really looks like," said Nalin.

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The approach also applies to larger commercial files, such as Nalin's recent refinance of a $9.1 million owner-occupied industrial property that was facing receivership, completed start to finish in two months.
His work since leaving the bank has earned two honours at Fides Mortgages – Dominion Lending Centres: Rookie of the Year and a place in the Premier Club.
Borrowers can call Mortgages by Nalin at (416) 271-4055, email nalin@fidesmortgages.ca or visit https://mortgagesbynalin.com/. Hours at the Suite 302 office, 2225 Markham Road in Scarborough, run from 9 a.m. to 9 p.m. daily.
Nalin Jayaseelan, Mortgage Agent Level 2, Licence #M25000275. Fides Mortgages – Dominion Lending Centres, FSRA #13727.