Reported income too low for the big banks? An asset-based approval — $600K+ approved and the $800K purchase completed

Our client is a local resident who had found a property at around $800,000 and wanted to complete the purchase. His credit was good and he had built up savings, but his reported income in Canada was modest — on a conventional income assessment it would not support the loan he needed. He had assumed the major banks were out of reach and had begun looking at alternative lenders.

A friend referred him to Guaranti Group. Rather than stopping at the income figure, our team worked through his overall asset position, the movement of funds through his accounts, and the source of the down payment. What emerged was a client whose income was modest but whose savings were substantial, whose asset position was sound, and whose funds had a clear and fully documentable origin — precisely the profile one major bank’s asset-based lending policy is written for.

The team assembled the proof of funds and asset documentation and structured the application around it. The bank approved over $600,000, and the purchase of the roughly $800,000 property completed.