Frequently Asked Questions
Currently, One Day Money is based in Toronto and provides fast loans in surrounding areas such as Mississauga, Markham, Vaughan, Etobicoke, Scarborough, Brampton and Hamilton.
While One Day Money considers all real estate investments, our current focus is on pre-construction condo financing. Condo investments have significant equity but often don’t qualify under the new mortgage loan rules and banks don’t look at the equity in pre-construction projects.
As a private lender, we are built around speed (and providing fast loans). With over two decades of experience, we can decide in minutes if a deal can be funded by us.
If this occurs, we will buy the property from you at a pre-negotiated price. The price is designed to keep as much of your equity as possible while making sure there is enough equity remaining for us to resell and cover the costs. There will be no long, drawn out power of sales process and you will know exactly how much of your equity you protect. Additionally, there will be no damage to your credit.
When we talk about equity in a deal, we are referring to the difference between the value of the property and the loan amount. We need a minimum 80% loan to property value to proceed with a deal.
If your property has enough equity, One Day Assignment will purchase your pre-construction property in just one day, allowing you to free up cash fast!
We can make you a buyout offer immediately if you closed on the property and want a quick sale or can’t refinance it. We call this a One Day Sale and can give you a firm buyout offer within 24 hours. We tell you what the buyout will be the day you sign the deal.
We provide a one month term so you have enough time to refinance your property with traditional financing. At the end of each month, we can renew the one-month term if you require more time.
No, we are a private lender. However, if you’re looking for a referral, we have a large network of trusted mortgage brokers that we work with and to whom we can direct you.
We recommend that you first try obtaining a loan from the mortgage professional you started with because they understand your situation best. If they have told you that they can’t approve your loan request, we work with some great brokers that we are happy to introduce you to.
| LENDER | One Day Mortgage | Tier 1 Bank Mortgages |
|---|---|---|
| Type of lending | Equity Based | Income Based |
| Key Metrics* | Loan to Property Value | Loan to Agreement Purchase Price (not necessarily market value) Gross Debt Service Ratio Qualification Ratio Beacon Score FICO Score Credit Report Income Verification |
| Minimum Term | 1 Month – with up to two extensions | Typically 6 months to a year |
| Typical Term Approval Time | Several Hours | Minimum several days including appraisal |
| Funding Time | Under 24 hours | 1 week or more (often a minimum of 2 weeks) |
| Documents Required | Driver’s Licence Copy of Agreement Insurance | Driver’s Licence Copy of Agreement Insurance Property Tax Proof of Payment Tax returns for last 3 years Notice of Assessment last 3 years |
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