At Seven Lending, we work with some of the most successful professionals in British Columbia. We see IT consultants, management experts, and specialized engineers who make an incredible living. However, many of these same people come to us frustrated. They have the money, they have the contracts, and they have the down payment—but their bank still said “No.”
If you are a consultant in BC, your income likely doesn’t look like a standard paycheck. You might have months where you earn a lot and others where you focus on business growth.
Traditional banks hate this “not-steady” look. At Seven Lending, we think differently. We look at your business success, your industry experience, and your home’s value to find a way to say “Yes.”
How Can A Consultant Get A Mortgage In Bc When Banks Decline Them?
The most effective way for a consultant to get a mortgage is through alternative or private mortgage lenders. These lenders focus on “Stated Income” (gross deposits) rather than just the net income shown on tax returns. If you have a 20% down payment and can show 6–12 months of bank statements proving your revenue, you can qualify even without two years of business history.
Why Do Banks Reject Successful Consultants?
The problem usually comes down to how you file your taxes. As a consultant, you are likely an entrepreneur. You probably use legal “write-offs” to lower the amount of tax you pay. You might write off your car, your home office, and your travel.
While this is smart for your wallet, it is “bad” for a traditional mortgage. Banks look at line 15000 of your Notice of Assessment (NOA). If you earned $150,000 but wrote off $60,000 in expenses, the bank thinks you only made $90,000. In cities like Vancouver or Victoria, $90,000 isn’t enough to qualify for a high-value home.
At Seven Lending, we understand that those write-offs don’t mean you don’t have the money. We offer no-income verification mortgage options that look at your bank deposits to see the true strength of your business.
The Strategy: Stated Income vs. Proven Income
When you apply at a big bank, they want “Proven Income.” This means two years of tax returns that show a high net profit.
As a consultant, you are better suited for a self-employed mortgage program. These programs allow us to use “Stated Income.” We look at your gross business revenue. If your bank statements show that $15,000 is hitting your account every month, we use that figure to help you qualify.
This is especially helpful for consultants who have been in business for less than two years. If you recently left a high-paying job to consult in the same field, we can use your industry experience to help bridge the gap.
Private Lending: The “Consultant’s Bridge”
If your situation is more complex—maybe you have a bit of debt or your credit score took a hit while you started your firm—you should look into private lenders in BC.
Private lenders are “equity-based.” This means they care most about the property you are buying and how much of a down payment you have.
- Speed: Private loans can be approved in days, not weeks.
- Flexibility: They don’t have the same strict rules as banks.
- The Plan: Most consultants use a private loan as a “bridge.” You take the loan for 1 or 2 years, build up your official tax history, and then move into a lower-rate bank mortgage.
Check our current private mortgage rates to see how this strategy can work for you.
Focusing on the Real Estate Value
In British Columbia, the location of your home is a huge part of the approval process. Private and alternative lenders feel very safe lending money on homes in strong markets.
- If you are looking for private lending in Vancouver or a private mortgage lender in Surrey, the high demand for homes in those areas makes it easier to get approved.
- We also specialize in the interior, helping people find a private lender in Kamloops or a private mortgage lender in Kelowna.
Using Your Home Equity
If you already own a home in BC and want to use it to invest in your consulting business or pay off high-interest debt, we can help. A home equity loan is often the best way for a consultant to get a large amount of cash quickly.
You can use our tool to see how much you can borrow against your house. This is a great way to consolidate debt and lower your monthly payments, making your overall financial picture look better to future lenders.
Common Questions Consultants Ask Us
What if I have bad credit?
Starting a consulting business can be expensive. If you used your credit cards to get started, your score might be lower than the bank likes. We offer a bad credit mortgage specifically for people who have the income to pay but have had credit struggles in the past.
Can I get a mortgage for a rental property?
Yes. Many consultants buy investment properties to create passive income. We offer a mortgage for rental property that allows you to use the expected rent from the new house to help you qualify.
What is a B-Lender?
A B-Lender is a middle ground between a bank and a private lender. They offer better rates than private lenders but are much more flexible than big banks. You can learn more about what is a B-lender here.
How to Get Started Today
Don’t let a rejection from a bank discourage you. Your career as a consultant is a sign of success, not a reason to be denied a home. At Seven Lending, we are entrepreneurs just like you. We speak your language and we know how to present your income to get approval.
- Calculate Your Numbers: Use our home purchase calculator to see what your payments might look like.
- Gather Your Documents: Have your last 6 months of bank statements and your active contracts ready.
- Talk to an Expert: We can look at your situation and give you a clear path forward.
Are you ready to move into your new BC home? Apply now and let us show you the options the big banks won’t tell you about.