ABSAP targets credit score between 550 – 680, maximum gross debt service (GDS) at 49% and total debt service (TDS) at 55%, and LTV less than 85%.
ABSAP takes a credit first underwriting philosophy and originates just outside the credit box of traditional lenders through existing broker channels. Let brokers arrange first mortgage with tradition lenders and ABSAP will evaluate the opportunity if there is a need for second mortgage
Typical customer borrower for:
Home renovation
Small business expansion
Special occasions such as wedding
Debt consolidation
Emergency such as medical
Typical loan size between $40k to $100k
Provide meaningful source of liquidity to consumers compared to credit card at a lower interest rate