M. and Mme Wang immigrated to Quebec in 2018 with the hopes of building a better life for their family. Within two years, they’d bought their first home and were looking for other investment opportunities.
Savvy the entrepreneurs, M. and Mme Wang had studied the market and identified Montreal’s downtown as the ideal locale to invest in property.
After a careful search, the Wangs decided to purchase a well-appointed condo in the coveted Griffintown neighbourhood. Given the area’s high-demand for rentals, and with a 25% cash down payment, the Wangs felt certain that they’d be approved for a mortgage.
They were shocked when the bank declined their loan application, citing their income ratios and lack of credit history as the reason.
Sadly, the bank did not see the potential that the Wangs saw in themselves.
It simply wasn’t fair. Hard-working entrepreneurs should be able to grow their wealth through savvy investments. The Wangs had worked tooth and nail to achieve great things in a short period of time. They shouldn’t lose out on great opportunities just because they haven’t accumulated credit.
But the Wangs weren’t defeated. They just needed a better way to achieve their business goals.