Frequently Asked Questions

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 condos. These 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 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 we can give you a firm buyout offer within a day. 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. We do have a large network of mortgage brokers that we work with should you want a referral.

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.

LENDEROne Day MortgageTier 1 Bank Mortgages
Type of lendingEquity BasedIncome Based
Key Metrics*Loan to Property ValueLoan to Agreement
Purchase Price (not necessarily market value).
Gross Debt Service Ratio
Qualification Ratio
Beacon Score
FICO Score
Credit Report
Income Verification
Minimum Term1 Month – with up to two extensionsTypically 6 months to a year.
Typical Term Approval TimeSeveral HoursMinimum Several Days including appraisal
Funding TimeUnder 24 hours1 week or more (often a minimum of 2 weeks)
Documents RequiredDriver’s Licence
Copy of Agreement
Insurance
Driver’s Licence
Copy of Agreement
Insurance
Property Tax Proof of Payment
Tax returns last 3 years
Notice of Assessment last 3 years
Didn’t find what you’re looking for?

Fill out the following form and we’ll get back to you as soon as we can.


Join our mailing list

Receive key insights on the Toronto housing market.

Yes, I would like to receive emails. You can unsubscribe at any time.