FAQs

Here are some answers to our most frequently asked questions. If you don’t find the answer to your question, please contact one of our team members directly and they will respond back within 24 hours.

1 Why BlueShore Pacifica AMC?

This partnership allows access to two lenders/ two alternative financing options with the simplicity of one submission.

2. What is BlueShore NT?

BlueShore Financial Non Traditional is the credit union’s “B” portfolio. Alternative lending with name, security and brand of a reputable financial institution.

3. Who is PMIC?

Pacifica Mortgage Investment Corporation is a mortgage investment corporation as defined under the income tax act. Pacifica has been has been offering common sense lending, quick approvals and competitive rates for over 24 years.

4. How do I submit an application?

Print and email the application, bureaus and purchase contract (if applicable). We’ll require income documents as well if you’re looking for BlueShore Non Traditional. Read more about our 3 simple steps to submitting an application for lending, here.

5. What loans fit into NT and which ones fit into PMIC?

Both portfolios rely on strong real estate and credit history, however, BlueShore NT also requires a realistic exit strategy or reasonable ability to service the debt. We are not looking to debt service the mortgage, but will look at common sense solutions including rental income at 100% offset (on a case-by-case basis), financial statements using retained income, add backs on tax returns and bank statements to confirm income flow (on a case-by-case basis).

6. How do fees work?

Typical fee is 2%, split 50/50

7. How quickly can a loan be funded?

Pacifica can fund a loan within 48 hours as long as we have all documents in place; BlueShore requires at least 5 business days.

8. Do we need earthquake insurance?

Pacifica requires earthquake insurance, however, it can be waived for land and reviewed on a case by case basis for older properties where the value is mostly in the land. BlueShore does not require earthquake insurance.

9. Can I use one lawyer?

Pacifica requires two, we use our own lawyer and client must select their own solicitor/notary. BlueShore Financial has an approved list and only one is required.