The solicitor/notary will be responsible for ordering the payout statement via fax at 1-866-370-0668. Payout statements will be prepared no earlier than 3 business days prior to closing. The phone number if required is 1-866-550-8227 (English) or 1-866-550-8231 (French). We request that you refrain from sending in multiple requests.
Payout statements are valid up to 3 business days after the effective date of payout. If the payout funds are not received by the 3rd business day, the loan will be reinstated. If the closing is delayed, we will require a new payout statement request.
Your cheque should be couriered or mailed to one of the appropriate addresses below:
Address for courier:
Radius Financial Inc
101 Frederick Street, Suite 600
Address for mail:
Radius Financial Inc
101 Frederick St. Suite 600
PO Box 351 STN C
When we receive the payout funds, we should also receive a letter of direction telling us where to send the discharge documents. The discharge documents will be forwarded to the party mentioned in the Letter of Direction within 60 days after the loan is paid out in full (within 30 days in Alberta and British Columbia).
First Canadian Title (FCT) currently handles the instructing and funding of all Radius mortgages. The contact information is as follows:
Telephone: 905‐645‐5227 /877‐525‐1264
Fax: 905‐523‐2440 /888‐523‐2440
If funds are not received by noon on the day of closing, please contact FCT directly.
The appropriate schedule (known as "Additional Provisions") is enclosed within the Solicitor Instruction Package that we sent to you. Please contact FCT if you have any further questions.
The legal representative is required to fill in ALL fields on the form.
As per disclosure requirements, we are required to indicate both the interest rate and the annual percentage rate (APR). The rate used for mortgage registration purposes is found on the Commitment Letter.
Mortgage instructions will be faxed to you once Radius has received the signed Commitment Letter from the mortgagor, the insurer's approval and/or Radius is satisfied with the property evaluation.
First Canadian Title Insurance.
The actual title for your Radius mortgage will be, or has been, registered in the name of Computershare Trust Company of Canada”. This is how you will see the title registered on your mortgage documents. This registration does not affect the terms and conditions of your mortgage in any way, or the ongoing service you will receive from our Servicer. Computershare holds no beneficial interests or rights to the mortgage loan. This is purely a third-party custodial arrangement, which means Radius has used Computershare to review the mortgage and provide custodial certification to the Canadian Mortgage and Housing Corporation (CMHC) for their Government of Canada sponsored NHA Mortgage-Backed Securities (NHA MBS) Program. The NHA MBS Program was designed by the Government of Canada to increase the availability of funds to financial institutions like Radius Financial for mortgage financing so that more Canadians can fulfill their dream of home ownership. For more information, visit the CMHC website at cmhc.ca and search for NHA MBS.
Computershare has successfully provided this custodial service to many Canadian bank and non-bank lenders, like Radius Financial, for many years, and they play a critical role in the Government’s NHA Mortgage- Backed Securities Program. Computershare has served as the exclusive Central Payor and Transfer Agent and as a document Custodian since the Program’s inception.
Computershare (ASX:CPU) is a publicly traded company and a global market leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communications. They also specialize in corporate trust services, tax voucher solutions, bankruptcy administration and a range of other diversified financial and governance services. Computershare Trust Company of Canada has a comprehensive service offering through its unique ability to fulfill the roles of indenture trustee and issuer trustee, as well as, custodian, administrative agent and paying agent. For more information about Computershare, visit computershare.com.
For all mortgages, payments are to be registered monthly on the 1st of the month.
The tax credit will be deducted from the payout amount and will not be transferred to the new mortgage.
Please refer to the bridge loan instructions and documentation which you have been / will be issued.
Yes these signed documents will need to be provided prior to funding.
Guaranteed replacement value.
Semi-annually not in advance.
These forms will vary from province to province and will be noted as a Solicitor condition in the mortgage instructions.
These are not forms that are provided by Radius, but rather prepared by the legal representative.