Renewal · Karan Singh
Proposed renewal terms
Change anything that differs from the current term — the payment recalculates as you type.
Renewal fee
Default 1% of principal (Settings). Choose how the borrower pays it.
Updated property information
Refresh what may have changed since the loan was funded.
Renewal conditions
Must be satisfied before the renewal is completed.
Lender consent
Each lender on this loan must agree to renew. Their rate can change too.
| Lender | Amount | Current rate | Renewal rate | Decision | |
|---|---|---|---|---|---|
| S. & L. Grewal Requested Sep 24 | $310,000 | 8.25% | % |
Company spread at proposed terms: 1.74% ≈ $449.50 / month.
Current vs proposed
Loan snapshot
Open loan- Borrower
- Karan Singh
- Payment history
- 11 of 11 on time Good
- Funded
- Nov 1, 2025
- Term
- Term 1
- Broker
- Summit Mortgage Group (A. Lee)
- Lender lawyer
- Whitfield Law PC
- Account manager
- Priya Nair
Documents
The offer letter and the renewal agreement are filed here when they are generated.
Notes & activity
Renewal offer letter — preview
Generated from the terms on this renewal using the "Renewal offer" template. Edit the template in Documents & Templates.
Loan #1098
Karan Singh
15 Ravine Dr
Vaughan, ON
Offer to renew your mortgage
Dear Karan,
Your mortgage on 15 Ravine Dr, Vaughan matures on November 1, 2026. We are pleased to offer to renew it on the following terms:
| Principal | $310,000.00 |
| Interest rate | 9.99% per annum, interest-only |
| Term | 12 months (Nov 1, 2026 – Nov 1, 2027) |
| Monthly payment | $2,580.75 on the 10th of each month |
| Renewal fee | $3,100.00, payable on renewal |
Conditions: property tax paid-to-date confirmation; current insurance certificate naming [Lender Name] as mortgagee; signed renewal agreement.
This offer is open until October 15, 2026. If you do not wish to renew, the full balance is due on maturity; please ask us for a payout statement.
Sincerely,
Alex Morgan
[Lender Name]
Send renewal offer — #1098 Karan Singh
Emails the renewal offer letter generated from the terms on the renewal record.
Complete renewal R-1098-01
Creates the new loan term (same loan number, next term), posts the renewal fee, carries the lenders forward at their consented rates and generates the new payment schedule. The current term is closed as Renewed.
Mark as not renewing — #1098
The loan will be paid out at maturity. A payout request and a payout statement task are created.
Cancel this renewal?
The loan returns to the maturity pipeline. The renewal record is kept for history.