Third Property Asking for Liquidity

[Louisa Seales]

I was not looking but a Duplex, a comparable and competition to my purchase back in April has come on the Market. They were asking 260,000 and rents were 845 with utilities included. My duplex was purchased at 130,000 and now on average would be 220-225 according to Realtor and comparing with this potential purchase, which is the better of the two. I have gotten them down to 240,000(it's turn key) and across from a college. Anyhow I contacted the bank and they stated for a 3rd rental property, I need $100,000 in Liquidity, which I don't have. I am curious if anyone has come across this in Canada 🇨🇦 dealing with CIBC. I am thinking to proceed on taking a HELOC from my Duplex and putting it on this one. Any suggestions 🤔.