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Updated almost 4 years ago on . Most recent reply

User Stats

16
Posts
5
Votes
Jonny Van Dyck
  • Investor
  • Salmon Arm BC, Canada
5
Votes |
16
Posts

HELOC options for a rental property in Canada

Jonny Van Dyck
  • Investor
  • Salmon Arm BC, Canada
Posted

Hey there, 

I've been asking around to different banks, brokers, and credit unions in BC, Canada regarding HELOCs on rental properties and not getting great responses. I am looking to secure a HELOC on a mortgage free rental that I own in Vancouver (market value $600k). My wife and I have 7 doors between us. So far I have not found a lender that will go above 65 % LTV on a HELOC, even though there are no other mortgages, loans, or liens on the property.

Anyone know any other options or strategies that I could be trying?  Any banks that are particularly friendly in this area? Thanks

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