Getting a HELOC on a rental in canada

[Scott Hickey]

Hey we just got our first rental and doing the BRRR method we bought it for 242,000 paid down 20% so mortgage of 193,000. When it's fixed up it should be worth 285,000ish. So in canada is it possible or a good idea to get a HELOC on the rental vs refinancing it in this scenario. Going to be a few months yet till it's all said and done but just looking to find out. Thanks!

[Roy N.]

Originally posted by @Account Closed:

@Roy N.

That is the practice, yes. The possibility is at their discretion. I’ve never known of one being recalled at random, have you Roy ?

If you read the small print in most lending agreements, the lender reserves the right to accelerate the loan at their discretion in a myriad of situations.    Unless the borrower were in default of their obligations, I've never heard of one having the payment terms changed, let alone being called.