BRRRR in Canada - how to refinance without proof of income?

[Jennifer T.]

Hi everyone,

I have successfully BRRRR'd in the US and now have found some opportunities in Canada.

Since I have no employment income, and very little investment income (as I have just started the BRRRR process), I relied on hard money lenders to purchase, and then DSCR/asset-based/no-doc lenders to refinance. This was very easy to do in US as there were an abundant of options.

However it doesn't seem to be this easy in Canada. I have reached out to mortgage brokers that work with investors, and was told that there are only short-term bridge loans available (for 6 months - a year). There are no private/alternative lending options available for a longer term-loan (like 10-30 years). 

I can get past the first stage and find the cash for purchase and rehab, but since the BRRRR strategy relies heavily on refinance to get the money back out, how can I do this in Canada without a conventional mortgage?

I would very much appreciate any sharing of ideas or experiences! 

Thank you in advance.