Refinancing in Canada

[Shawn Quigg]

Hi BP,

I'm trying to refinance a student rental I bought in 2017 in Windsor, ON which has greatly appreciated since. I've talked to a big-six bank and a local credit union but as soon as they find out it's a student rental, they'll only give me a 65% LTV cash-out refi. This is far too low to make it worth it for me. Any tips on getting a lender to get up into the 75-80% range? My next stop is BDC to see if they're really about entrepreneurs.

A couple of options I see are: don’t disclose it’s a reno, don’t disclose that I’m using the cash to buy another property. I’d rather work with a lender that understands the game though. Thoughts?

[Kris Bucci]

Find a REI savvy mortgage broker. I know they will get you at or close to 80% LTV if you are using standard residential financing. We use Kyle Green of Green Mortgage Team in Vancouver. They work mainly with investors around the nation like yourself. They helped two of my JV partners out of Toronto this past year. Note I don't get any kickbacks for recommendation.