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?