Purchase Plus Improvements Mortgage

[Duncan Pratt]

Hello BP members!

my girlfriend and I are in the early stages of buying our first home/investment property. We are planning to implement the BRRRR strategy by finding a propety that needs some minor TLC and where we can live in one unit and either Airbnb the other or rent.

I have heard of some investors using a purchase plus improvements mortgage in the past when using the BRRRR strategy on a property. Has anyone used this type of mortgage before? Or has any recommendations on a type of mortgage that would work well with our type of strategy?

I also know that Scotiabank offers this type of mortgage and I stumbled upon True North Mortgages that offer this mortgage with great rates. Has anyone heard of them or used them before?

Thanks in advance for your advice!

Cheers,

Duncan