Considering a B Lender (all details in post) with 2nd purchase

[Brett Nacci]

Hey Guys,

Just joined the community and I'm hoping to get some advice from anyone with expertise in the field :).

I currently own a triplex in Ontario (Niagara Region), with an investment partner. Between the 2 units (of the 3) being rented out, it JUST covers the mortgage, utilities, and property tax. I currently live in the 3rd unit, but am hoping to rent it out the minute I buy a new property. If all goes well, the third unit will rent for 1100-1200 / month- no problem (high population area, so shouldnt have a problem renting it). So my share would be roughly 500-600 in additional income from that property / month. 

I found an amazing property, well priced (inside is completely renovated, but outside needs work). I would live on the main floor, and  rent out the basement. The basement in large, with a separate entrance to it (in law suite). The basement would rent for roughly 800 a month. Even if it was not rented out , my job would put my in a position to make the monthly house payments.     

 Im having a hard time with the second mortgage. I own a roofing & siding business and have only been in business for 1.5 yrs. 2018's income was well, but the year prior was a lot lower, so the big banks ( and A lenders) are making it difficult for me to qualify  for a lending amount over 200k.  I need a lending amount of roughly 320-340k

The question: Would a B lender be able to lend me an additional 120-140K ontop of what an A lender is willing to lend me? 

I understand the difference in interest is 1-2% extra with a B lender which would be ok, not ideal, but ok. 

Let me know what you guys think :), really trying to make this second deal happen ASAP. If I need to wait for another couple months for 2019s T4, t1, etc its no problem also, but I like to jump in first opportunity possible!

Thanks for reading guys :D