NB-Cnda: Refinancing Rental
3 rental properties....two up for renewal. One has mortgage under 110k equity over 200k. Second: 89k mortgage HELOC 67k. Problem debt service ratio. Dropped all debt under 11k. These properties are used for mid rentals- student and professional living. Cash flow minimum 10k.. down seasons summer. Bank was trying to renew with my income only, and treat me a single family income. I requested that my rents be used. Now they shifted me into a higher risk category so they want a 20k buffer to be placed on each property. This is outrageous because I have paid my conventional mortgages. Taxes are high..now this. They gave the option of linking my primary house by getting a HELOC. I want to keep things separate, which is harder to do in Canada we don't have separate LLC. I need some help I have less than 7 days or I roll this into a 10 per cent open mortgage.