Getting a loan for an apartment building in Canada (BC)

1 Reply

Hi there,

First time poster here! My husband and I currently have 5 rental properties in BC, Canada, and due to our Reno's and recent price increases in the area, our equity has increased by approx 300K. Our next goal is to buy an apartment building, and I think we can do that under the 1.5mil price range. I was wondering what other Canadians have used to finance buying an entire apartment building, and if we can leverage our appreciated equity without selling our rentals. Is it possible to use a HELOC or refinancing to pay for a down payment of this nature? In Canada particularly.

Thank you!!

Natasha 

@Natasha Laird Hi Natasha, yes you can do both HELOC or cash our Refi. What kind of loans do you have on your 5 properties? And what kind of prepayment penalties? This can you help you make the best decision. I would connect with a mortgage broker if i were you and bundle all 5 properties under one lender if due for refinance. Or that same lender can give you a HELOC using equity from the 5 properties (assuming they have good seasoning). I invest in Notes in the US and buy and hold in Montreal so not sure about the market in BC. However, shoot me a message if you need any additional help. Cheers