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Updated over 5 years ago on . Most recent reply

Andrew T.'s profile image
Andrew T.'s profile image
Andrew T.
  • Rental Property Investor
  • from Montreal, QC
  • Member since Oct 15, 2019
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15
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2
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Andrew T.'s profile image
Andrew T.'s profile image
Andrew T.
  • Rental Property Investor
  • from Montreal, QC
  • Member since Oct 15, 2019
Connect
Andrew T.
  • Rental Property Investor
  • Montreal, QC
2
Votes |
15
Posts
Private Lending & Conventional Mortgage Advice

How to increase LoC on a rental?

Andrew T.
  • Rental Property Investor
  • Montreal, QC
Posted

I own a condo currently valued at 470k, owing 170k. Applied for and secured an LoC of 65k while living there a couple years ago when the appraisal was lower. Now it's a rental and the value has increased, I'm told by the same lender I cannot increase my LoC because it's a rental. Is that accurate? I thought it was 60% LTV. Trying to tap into the equity I have for my next investment.

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