Advice on Vendor Take Back in Ontario, Canada
My partner and I came across a great property the other day however, we're tapped out capital wise. We thought Vendor Take Back might be a good way to be able to move forward on the property, however, we were told that back in 2008 in the province of Ontario, the mortgage rules tightened on this and VTB can only be used for commercial properties and not Single Family Homes.
Any truth to this? Anyone doing this in Ontario?
My partner and I have good credit but lack the down payment which is 20% which is a large chunk of change. Other than JV - any other creative options people might want to suggest we continue? We're eager to work with the seller as he has 4 other properties and is looking to get out of the rental business which could be quite beneficial to us, and to him, after all, positioning VTB is really about helping solve a problem.
Any advice would be appreciated.