Equity Lending
It came as a bit of a shock a few months ago when I contacted a mortgage broker about financing, using equity in a property to secure financing.... it is just not possible with traditional banks in Canada anymore.
One broker actually gave the example that if I had 10,000,000 in equity I could not even get financing for a single dollar. Blew my mind.
I talked to some private lenders, they only want to do 1 year, interest only. That might work for flips, but I want longer term more traditional funding.
I am aware of arms-length RRSP mortgages and that works, but you have to find someone who has funds to lend. There is no RRSP mortgage forum that I know of, would be cool though.
What financing options are available to borrow against equity?