Financing

3 Replies

I have been told by my banker I will need to have $100,000 in non registered assets before I can be financed for a third rental property, LoC may be accepted and I don't think the top 20% will be either. I'm curious to know if this is a norm or just what my bank wants. Any professionals in this field perhaps or related experience would be great.

I will have to admit I didn't explain myself very well. When I say top 20% I should rephrase and say any equity in my current properties. I am going to meet with him again to try and understand a little better but  I'm hoping I'll gain a little insight before hand.

Are you familiar with monoline banks?  These are broker-only banks that have niche products for investors like yourself.  E.G. One of the lenders in my list has a 16 doors product, whereas most banks (big 5) will only finance up to 4 doors + your prinicipal residence.

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I have not heard of monoline banks, Ill have to look into it, thanks for the tip!