All Forum Posts by: Account Closed

@Erik Estrada: Thanks for your suggestion, Erik. I sold my two rental properties recently so was looking to re-invest the proceeds as a large down payment in a Canadian property. There's not enough to use as a full cash purchase except for some run-down, remote properties in rural areas. Since I don't have the contractor connections I have in the US, I prefer to buy a turn-key rental. Otherwise, that was a great suggestion. I do own full and clear an improved lot in CO, which I could sell, but it is rapidly appreciating annually. It makes sense to keep holding on to it. I'm going to keep trying to find a HML in Canada. Thanks again!

@Simmy Ahluwalia Thanks for your reply, Simmy. I have not yet found any HML in Canada for a truly asset-based DSCR loan for a single rental property purchase. The lenders I've found through internet searches want income and employer information, or they are to fund large businesses or large-scale real estate developers. Do you happen to know of any that offer asset-based DSCR loans for landlords? Thank you again!

@Brandon Croucier: Thank you, Brandon. I'm discovering that's the case. However, the Canadian HML's, unlike those in the US, seem to all want income and employment information; or they are to fund businesses or large-scale real estate developers. I have not yet found any that are truly "asset-based" DSCR loans for single rental property purchases.

Hello. I have used hard money in the US for fix & flip and rental investments. I want to invest in a condo in Montreal, but have not had success finding a DSCR lender in Canada or an American hard money lender that will loan in Canada. I am currently based in TX, but I have dual Canadian citizenship. (Canada has a temporary moratorium on foreign investors purchasing property, but that will not affect me.) My credit score is excellent (above 800), and I have proof of funds for at least 25% down. My project in mind is a condo on Ile-des-Soeurs within walking distance to the REM station. The property permits long-term rentals of six months or longer. Can anyone point me in the direction of any lenders that might consider this deal? Thanks very much!