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Mortgage Broker News | 17 Aug 2011, 08:00 AM Agree 0
An agent looking to use Toronto’s growing condo-hotel market to carve out a niche for himself is finding a dearth of channel lenders willing to write mortgages on those suites, which spend most of their time in a rental pool.
  • 34 years Experience | 18 Aug 2011, 04:26 AM Agree 0
    Lenders are not allowed to lend in commercial hotel rental unit situation by way of a residential mortgage under the office of the superintendent of Financial Institutions. It is likely that you will not find a lender willing to go against the Government of Canada ruling, unless they are lending under a commercial lending program. You may wish to contact the office to obtain the full information on the restriction placed upon Lenders for this forum as we all share valuable information.
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