Rental Property LOC
Fresh on the heels of our recent post on the benefits of considering a Line of Credit for your real estate financing needs, entitled Lines of Credit 4 reasons why they might be the right option for you, Manulife Bank has just released a new product.
Available through their Broker channel, its a re-advanceable equity Line of Credit. It’s particularly well suited for investors in smaller rental properties.
The LOC allows for a maximum LTV of 80%, and maximum loan amount of $750,000. The product is designed for financing both owner occupied and non-owner occupied rentals. A Beacon score of 700 is required for qualification and the rate is competitive, at Prime + 0.70%.
As stated in our previous post, LOC’s are a terrific product, particularly for property acquisitions. Check out the product here, and speak to your Broker about its suitability for your needs.