- Joined
- Oct 16, 2007
- Messages
- 758
Scotiabank announced a significant change to the Rental Property Financing Program this morning.
Products Available: 5 year closed and 5 year VRM - no other products will be available
Eligible Properties : Maximum 5 rental properties per individual, including those financed by other FI's
Interest Rates: Currently 3.74% for a5 year fixed and 3.2% for 5 year VRM
Good news though they finally changed their net worth policy and only require 10% of each property in net worth, rather than the $50K per property.
Unfortunately, Scotia was one of the best lenders for the investor with an extensive portfolio. Now the program is similar to the mortgage lenders.
Products Available: 5 year closed and 5 year VRM - no other products will be available
Eligible Properties : Maximum 5 rental properties per individual, including those financed by other FI's
Interest Rates: Currently 3.74% for a5 year fixed and 3.2% for 5 year VRM
Good news though they finally changed their net worth policy and only require 10% of each property in net worth, rather than the $50K per property.
Unfortunately, Scotia was one of the best lenders for the investor with an extensive portfolio. Now the program is similar to the mortgage lenders.