Relocation Loans – How to land that dream home in Atlantic Canada

Relocation loans are a more flexible loan product in the realm of bridge financing. Unlike traditional bridge loans, where the current property is listed for sale, relocation loans cater to a unique set of circumstances. Whether it's the need for renovations, employment transitions, or market conditions dictating the timing, relocation loans offer a lifeline for those seeking to secure a new property without the hassle of immediately listing their current one.

Keystone Capital offers a creative solution here - by leveraging the equity in the client's existing property, we can facilitate the purchase of the new home. Consider a scenario where a client owns a property in Ottawa, Ontario valued at $700,000 with a mortgage balance of $150,000. They are looking to acquire a property worth $350,000 in Charlottetown, Prince Edward Island. Keystone steps in, offering up to 75% of the Ottawa property's value, minus the existing mortgage balance. In this case, a loan of $375,000 covers the entirety of the Charlottetown purchase, including fees and closing costs.

What distinguishes Keystone's relocation loans is the fully open term. Once the client is prepared to list the Ottawa property for sale, the proceeds from the sale pay off the private loan. This seamless transition, with no penalties for early repayment, underscores the creative solution of this product.

Even if your property value and mortgage balance varies drastically from the above scenario, we may still be able to help with a mortgage covering all or most of your purchase price.

Considering relocating to Atlantic Canada? Get in touch with us and we will put you in touch with one of our great Mortgage Broker partners to assist you throughout the process. Contact@keycap.ca or 902-818-5262.