Closed in 2023 · Published October 18, 2026
- Residential
- Alternative
- Purchase
- Investment property
- Rental
- Single income
- Value
- about $1.1 million
- Mortgage
- about $870,000
- Loan-to-value
- just under 80%
- Credit score
- 813
- Rate in 2023
- about 6.2%, three-year fixed, 35-year amortization
The Situation
A married couple with three children, renters themselves, bought a two-storey house in West Central Maple Ridge to rent out, valued at about $1.1 million, expecting rent of about $4,200 a month.
The Challenge
One spouse, formerly self-employed, had managed construction projects on salary since July 2022, at about $110,000; the other stays home with the children and had no credit history. The total debt-service ratio came to over 51%.
The Solution
In 2023 we placed about $870,000 with an alternative lender, just under 80% of the value, on a three-year fixed term at about 6.2% with a 35-year amortization. An alternative lender was the fit: it offset 80% of the expected rent against the mortgage, where prime lenders then added back only part, and could carry that ratio. It counted a third of the child benefit, about $3,900 of about $12,000 a year, with a score of 813.
The Outcome
The family added a rental house, with the down payment from savings.