Renovation & conversion financing.
Gut renos, suite additions, and conversions — funded on what the property will be, not just what it is. BC and Alberta.
Renovation financing has a dividing line most owners discover too late: below it, ordinary mortgage money renovates kitchens; above it, the bank stops caring what your Pinterest board says and starts asking construction questions — budget, permits, draws, and what the property appraises at when the dust settles. The projects that go smoothly pick their lane before demolition day. The rescues we see are almost always the ones that didn't.
From facelift to transformation.
The projects too big for a line of credit — funded like the small construction jobs they are.
Adding legal rental dwellings — with the future rent helping the file qualify.
House to multi-unit, commercial to residential — where zoning allows, financing follows.
Buying tired buildings and renovating into higher rents — the classic reposition.
The fixer-upper financed with its renovation budget in the same plan.
Projects that outran their budget mid-renovation — see our private construction loans page.
Three ways to fund the work.
The cheapest renovation capital by far, when today's value carries the budget. Its limit is exactly that: the lender ignores what the finished project will be worth.
The renovation is treated as a small construction project — same inspections, same discipline, same 10% builders-lien holdback rules by province.
Where the vision outruns the paperwork: private money carries the transformation, and the finished, re-appraised property refinances into conventional pricing.
Rates, ratios, and leverage are typical ranges for illustration — last reviewed July 2026. For equity-lane numbers, see the HELOC & equity page and the equity take-out calculator.
Files like yours.
Common renovation-financing questions.
When is a renovation too big for a HELOC?+
When the budget outruns 80% of today's value, or the project makes the home temporarily unlivable — lenders get nervous funding a gut job from a product designed for kitchens. Past that line, the file becomes draw-based renovation financing underwritten on the as-complete value, which is precisely what that structure exists for.
What is as-complete value and why does it matter?+
It's the appraiser's opinion of the property's worth once the work is done — and it's the number that unlocks bigger budgets, because the lender advances against the finished asset rather than the tired one you bought. The advance still arrives in inspected draws as the work progresses.
Can I finance a renovation as part of buying the property?+
Yes — purchase and renovation budget structured together in one plan, from bank programs on modest budgets to draw-based and private structures on transformations. The key is settling the renovation financing before you waive conditions, not after you get the keys.
Do renovation draws work like construction draws?+
The same discipline at smaller scale: an inspection confirms the stage is complete, the advance follows, and the statutory 10% builders-lien holdback applies — 55-day release in BC, 60 days after substantial performance in Alberta. Your trades' payment schedule needs to respect that rhythm.
Can I convert a house into a multi-unit property and finance it?+
Where zoning allows, yes — conversions are underwritten like small developments: budget, permits, as-complete value, and the future rents. The financing typically runs as draw-based or private capital during the work, refinancing onto rental-property terms once units are legal and leased.
My renovation stalled halfway — can it be rescued?+
Usually, and speed matters: private capital re-margins against the as-complete value, clears pressing trades before liens land, and carries the project to a finished, refinanceable state. The full playbook is on our private construction loans page.
Planning the work? Have these ready.
- Scope of work and budget — trades quotes beat guesses
- Contractor details, or your owner-builder plan and authorization where required
- Permits (or status) — unpermitted structural work stalls every lender
- Current mortgage statement and property tax bill
- As-complete appraisal for larger projects — we can order
- Income documents for the bank lanes; lighter on private
- For conversions: zoning confirmation for the intended use
- For rentals: projected rents — comparables help the qualifying math
Big plans for the place? Fund them properly.
Send the scope, the budget, and the property — we'll tell you which lane fits and what the as-complete value unlocks, before the demolition starts.