Lending in Greenwood
Greenwood has a strong identity, and you have to respect it. It’s Canada’s smallest incorporated city, a title it holds with a certain stubborn pride. It sits in the Boundary Country, a relic of the copper and gold rush of the late 1890s. The architecture tells that story—the old courthouse, the brick storefronts. It feels preserved in time, which is both its primary charm and, from a lending perspective, its primary challenge.
The economy here isn’t what it was in 1901 when the BC Copper Company smelter was running full tilt. Today, it relies heavily on construction and manufacturing, with a smaller base in healthcare and forestry. Heritage tourism trades on the town’s past, but there are no major employers driving significant growth or attracting a new workforce. The numbers reflect this reality: the median household income is low at $47,600, and the unemployment rate is a significant 18.9%. Demographically, the population is aging, with a median age over 60. These aren’t indicators of a dynamic real estate market; they point to stability at best, and a limited buyer pool for any property we might have to sell.
The city’s other defining story is its role as an internment site for Japanese-Canadian families during WWII. It’s a complex, important piece of BC history that shaped the community’s character and resilience. That resilience is tangible, but it doesn’t create jobs or drive property values. The housing stock is mostly older, single-detached homes, with a surprising number of movable dwellings making up nearly 19% of the inventory. It’s a market with very low turnover and minimal new development.
For brokers looking at Greenwood, this context is everything. It’s a small, tight-knit community with a deep history, but it lacks the economic diversification we look for in our stronger markets. Our exit strategy has to account for a potentially long sales cycle and a shallow pool of qualified buyers. Consequently, our risk appetite here is conservative.
We will look at deals in Greenwood, but we’re cautious. We need to see significant equity in the property and a sensible plan from the borrower. Our maximum loan-to-value in Greenwood is 55.0%. It’s a number based on the realities of the local economy and the time it could take to recover our capital if things go sideways. If the equity is there and the story makes sense, we’re open to a conversation.
the Nearest Costco
Nearest Hospital
Our Mortgage Products Available in Greenwood
| Mortgage Product Name | Max LTV | Key Notes for Greenwood |
|---|---|---|
| Credit Repair and Debt Consolidation | 55.0% | Standard product terms |
| Variable Income | 55.0% | Standard product terms |
| Bare Land and Unique Properties | 55.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 55.0% | Standard product terms |
| Equity Lending | 55.0% | Standard product terms |
| Purchases | 55.0% | Standard product terms |
Detailed Mortgage Product Information
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Greenwood:
55.0 %
“Their credit report reads like a horror novel, but the house was just renovated and is worth a lot…”
Here’s what happens when life takes a wrong turn. A bad business venture. Workplace Injury. That divorce that dragged on for two years. Suddenly your credit score looks like a batting average and the banks won’t even return your calls.
But here’s the thing – none of that changes what your ho...
Variable Income
Maximum Loan-to-Value (LTV) for Variable Income in Greenwood:
55.0 %
“Their income is all over the map, but there’s definitely income…”
Here’s a funny thing about lending based on Line 15000 of your Notice of Assessment: It’s a neat little box to underwrite against. Works great if you’re a salaried employee. Not so great if you’re running a fishing charter in Campbell River where thres fishing season, and the rest of the year.
We get it. Income isn’t always ti...
Bare Land and Unique Properties
Maximum Loan-to-Value (LTV) for Bare Land and Unique Properties in Greenwood:
55.0 %
“The appraisal came back as ‘property type: other’…”
Here’s a truth about real estate that nobody wants to admit: not everything fits in a box. Banks have boxes. Nice, tidy boxes labeled “single family home” and “condo” and “townhouse.” Their computer systems literally don’t have a dropdown menu option for “converted church with commercial kitchen” or “geodesic dome on 40 acres.”
We’ve funded...
Bridge Financing/Fully Open Term
Maximum Loan-to-Value (LTV) for Bridge Financing/Fully Open Term in Greenwood:
55.0 %
“Subjects came off their current home last week but their new place closes Friday…”
Here’s a funny thing about bridge financing: everyone thinks it’s complicated. It’s not. Someone needs to close on their new house before their old house sells. Or their sale fell through after they removed subjects on their dream home. Or they found the perfect downsizer condo but haven’t listed the family hom...
Equity Lending
Maximum Loan-to-Value (LTV) for Equity Lending in Greenwood:
55.0 %
“They have tons of equity but don’t qualify under B20…”
Here’s the thing about equity lending: it exists because banks literally can’t do it. B20 guidelines require income verification. Full stop. No wiggle room. No common sense exceptions.
We’re provincially regulated. The funds we lend on come from individual investors, not the Bank of Canada. So when your client has 50% equity but their in...
Purchases
Maximum Loan-to-Value (LTV) for Purchases in Greenwood:
55.0 %
Moving is supposed to be exciting. New town, new job, new chapter. So why do banks act like you’re asking for their firstborn when you need a mortgage?
“You haven’t been at your new job for thre months”
“Your self-employment income doesn’t count in a new market.”
“We need to see established a year if you are part time contract - even if you’re working 40 hours under your new role”
Meanwhile...