Ladysmith

I was chatting with a friend the other day about small towns in BC, and Ladysmith came up. Not because it’s the biggest or flashiest, but because there’s something quietly special about it—a kind of charm that sneaks up on you. Nestled on Vancouver Island, just a short drive from Nanaimo, this town of about 9,000 people has a vibe that’s equal parts historic, scenic, and down-to-earth. For mortgage brokers and borrowers, it’s also a spot worth knowing about, especially if you’re working with alternative lenders like us at Tekamar Mortgage Fund.

Let’s start with what makes Ladysmith stand out. It’s got a historic downtown that feels like stepping back in time—think heritage buildings and a tight-knit community feel. Then there’s the waterfront along Oyster Bay, where you can catch stunning views or even spot seals if you’re lucky. With over 100 acres of parks and trails, plus a mild climate that gardeners dream of (Zone 8b, for the green thumbs out there), it’s no wonder retirees and families are drawn here. From a real estate perspective, that lifestyle appeal translates to marketability. If you’re a broker submitting a deal, that’s a big plus for us at Tekamar—we look at how quickly a property could sell if things go sideways, and Ladysmith’s charm helps. Borrowers, this means your property here might just be a safer bet for alternative financing.

Now, let’s talk numbers without drowning in them. Housing here is mostly single-detached homes, making up over two-thirds of the market. That’s a solid foundation for equity lending, which is our sweet spot at Tekamar. We’re happy to consider deals in Ladysmith with a maximum loan-to-value (LTV) of 70%, though we often aim lower depending on the specifics—think construction loans or second mortgages. Our tagline, “We’ll lend where other MICs won’t,” really fits here. Unlike many lenders who stick to Vancouver or the Fraser Valley, we focus on smaller towns and bigger centers outside those hotspots. Brokers, if you’ve got a client who’s been turned down elsewhere, give us a call. Borrowers, if your income or credit doesn’t quite pass muster with a bank, we might still work with you if the equity’s there and there’s a clear exit plan.

Economically, Ladysmith has a diverse base with retail, healthcare, and construction leading the charge. But with unemployment hovering higher than some might like, it’s not without challenges. Proximity to Nanaimo and Victoria offers a buffer, though, which is something we factor into our risk assessments. Here’s an insider tip: when we evaluate a deal, we’re not just looking at the property—we’re estimating how long it’d take to recover funds in a worst-case scenario, like foreclosure. Ladysmith’s appeal to out-of-province buyers gives us confidence in quicker resales.

One last tidbit—have you ever been to the Ladysmith Light Up? It’s a local holiday tradition where the town transforms into a glowing wonderland. Events like this aren’t just fun; they show a community that’s alive and connected, which indirectly boosts property desirability. So, whether you’re a broker with a unique deal or a borrower needing a lender who gets small-town BC, Ladysmith is on our radar. At Tekamar, we’re ready to chat about how we can help make that deal work.