Lending in Merritt
Merritt is exactly the kind of town we built our fund to serve. It’s not a resort town or a bedroom community for a larger centre. It’s a standalone, working B.C. interior hub, sitting at the junction of the Coquihalla and other major routes, with a real, local economy rooted in ranching and forestry.
From a lending perspective, the housing stock is a clear positive. Single-detached homes make up 65% of the market, which gives us the kind of solid, tangible assets we like to finance. This isn’t a market driven by outside speculation or dominated by condos.
But the story gets more complicated when you look at the numbers. This is not a growth market. The population has actually shrunk by 1.2% since 2016. Demographics point to a stable but static community: the median age is a high 49.2, and seniors over 65 make up nearly 28% of residents. This profile suggests a limited pool of local buyers and a slower pace for property sales.
The economic picture reinforces this. A 9.4% unemployment rate is a significant headwind, especially paired with a median household income of $70,000. While Merritt’s identity is tied to resource industries, its largest employers are now in healthcare, retail, and education. This ongoing transition away from historically higher-paying resource jobs creates economic uncertainty and makes the town more vulnerable to downturns.
What does this mean for us as lenders? It means we have to be realistic about resale timelines and values. In a foreclosure scenario, a property here isn’t going to get snapped up in a bidding war. The lifestyle appeal is strong for retirees and those seeking a rural setting, which provides a floor for property values. However, the economic realities temper any chance of rapid appreciation and mean a potential recovery would be slow.
Our approach here is therefore cautious and grounded in the data. We see good opportunities for equity-based lending for solid borrowers, but we aren’t going to get over-extended in a market with these fundamentals. Our maximum loan-to-value in Merritt is 60%. This figure is a direct reflection of the town’s modest growth prospects, its economic transition, and the realities of its slower-paced market. We’re comfortable lending here, but we’re pricing our risk appropriately. If you have a deal in Merritt that fits this conservative framework, we’re ready to look at it.
the Nearest Costco
Our Mortgage Products Available in Merritt
| Mortgage Product Name | Max LTV | Key Notes for Merritt |
|---|---|---|
| Credit Repair and Debt Consolidation | 60.0% | Standard product terms |
| Variable Income | 60.0% | Standard product terms |
| Bare Land and Unique Properties | 60.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 60.0% | Standard product terms |
| Equity Lending | 60.0% | Standard product terms |
| Purchases | 60.0% | Standard product terms |
Detailed Mortgage Product Information
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Merritt:
60.0 %
“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 Merritt:
60.0 %
“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 Merritt:
60.0 %
“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 Merritt:
60.0 %
“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 Merritt:
60.0 %
“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 Merritt:
60.0 %
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...