Lending in Vernon, BC
Vernon is a core Okanagan market for us. It’s one of those communities with its own gravity, pulling in retirees and lifestyle-seekers without being entirely dependent on the Kelowna halo effect. Real estate values here are driven by access to three major lakes: Okanagan, Kalamalka, and Swan. This isn’t just a scenic backdrop; it’s the primary engine for demand, creating a stable, four-season recreation economy that keeps property desirable. The city’s “Activate Life” branding might be marketing fluff, but it nails the buyer profile: people, often from Alberta, who are cashing out and bringing equity with them.
When we look at the fundamentals, the economy is solid enough for our model. This is not a one-industry town waiting for a downturn. The top sectors are retail, healthcare, and construction, which creates a self-sustaining local service economy. You also have Okanagan College as a stable employer. While tourism is a factor, the city doesn’t live or die by it. The 11% population growth since 2016 is steady, and the demographics tell a clear story. With a median age of 49.2 and over 28% of the population aged 65 or older, we see consistent demand from a demographic that is often well-capitalized.
From a collateral perspective, Vernon is exactly what we look for. The housing stock is dominated by single-detached homes, making up nearly half the market. These are liquid assets. When we assess a deal here, we’re confident in our exit strategy. The combination of great amenities, a consistent inflow of retirees, and proximity to the Kelowna airport means that in a foreclosure scenario, the property will move. It’s a predictable market, and that predictability is why we’re comfortable with a maximum LTV of 70.0% on the right properties.
We’re not ignoring the 8.2% unemployment rate; it’s a number we watch. But that risk is mitigated by the diverse job market and the large number of residents who aren’t relying on a local T4 for income. The risk is balanced by the strong, ongoing demand from outside the region.
Vernon fits our lending philosophy perfectly. It’s a desirable, established community outside the Lower Mainland with tangible assets and a clear, sustainable reason for people to want to live there. It’s a market we understand well, and we have an appetite for good deals here.
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Our Mortgage Products Available in Vernon
| Mortgage Product Name | Max LTV | Key Notes for Vernon |
|---|---|---|
| Credit Repair and Debt Consolidation | 65.0% | Standard product terms |
| Variable Income | 70.0% | Standard product terms |
| Bare Land and Unique Properties | 65.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 70.0% | Standard product terms |
| Equity Lending | 70.0% | Standard product terms |
| Purchases | 70.0% | Standard product terms |
Detailed Mortgage Product Information
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Vernon:
65.0 %
“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 Vernon:
70.0 %
“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 Vernon:
65.0 %
“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 Vernon:
70.0 %
“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 Vernon:
70.0 %
“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 Vernon:
70.0 %
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...