Wells

Let’s talk about Wells, British Columbia—a tiny town with a big personality, tucked away in the heart of the Cariboo region. With just over 200 folks calling it home, Wells isn’t your typical real estate hotspot. But that’s exactly why it’s worth a closer look if you’re a mortgage broker hunting for unique opportunities or a borrower dreaming of a quiet, rugged lifestyle. At Tekamar Mortgage Fund, we’re all about lending where others won’t, and Wells fits that bill perfectly with its off-the-beaten-path charm.

What makes Wells stand out? For starters, it’s a gateway to some of the most jaw-dropping natural beauty in BC. Think Bowron Lake Provincial Park, a paddler’s paradise with a world-famous canoe circuit that draws adventurers from far and wide. Then there’s the historic Barkerville, just a stone’s throw away, where gold rush history comes alive. These aren’t just tourist traps—they’re lifestyle draws for a niche crowd who crave solitude and raw, untamed landscapes. For borrowers, that could mean a chance to own a slice of this unique vibe. For brokers, it’s a reminder that even in a remote spot like Wells, there’s a market if you know where to look.

Now, let’s get real about the numbers—without drowning you in stats. Housing here leans heavily toward single-detached homes, making up most of the market. That’s a plus for equity lending, which is our sweet spot at Tekamar. We’re talking properties where traditional banks might balk due to income or credit hurdles, but with a solid loan-to-value (LTV) ratio, we can make it work. In Wells, our maximum LTV is 50%, reflecting the slower resale potential in such a remote area. It’s not about saying no—it’s about being smart. We always weigh how long it might take to recover funds if things go sideways, factoring in interest accrual and local market speed.

Here’s a little insider tip for brokers: in places like Wells, it’s all about the exit strategy. We love deals where there’s a clear path to refinance down the road, even if the borrower doesn’t qualify under strict bank rules today. And for borrowers, that means if you’ve got equity in a property here, we’re a lender who’ll actually listen, not just run a cookie-cutter credit check and move on.

Economically, Wells has its challenges—unemployment is high, and the job market leans on seasonal gigs like construction and arts. That’s a red flag for some lenders, but not us. We see past the surface, focusing on the property’s value and the borrower’s story. Still, it’s not a place for everyone. The harsh, cold climate and remote location mean it’s not exactly retiree central. Demand can be thin, which is why we cap our LTV and stay cautious.

So, why consider Wells? Because it’s different. It’s not Kelowna or Victoria, and that’s the point. At Tekamar, with our tagline “We’ll lend where other MICs won’t,” we’re here for the small towns, the quirky spots, the underdogs. Whether you’re a broker with a client itching to build a cabin near Bowron Lake or a borrower with a vision for a quiet life, give us a shout. We’ve been at this for over 20 years, and we know how to make deals work in places like Wells. Let’s chat about your next move.