Wells
Lending guidelines for Wells, British Columbia
Last reviewed by Tekamar Mortgage Fund on
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Wells is a tiny, remote town of just 218 people with a brutal 37.5% unemployment rate. The seasonal tourism economy makes property exits incredibly slow and risky. We will only look at exceptionally strong files here, capping our max LTV at 50.0%.
Wells: Underwriting Beyond the Stoplights
Wells is a tiny spot at the end of Highway 26, about 74 kilometers east of Quesnel. The population is exactly 218 people. To tourists, it is a quirky mountain town on the way to Barkerville or Bowron Lake. To a mortgage broker, it is a highly illiquid real estate market where regular bank guidelines do not apply. We like lending in remote B.C. towns, but Wells requires a very different underwriting mindset.
The housing market here is microscopic. There are only 156 private dwellings in the entire municipality, mostly single-family homes and a few row houses. You will not see new subdivisions going up because the town is boxed in by mountainous wilderness and heritage boundaries. People do not move to Wells for a traditional corporate career. They live here for the backcountry, the local arts scene, or seasonal tourism work.
That local economy is heavily seasonal, and it shows in the data. The official unemployment rate sits at 37.5%. In Vancouver or Kelowna, a number like that would kill a file instantly. In Wells, it is just reality. The workforce relies on construction, retail, and the arts. If you try to run a borrower here through standard debt-service ratios, you will hit a wall. Most residents are self-employed, work seasonally, or patch together multiple income streams.
We do not mind poor credit or unconventional tax returns. We lend on equity, which means we look closely at what happens if a borrower defaults. In a town this small and isolated, recovery is everything. If we have to foreclose, we have to assume the property will sit on the market. Selling a home in a market of 218 people during a subarctic winter takes time. During those months, legal fees pile up and interest accumulates while we wait for a buyer.
Because we manage private funds for friends and family, protecting that principal is our priority. To offset the risk of a slow-moving, remote market, our maximum loan-to-value in Wells is capped strictly at 50%. No exceptions. That equity cushion gives us the buffer we need to handle a prolonged sale process without risking investor capital.
Most of the deals we fund in Wells are for bridge financing, debt consolidation, or equity takeouts. These are typically clients who have solid equity in an older home but cannot prove their income on paper. If your client is a seasonal worker looking to consolidate high-interest debt or a buyer trying to secure an older cabin near Jack O’ Clubs Lake, we can help. Send us the appraisal, show us the equity, and we will give you a straight answer.
the Nearest Tim Hortons
the Nearest Costco
Nearest Hospital
Frequently Asked Questions
We cap lending at 50.0% LTV because of the town's extreme isolation and tiny population of 218. If we have to foreclose, the market is so thin that finding a buyer takes a long time and requires a deep discount.
With a massive 37.5% unemployment rate and no major steady employers, the economy is highly unstable and seasonal. To get a deal done, your borrower needs an exceptionally strong, stable income source that doesn't rely on the local tourist or arts market.
A weak borrower profile, a niche property with poor marketability, or a shaky exit strategy will kill a deal immediately. There are almost no comparable sales and very few active buyers, so the property must be pristine and the borrower rock-solid.
Our Mortgage Products Available in Wells
| Mortgage Product Name | Max LTV | Key Notes for Wells |
|---|---|---|
| Bare Land and Unique Properties | 50.0% | Standard product terms |
| Bridge Financing | 50.0% | Standard product terms |
| Equity Lending / Refinance | 50.0% | Standard product terms |
| Purchases | 50.0% | Standard product terms |
Detailed Mortgage Product Information
Bare Land and Unique Properties
Maximum Loan-to-Value (LTV) for Bare Land and Unique Properties in Wells:
50.0 %
“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
Maximum Loan-to-Value (LTV) for Bridge Financing in Wells:
50.0 %
“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 / Refinance
Maximum Loan-to-Value (LTV) for Equity Lending / Refinance in Wells:
50.0 %
“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 Wells:
50.0 %
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...