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Specialty program

HELOC-75

A revolving home equity line of credit to 75% loan-to-value, for borrowers a bank will not give one to. Draw what is needed, repay it, draw again. Interest is charged on the balance drawn, not on the limit — and there is no fee for carrying a zero balance.

HELOC Reno

How the facility works

  • 75% loan-to-value ceiling in qualifying markets, reduced in smaller markets and on condominiums
  • Revolving: draw, repay and re-draw over the term
  • Interest-only payments on the drawn balance
  • No standby fee on a zero balance
  • Minimum draw applies; a per-draw administration fee is disclosed on the commitment
  • Same-business-day processing for draw requests received before the daily cut-off
  • Fully open — repay in full at any time without penalty
  • No income documents required; a reasonability review of income and obligations applies
Type
Revolving line of credit
Ceiling
Up to 75% LTV
Payments
Interest-only on drawn balance
Zero balance
No standby fee
Provinces
ON · BC · AB
Credit
Full spectrum
Property
Owner-occupied and rental
Prepayment
Open, no penalty
Read the position carefully. Where a bank offers a second-position line it usually caps the line itself at 65% even inside an 80% combined structure. HELOC-75 states the ceiling as the number in its name. The position the charge is registered in, the ceiling that applies to a specific property and the draw mechanics are all confirmed on the commitment before anyone signs.
Who uses it

A line, not a lump.

Self-employed cash flow

Income that arrives in lumps and expenses that do not. A line smooths the gap without re-borrowing every time.

Renovation in stages

Draw per trade rather than carrying interest on the full project cost from day one.

Bridging without a firm sale

Access to equity while a property is listed, repaid on closing.

HELOC-75 — questions

Is this a first or a second charge?

Both structures exist and the position is confirmed on the commitment. What does not change is the arithmetic: the ceiling applies to total borrowing secured by the property, and where there is an existing first, the room available is what sits under the ceiling after it.

How fast is a draw?

Draw requests received before the daily cut-off are processed for the next business day. There is a minimum draw amount and a per-draw administration fee, both disclosed on the commitment.

Can I get a HELOC with bad credit in Canada?

Federally regulated banks apply a stress test and a credit floor to home equity lines, which is why a borrower with bruised credit is usually declined even with substantial equity. An alternative lender underwrites the equity, the property's marketability and a reasonability review of the borrower's obligations instead. Credit affects pricing and ceiling rather than acting as a gate.

Does the line convert or renew?

The facility runs for its term and is reviewed at maturity like any other mortgage. Renewal terms are disclosed in writing before the borrower commits, and 90 days' notice is given where a facility is not being renewed.

Client needs access to equity, not a lump sum?

Submit a HELOC-75 fileInterest-only calculator