Q: I recently purchased a cottage property that is in need of renovations. I have a fair bit of equity in my home. Can I use the equity from my primary residence as a source for funding cottage renovations?
A: Your best course of action will be a home equity loan. A home equity loan is secured against the equity in your home, separate from your mortgage and you can use a home equity loan to access funds for a variety of purposes, including completing renovations on another property!
Because Tribecca is a non-bank lending service, we are not required to operate under the same regulations as a bank or financial institution. This means it is much easier to access your home equity funds.
Additionally, the terms and payment options can be customized to your situation, taking into consideration your funding needs, ability to make payments and long term plans for the property.
One of our Finance Managers can customize a plan that will give you the best use of your equity with as little stress as possible! – Amit Anand, Senior Mortgage Manager, www.Tribecca.ca