Van City Loan | Notion

This loan is a 15 year term, interest rate is Canadian Prime Interest Rate(4.70%) + 0.75%
Its an adjustable interest rate loan, which right now is actually a good thing because each year the loan payment will likely drop as interest rates start to drop.
Max Loan Amount is $50,000
There are no prepayment penalties so this can be used as a bridge loan or a long term loan
Debt to income ratio cannot exceed 44% of gross income
They look at Hydro as a monthly payment and see that as something that will go away when getting solar improving their Debt to Income or keeping it relatively similar.
This loan only works in British Columbia.
Client must be a BC Resident to get the loan.
The loan cannot be transferred if the homeowners sell, or if they did they would have to reapply for the loan as the new homeowners (which would be a pain)

Adjustable Rate Loan allowing interest rates to drop which would also drop the monthly payment and payback.
Approval process is relatively fast, likely 1-3 days.
Instant payout upon loan approval and install.
Faster install timeline due to no delay on the loan side.
They save $900 in energy auditor costs

They have to be a member of Van City to get the loan. However it only takes a little bit of time to get set up to be a member and so its not a huge issue.
They have to go into the branch to become a member.
When getting the loan submitted their still is a few day wait to hear back on approval.