Listing your place on Airbnb can land you in trouble with your mortgage lender [Toronto Globe and Mail (Ontario, Canada)]
First National Corporation (FXNC)
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ir.fbvirginia.com
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Source: Toronto Globe and Mail
Listing your place on Airbnb can land you in trouble with your mortgage lender For homeowners, a property capable of generating some rental income can be an enticing feature when it comes time to list for sale. But as more people have turned to short-term rental services such as Airbnb to generate that income, they may not be aware that there are potential downsides to that association for all parties involved. As Toronto’s housing costs have cruised ever-upward over the past 2 years, more and more homeowners have turned to spare rooms, secondary suites and basement apartments to generate rental income from properties they own. While traditional long-term rental income is well understood by lenders, they are still far more leery of short-term operations. “There are many lenders who reject mortgaging Airbnb rentals altogether: MCAP, First National, several banks we deal with are not interested in considering any rentals where there is Airbnb income,” said Ron Butler, a mortgage broker
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FXNC
Earnings
- 4/30/24 - Beat
FXNC
Analyst Actions
- 3/19/24 - TheStreet
FXNC
Sec Filings
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- 5/2/24 - Form 4
- FXNC's page on the SEC website