Bank / Credit Union
Equitable Bank intros loans to improve urban housing density
September 4, 2024
Equitable Bank, a challenger bank based in Canada, introduced the Laneway House Mortgage, a construction loan for laneway homes or garden suites. With this loan, homeowners can expand their living space and improve housing density in urban areas, according to a press release.
The bank created this loan to address major housing shortages in major Canadian cities such as Toronto, Vancouver and Calgary. With this loan, customers can adapt their homes and rent out spaces to residents.
"Making efficient use of space in cities as Canadians' housing needs evolve is more important than ever. The Laneway House Mortgage provides a critical solution that can help support urban densification and create additional income streams amid affordability challenges, while also allowing homeowners to stay in place," Mahima Poddar, SVP and group head of personal banking, Equitable Bank, said in the release. "Canadians work hard, and they deserve a good home to come back to at the end of the day – one that's within the communities they love. Equitable Bank is proud to continue playing a lead role in financing projects that support housing accessibility in Canadian cities."
With this loan, homeowners can improve their property value, provide for multigenerational households with additional living space and more.
