Brokers will be happy about this. FirstLine, the biggest broker-centric lender in Canada and a division of CIBC, has lowered their line of credit (LOC) rate to prime + 1% from prime + 1.50%.
The move now brings pricing on FirstLine’s hugely popular Matrix LOC in line with most of the industry. This should considerably increase the appeal of the product, which features atypical benefits for a readvanceable, including portability, no reporting of the LOC to credit bureaus, and semi-annual LOC compounding.
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