Interim Financing in Alberta Just Got Cheaper — Is Calvert Homes’ 6.70% Promo Right for You?
Renee Huse, founder of Spire Mortgage Team in Alberta is excited to share this update from our lending partner Calvert Home Mortgage Investment Corporation: by popular demand, Calvert is extending their Interim Purchase promotion—and lowering the rate from 6.99% to 6.70% for deals up to 70% loan‑to‑value (LTV)—valid now through October 31, 2025.
If you’ve been sitting on the sidelines because you thought the costs of short-term financing were too high, this is one of those rare windows where the math could work in your favour. As mortgage strategists, our job at Spire is to walk with you and see if this Calvert deal actually helps—or hurts—your plan.
What's Inside
- What is Calvert’s Interim Purchase and how it works
- How the 6.70% offer compares to other options
- How to lock in the promotional rate
- An Alberta case study with real numbers
- When this makes sense—and when it doesn’t
- Risk mitigation tips from the broker’s side of the table
- How Spire helps with Calvert deals
What Is Calvert’s Interim Purchase Mortgage?
Calvert Home Mortgage Investment Corporation is a well-known Canadian private lender specializing in fast, flexible, short-term mortgage solutions. Their Interim Purchase product is designed for buyers who plan to resell or refinance a property within 6 months—without doing major renovations.
Here’s what sets Calvert’s offer apart:
- 6-month, fully open term — no payout penalties
- Interest-only payments — lower cash flow impact
- Loan based on current market value, not just purchase price
- Automatic renewal — +1% if not repaid in 6 months
- 6.70% promotional rate up to 70% LTV
- Available to 80% LTV with a rate premium
How Calvert’s 6.70% Offer Compares
| Scenario | Rate & Terms | When It Makes Sense | Estimated Interest Cost |
|---|---|---|---|
| Calvert Interim Purchase (Promo) | 6.70% 6-month term Interest-only |
Fast close Buy below market value Exit via sale/refi |
$11,725 (on $350K at 70% LTV) |
| Calvert Interim Purchase (Above 70%) | 6.70% + 0.50–1.00% Rate premium applies |
Extra leverage needed Stretching to 80% LTV |
Higher than $11,725 |
| Conventional Mortgage (Spire) | ~4.34% fixed 25-year amortizing |
You already qualify Not time-sensitive |
Lower long-term cost Includes principal paydown |
How to Lock In Calvert’s 6.70% Rate
This is a time-sensitive offer from Calvert Home Mortgage. To secure the 6.70% promotional rate up to 70% LTV:
- You must have a signed Commitment Letter in place by October 31, 2025
- The mortgage must be funded by November 30, 2025
Miss those dates and Calvert’s standard rates apply—which are typically higher. At Spire, we’ll guide the timing, documents, and funding process to ensure you stay inside the promo window if it fits your plan.
Case Study: A Calgary Client Uses Calvert to Jump on a Deal
Profile: A real estate investor in Calgary finds a 4-plex listed at $1.7M. Market comps suggest it’s worth $1.8M+. The seller wants a fast close, but traditional lenders are dragging their heels.
Spire’s Solution: We structure an Interim Purchase mortgage with Calvert based on market value. That gives the client access to $1.26M (70%) at 6.70% interest-only.
Interest cost: $1,260,000 × 6.70% ÷ 2 = $42,210 over 6 months.
Exit plan: Refinance in month 5 to a 5-year conventional mortgage at 4.34%, pull out equity, and transition into long-term hold strategy.
When Calvert’s Product Makes Sense
- You found a property priced under market
- You need a fast close (under 2 weeks)
- You have a defined exit within 6 months
- You’re between lenders or improving qualification
What to Watch For
- Exit risk: If you can’t refi or sell, the rate increases by 1%
- Above 70% LTV: Triggers 50–100 bps rate premium
- Valuation gap: Calvert must agree with your market estimate
- Cash flow impact: Interest-only means no principal reduction
How Spire Helps with Calvert Deals
Calvert is the lender. We’re your strategy partner. We’ll help you:
- Map the right timing, amount, and LTV for your goals
- Stress-test your exit plan — and build in buffers
- Run cost comparisons (Calvert vs. conventional vs. private)
- Pivot to your refi or sale cleanly when the time comes
We’ve helped dozens of Alberta clients use Calvert strategically — not impulsively. If this product fits your situation, we’ll make it seamless. If not, we’ll say so up front.
Give us a call or fill out an application at this link: https://spiremortgage.ca/apply-now and our team will get in touch with you to start building a plan that suits you.
