Collateral Assignment of Policy with low CSV

I have a fairly new Universal Life Insurance Policy in Canada with a face value of $850,000.00, but little cash surrender value. I am interested in a bank loan of approximately $150,000.00 to grow a variety of personal investments. Do you know of any major banks or institutions (Canadian or otherwise) that would lend if the policy was collaterally assigned to them, regardless of the amount of CSV? I have been approved by one bank, but they would only authorize a 5 year amortization period, whereas I would obviously prefer something closer to 15-20 years to keep my payments reasonable. Another bank said they would only secure the loan if my CSV was equal to the loan amount, which seems like it would pretty much negate the idea of a collateral assignment, as a simple policy loan would make more sense in that case.