CMHC Multi-Family Financing.
CMHC Multi-Family Financing can be very beneficial to investors and builders in Canada. Financing opportunities at low rates in addition to high leverage creates opportunity and value.
Loan Purposes:
Purchase (with or without improvements)
Refinance
Capital improvements
Construction
Equity takeouts.
Partial discharge for sale of condominium conversion projects.
Property Types:
Affordable Housing
Nursing Home
Apartment
Townhouse
Retirement Homes
CMHC insured mortgage financing is available for purchases and refinancing with or without improvements. For purchases, the mortgage can be registered in first or second mortgage. When refinancing, the second mortgage must coincide with the existing first mortgage maturity date.
You can purchase with as little as 15% down, and refinance up to 85% of the value which provides great leverage. Furthermore, this can reduce the amount of capital you must outlay for the project.
Fixed and floating mortgage interest rates are also available in addition to extended amortizations.
Affordable Housing
A program designed to assist developers with flexible financing options for affordable housing projects.
Financing options are available for new construction, converting to residential, and also for replacing affordable units.
Incredibly high leverage up to 95% loan to value (LTV) or loan to cost (LTC).
Fixed and floating mortgage interest rates are available in addition to extended amortizations and reduced CMHC insurance premiums.
Retirement & Long Term Care Facilities.
If you are an owner or developer of senior housing properties, we can assist you to source flexible purchase and refinancing solutions.
Purchase, construction, and refinancing are possible up to 85% loan to value, and in some cases, up to 95% for newer affordable senior housing projects.
Fixed and floating mortgage interest rates are available with extended amortizations and available in 1st and 2nd position.
Construction Financing
This program assists condominium and multi-family rental developers with desirable financing.
For condominiums, new construction financing is available. For rental properties, new construction as well as capital improvements for existing properties. First mortgages are available for condominium construction, as well as the option of second mortgages for rental construction.
For condominium construction financing, loan-to-cost up to 85% of pre-sales, and up to 85% on new or improved multi-family residential properties.
Fixed and floating mortgage interest rates are available along with extended amortizations.
Flexible with equity sources for condominium construction including cash, subordinated debt, also land value.
Flexible with multi-family construction leverage up to the lesser of 75% of cost or lending value (70% for licensed care and retirement facilities) during construction, prior to rent stabilization.
Contact us anytime to discuss your CMHC multi-family financing requirements.