MLI Select – CMHC’s Best Multi-Family Mortgage Insurance
Minimum Mortgage Amounts: Purchase @ $1 Million, Construction @ $5 Million
Product Type: Apartment, Retirement
Loan to Value: Up to 95% LTV
Loan to Cost: 85% to 95% LTC
Amortization: Up to 50 years
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- MLI Select Multi-Family Mortgages
- CMHC Insured Multi-Family Mortgages
- Conventional Multi-Family Mortgages
- Mobile and Modular Home Park Mortgages
- Private Commercial Mortgages
- Land Assemblies
- Construction & Development Properties
- Motel & Hotel Properties
- Retail Liquor Stores & Pubs
- Mini Storage Facilities
- Plaza, Office, Retail & Industrial Buildings
The four main types of mortgages
CMHC INSURED MORTGAGE
Any mulit-family rental building or construction project with 5 suites or more is eligible for a CMHC insured mortgage, thereby providing lower interest rates as the Lender has no default riskd.
CONVENTIONAL NON-INSURED COMMERCIAL MORTGAGE
These mortgages are, by far, the most common commerical mortgage that is negotiated directly with the lending institution or party.
PRIVATE COMMERCIAL MORTGAGE
There are many varied reasons for a borrower to select a private mortgage. Be it a first, second or third mortgage, the most obvious being necessity as the borrower cannot meet the strict criteria of institutional lenders and/or the private lender’s increased flexibility and shorter approval time. Despite the higher interest rates and fees, if used judiciously, a private commercial mortgage can very advantageous overall.
VENDOR-TAKE-BACK MORTGAGES
Used mainly to facilitate a purchase and sale of a property, with this mortgage the Seller accepts a certain per centage of the financiing with terms negotitiated between the Seller and the Buyer. The mortgage can cover all of the required mortgage after considering the Buyer’s down payment or any agreed per centage of it.
