Please note that any information on this page is subject to change without warning at any time. Therefore, if important, please contact Mike ASAP and allow him to confirm the current validity of any information that you may rely upon. Also, please note that all CMHC insured rentals builings must have a minimum of 5 residetial rental suites.
THE BIGGEST 2 ADVANTAGES OF A CMHC INSURED MORTGAGE
• Standard Rental Apartments: Under this program, CMHC provides only the mortgage insurance by issuing a Certificate of Insurance, which is then used to secure a mortgage from an approved third party lender. Your project is eligible if it meets the following criteria:
• Affordable Rental Housing:
Criteria is similiar to above.
• Retirement and Supportive Housing:
Criteria is similiar to above.
• Student Housing:
Criteria is similiar to above.
• Single Room Occupancy:
Criteria is similiar to above.
• CMHC RCFI Direct Lending Program; Rental Construction Financing Initiative
Funds are provided by CMHC as the Lender and underwritten by CMLS and CMHC. This program is the most stringent process for approval but offers the greatest financial benefits and savings. Up to 100% Loan-to-Cost, 50 year amortization, no insurance premiums and a DCR of 1.10, with a 10 year term from start of construction and including the take-out mortgage. The interest rate is fixed at the time of signing at the Government of Canada 10 year Bond Rate plus 33-50 BPS to cover CMHS's cost of borrowing and individual project risks during the construction and lease-up phases of development. Please click here to get the current Bank of Canada 10 Year Bond Rate.
• CMHC MLI Flex Insured - Affordable Residential Rental Construction Mortgages up to 95% Loan-to-Cost, 40 year amortization with a DCR of 1.10, including CMHC Fees, premiums and replacement reserve.
• CMHC Market MLI Insured - Residential Rental Construction Mortgages up to the lesser of 85% Loan-to-Value or 100% Loan-to-Cost with DCR's of 1.30 for a term < 10 years and 1.20 for a term of 10 years +.
Copyright © 2020 Mortgage Alliance Commercial - All Rights Reserved.
R. Mike Mullin, CPA, CGA - Licensed Commercial Mortgage Broker, throughout B.C. Commercial Mortgages, Investment Mortgages, ICI Mortgages, Re-financing Mortgages, CMHC apartment building mortgage insurance Multi-Family Mortgages, CMHC Multi-Family Mortgage Correspondent for Purchases, Re-financing & Construction Mortgages Based on Vancouver Island, serving All of BC.
Vancouver, Victoria, Nanaimo, Comox Valley, Courtenay. Comox, Port Alberni, Campbell River, Port McNeill, Port Hardy
Powered by GoDaddy
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.