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Multi-family residential

Secondary financing for multi-family residential property

Second mortgages are often used to access equity in a property when a borrower wants to purchase another asset or renovate/repair a property. Borrowers with a first mortgage may be eligible for secondary financing on the same property. Options include standard or short-term financing as well CMHC or conventional. Secondary financing is an attractive alternative to refinancing, especially if a borrower wants to avoid the penalties associated with breaking a mortgage mid term.

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Smart risk solutions in action for multi-family

See how we’ve applied our financing products innovatively to help multi-family borrowers achieve their goals with performance and value.

A CMHC insured first mortgage loan used to pay out the existing debt

  • $22 million
  • 89 units
  • Mississauga, Ontario
  • CMHC insured first mortgage
  • 5 years term, 40 years amortization
  • LTV: 80%

Loan used to pay out the existing financing on property and completing property improvements

  • $1 million
  • 18 units
  • Fredericton, New Brunswick
  • CMHC insured first mortgage
  • 5 years term, 25 years amortization
  • LTV: 85%

Refinancing the existing debt on the property and to provide equity for continuing capital improvements

  • $29 million
  • 227 units
  • Edmonton, Alberta
  • CMHC insure first mortgage
  • 10 years term, 25 years amortization
  • LTV: 58%

Providing funds to pay out the existing financing with additional funds used for re-investment

  • $25 million
  • 97 units
  • Halifax, Nova Scotia
  • CMHC insured first mortgage
  • 10 years term, 30 years amortization
  • LTV: 85%

Refinancing the current first and second mortgages with a CMHC insured first mortgage loan

  • $26 million
  • 220 units
  • London, Ontario
  • CMHC insured first mortgage
  • 5 years term, 35 years amortization
  • LTV: 75%

Loan used to repay the existing financing and the remaining balance used for real estate investment

  • $8 million
  • 50 units
  • Halifax, Nova Scotia
  • CMHC insured first mortgage
  • 5 years term, 35 years amortization
  • LTV: 85%

Providing a mortgage loan to payout the existing bridge loan used to purchase the property

  • $11 million
  • 110 units
  • Ottawa, Ontario
  • CMHC insured first mortgage loan
  • 5 years term, 40 years amortization
  • LTV: 85%

Financing the construction take-out of a multi-residential property

  • $7 million
  • 27 units
  • Victoria, British Columbia
  • CMHC Insured First Mortgage
  • 5 years term, 40 years amortization
  • LTV: 85%

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View other multi-family mortgage solutions

CMHC financing

Typically, CMHC-insured financing offers lower interest rates and longer amortizations, enabling borrowers to manage cash flow more effectively and realize higher returns.

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Standard Financing

Standard financing is usually considered when borrowers are acquiring a new property or refinancing an existing one and want longer-term financing with predictable payments.

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Short-term (bridge) Financing

Bridge financing addresses a borrower’s short-term needs, usually three months to three years.

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Repositioning / renovating financing

This short-term financing option enables access to a property’s equity for improvements, renovations or repairs, eliminating the need to raise funds from personal sources.

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Development / Construction

A construction loan helps borrowers manage periodic payments for contract work during the building of a real estate asset.

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