Are you interested in Multi-Unit Investing?
If so, CMHC has a new, innovative Mortgage Loan program that can make the purchasing of Rental Housing MUCH MORE attractive to Investors, and this is a MASSIVE DEAL!
Under this new program, if buildings qualify – they can get loans up to 95% of the value of the property, they can s-t-r-e-t-c-h amortizations of the loans up to 50 years and replacement reserve funding is DISCRETIONARY.
Compare this to 80% loan-to-value, 30 year amortization and mandatory minimums for replacement reserves, and you can see why and how this program makes investing not only more attainable, but profitable as well.
The qualification for this program is based on a point system, where buildings have to meet requirements for Affordability, Energy Efficiency and Accessibility. Depending on the degrees of which the building meets those criteria, points are awarded, and levels of the Mortgage Loan Insurance program are awarded.
To qualify for the program itself, there are a variety of other factors that CMHC considers, including but not limited to – the investors Net Worth, strength of overall application, and a number of covenants, guarantees and securities.
Needless to say, this program has already incentivized an incredible number of investors to pick up the pace, and there’s no sign of it slowing down soon.
For more information on MLI Select, or on any number of Mortgage Loan/ Funding programs, please reach out 🙂
The Evans Real Estate Group Blog 