Multi-unit (Plex) Residential and Commercial Mortgages
Multi-unit mortgage residential and commercial are mortgages on properties that contain more than one home or business. The most common example is a triplex, which is three dwellings under one roof; however, there can also be duplexes, quadruplexes and so on.
Because multi-unit residential and commercial mortgages are more complex than regular mortgages, they often require approval from the Canada Mortgage and Housing Corporation (CMHC) before they can be insured. If you’re planning to buy a multi-unit property or refinance your existing mortgage on a multi-unit property, talk to us about how we can help you get approved for your new mortgage.
- Buildings with incomes of 4 apartments or less are considered residential buildings. Thus, financing for such a multi-unit mortgage will be calculated according to your personal abilities as a borrower.
- On the other hand, the financing of a building with 5 or more dwellings is calculated on the economic value of the building. The multi-unit mortgage is therefore based on the anticipated income and expenses for this building.
- Several other regulations must be considered before applying for funding for a multi-unit mortgage.
To submit a file that complies with all of these regulations and avoid delays, simply submit your project to our multi-plex mortgage experts. Your financing application will thus take into account the economic value of the building, the market for income properties and all the particularities of your file. And of course, the winning strategies put in place by our brokers will promote acceptance of your multi-unit mortgage!
- Multi-plex mortgage expertise
- Competitive interest rates
- Fully competent team under one roof
- Accessible Mortgage brokers
- Rapidly processed for maximum efficiency
- Transparency and loyalty
- Network with several financial institutions
