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.
Multi-unit (Plex) Mortgage
Get a more advantageous, faster Multi-unit (Plex) mortgage
Need a mortgage broker who knows the market and who will facilitate your obtaining a multi-unit mortgage on favorable terms? Rely on the Phenix team at Mortgage Architects , we want you to succeed and lead your real estate investment projects to success!
That's why our brokers will put their expertise under your disposal. We will help you prepare a solid financing application that will allow you to quickly obtain a multi-unit mortgage at a good rate and with excellent conditions. And to ensure your comfort, we will take care of finalizing all the steps of your transaction!
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Call us today and get the best rate guaranteed. Contacting one of our broker is like meeting with over 20 financial institutions. Our Mortgage Broker will advise you in the steps leading to obtaining mortgage financing at the best rate.
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The Multi-unit (Plex) mortgage and its features : did you know that...?
- 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!
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Want to know more about the Team Phenix at Mortgage Architects? Discover our values and what makes us a trusted partner for many homeowners and investors.
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How to get a multi-unit mortgage both quickly and at the best rate possible?
As soon as your project takes shape, you can have a free one on one meeting with one of our brokers. They will analyze your file before turning to our expanded network of traditional and non-traditional lenders.
Our experts will then compare all the options available on the market in order to find you the best multi-unit mortgage. You will avoid the tedious work of shopping for a mortgage while benefiting from an expertise that will allow you to proceed quickly. And once our brokers have found the most advantageous financing option, they will take care of everything! They will be responsible for preparing, obtaining and completing all documentation required to ensure that your multi-unit mortgage is accepted promptly. In brief, with the Phenix team, you are being well taken care of!
Why Phenix Mortgage Architects!
Why Choose our Team of Mortgage Brokers?
Multi-unit residential and commercial mortgages are complex, and they require sophisticated underwriting. Having access to a lender who has experience in this arena is a big advantage. At Phenix Mortgage Architects, we have extensive experience in multi-unit mortgage lending.
We provide competitive rates and terms for both owner-occupied and investor properties. We also offer the flexibility to structure loans that fit your needs and budget.
Our years of experience mean we can provide you with a mortgage solution that meets your specific needs, including:
- 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
The Multi-unit (Plex) Rental Property Strategy
If you are interested in real estate investing, multi-unit rental properties can be an excellent way to generate wealth. For those who don’t know, a multi-unit rental property is one that has two or more units. Each unit is typically rented out separately and the owner lives in one of them.
Multi-unit rentals are not only good for income generation; they also allow you to diversify your investment portfolio. If one of your investments goes bad, it won’t take down all of your other assets.
The first step in buying a multi-unit property is finding one that meets all of your criteria. You need to make sure that the property is located in an area where rents will be high enough to cover expenses and provide an adequate return on investment (ROI). The second step is finding financing for the purchase. Finally, once you have both pieces together, you can begin the process of buying a rental property.
A multi-unit rental property strategy can be a great way to buy real estate. You can use the equity in your primary residence to purchase a duplex or triplex and live in one of the units. It is possible to secure a mortgage for this type of living arrangement from a big bank, but you might find more favorable terms from smaller lenders and investors who offer mortgages.
You should always talk to a mortgage broker when you want to buy multi-family properties to provide passive income to live off of. It can be difficult for new investors to qualify for a reasonable interest rate. Phenix Mortgage Architects could even help you tap the equity in your primary residence to put a down payment on potential investment properties.
A high occupancy rate is one of the most important factors when buying multi-family properties because it means higher rent payments and lower vacancy rates. The best way to achieve this is by screening tenants carefully before they move into your property and offering incentives such as security deposits (which increase with each tenant) that encourage them not to move out early on their lease agreements.
It is also important that you maintain your property well enough so that it looks appealing and well-maintained when potential renters come by for tours. This will also help reduce maintenance costs over time.
You should always talk to a multi-unit mortgage broker when you want to buy multi-unit properties to provide passive income to live off of. It can be difficult for new investors to qualify for a reasonable interest rate. Phenix Mortgage Architects could even help you tap the equity in your primary residence to put a down payment on potential investment properties.
