MCAP, one of Canada’s largest independent originators of CMHC mortgages is your Expert Partner with in depth knowledge of CMHC's multi-family products for both new and existing properties. Our focus is to provide long term financing on apartment buildings, retirement home projects and affordable housing projects.
Eligible Property Types — Residential Rental & Retirement Homes
Locations
- —British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, New Brunswick
- —Minimum Population of 20,000
Loan Amounts — $2.0 M to $100 M
Loan To Value — Up to 85%
Terms — 5 and 10 Years
Interest Rate — Spread over interpolated Canada Mortgage Bond Rates
Recourse — As may be required by CMHC
Lender Fees — N/A
Commitment Fees — 1% paid on commitment acceptance and refunded on loan advance
Amortization — Up to 40 years
Eligible Security — First Mortgages, Second Mortgages, Pari Passu Mortgages, Top-ups
Tax Escrow — May be required
Minimum Debt — Five Year – 1.30X
Service Coverage — Ten Year – 1.20X
Reserves / Holdbacks — May be required per CMHC Certificate of Insurance
Reports — Phase | ESA
