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Small Rental Property Mortgages (Non-Owner Occupied)

Get financing for rental properties, including condo, single family, duplex, triplex and fourplex rentals.

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Small Rental Program Details
Eligible MCAP Products

Insurable loans maximum 2-4 units
Uninsurable loans maximum 1-4 units

  • Standard 5 year Fixed Rate
  • VIP M-Power (5 year closed)
  • Purchase, refinance, port / replacements, Purchase Plus Improvements, transfer
Property Type
  • Non-owner occupied condo, single family, duplex, triplex and fourplex rentals
  • Maximum 4 rental properties per borrower. Maximum 2 with MCAP
  • Contact MCAP for details on fire code requirements (retrofit), applicable in Ontario only
  • Located within 30 kms from markets with populations exceeding 25,000
  • Insurable minimum 750 sqft, condo 500 sqft
  • Uninsurable minimum 850 sqft, condo 500 sqft
  • Excludes:
    • Condo Conversions
    • Properties in Chatham and Brampton ON
    • Condo that is part of any type of condo hotel and/or legally tied to a rental pool agreement
    • Manufactured/mobile homes
    • Zoned Agricultural or Land reserve
  • Restrictions: Quebec restricted to the following areas:
    • Greater Montreal Metropolitan Area
    • Greater Quebec City
    • Greater Sherbrooke
    • Greater Hull-Gatineau Area
    • Greater Trois-Rivieres Area
  • 120 day rate hold with 5 Year Fixed and Variable (no pre-approvals)
  • All loans are subject to a surcharge in rate. See rate sheet for details
Loan Amount
  • Uninsurable — $50,000 to $500,000; $200,000 maximum for equity take-out
  • Insurable — $50,000 to $799,999.99
Maximum LTV
  • 80% — insurable (minimum 100K net worth required when LTV > 70%)
  • 70% — uninsurable
Down Payment

From own resources (no gifts)

  • Minimum 5 years (15 years VIP M-Power)
  • Maximum 25 years — insurable
Payment Options
  • Monthly, semi-monthly, bi-weekly, weekly (accelerated)
  • Flexible payments and payment day
Early Payout
  • Early Payout Premium
    • Greater of 3 months interest or IRD for Fixed Rate 5 Year Closed
    • 3 months interest for VIP M-Power
  • Reinvestment Fee: $500 in Yr 1, $400 in Yr 2 and $300 in Yr 3 of your term
20% + 20% Prepayment Privilege
  • Lump sum up to 20% of the original principal amount (minimum $100)
  • 20% increase in payment, incremental fixed amount can be added to principal and interest payment
  • Maximum 2 rental properties with MCAP per borrower, some exceptions may apply
  • Maximum 4 rental properties (including those held at other financial institutions) per borrower
  • Available with Home Mortgage Protection (mortgage life insurance)
  • Portable, assumable and transferable upon approval
  • Uninsurable loans — maximum $200,000 equity take out
* Some exceptions available for transfer ins.
Status Restrictions may apply. Please refer to your Business Development Manager or underwriter for further details.
Subject to change without notice.

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