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Multi Unit Residential Mortgages

Multi Unit Residential Mortgages – A Guide to Owning Rental Properties

When it comes to a multi unit residential mortgage, it’s a lot easier to get what you need if you work with a qualified professional. Investing in multi residential real estate can be a very wise financial move. But, you must play your cards right. Any residential building with more than 4 units to rent out will require commercial mortgage financing.

Applying for commercial mortgages can be time consuming and more expensive than applying for a conventional residential mortgage. With the help of a mortgage broker who understands the process, you can save more time and more money than you likely would otherwise.

Our mortgage brokers are well-versed in the commercial mortgage lending process. The Mortgage Brokers Network have been helping investors arrange multi unit residential mortgages for decades. Our experience and access to a broad spectrum of flexible lenders will ease the process. Working with an experienced broker can make your path to becoming a multi residential property owner a reality.

What You Should Know About the Commercial Lending Process

The commercial lending process can take more time to sort out and it often requires that you meet strict credit and income requirements. Working with an alternative lender can help because they offer competitive rates and more flexibility than the bank. Commercial financing may also require a higher down payment. 

Commercial lenders may ask for additional information not required when applying for a conventional residential mortgage. Depending on your plans, and how you intend to structure ownership of your new property, you may be asked for extra documentation. 

For example, if you intend to purchase the property in a corporate name, you may be asked for your articles of incorporation. If you purchase a multi-residential building that also has some commercial space to rent on the ground floor you may be asked for a business plan or in the case of a refinancing application, financial statements or corporate tax returns.

Again, working with an experienced broker can save you a lot of time, anguish and money in the long run.  Knowing how to navigate the complexities of commercial financing is key to getting an approval. 

Refinancing an Existing Multi Unit Residential Mortgage

If you already own a multi residential property we can help you find the best possible refinancing rate. Things have likely changed since you obtained your current mortgage. You may stand to benefit from the existing low interest environment.

If your credit is in good standing and you simply want to shop for a new mortgage to cut down on your monthly borrowing costs, we can help with that too. We can also help with your equity borrowing needs. For example, if you need to refinance to make important repairs to your multi family property, we can find a lender to help you obtain the funding you need to keep your property up to standard.

A Broker Provides the Best Help with Multi Unit Residential Mortgages

Essentially, the best way to ensure that you are approved for a multi residential mortgage is to work with an experienced mortgage broker. Working with someone who understands commercial financing and who has a good understanding of the commercial mortgage lending process is invaluable. Not only can a mortgage broker simplify the process and make it more cost effective – a mortgage broker can make it happen faster.

At Mortgage Brokers Network we can work with traditional bank lenders and non-traditional lenders to finance your loan. Our non-traditional lenders will take a common sense approach to reviewing your application. If you need an alternative lending solution, we can be your best ally in your quest for the right lender to work with.

Trust the Mortgage Brokers Network Advantage

Especially if this is your first time applying for a commercial mortgage, you can’t put a price on the right advice. A qualified mortgage expert can make applying for a multi residential mortgage a streamlined process that ends with you approved for the funding you need. Working with us will ensure that you get the right advice – and are approved for financing without wasting any time.  

We have the network to back us up. With access to many flexible lenders we can work with almost any situation. Let our experience and our carefully cultivated list of mortgage lending contacts work to your advantage. Our in-depth knowledge of the process and access to our network of lenders can benefit any borrower seeking to invest and become a multi residential landlord.

Trust the Mortgage Brokers Network to Help You with a Multi Residential Mortgage

Whether you’re looking to invest in a new multi residential venture, purchase real estate or refinance an existing property, we can help. Consulting a mortgage broker can set you on the right path to growing your wealth or lowering your monthly expenses. Let us handle all of the details for you and help you avoid any unnecessary financial hiccups.

We have decades of expertise providing mortgage services to Canadians that can work for you. If you’ve already tried to secure a loan for a multi residential mortgage and have been unable to secure the right financing elsewhere – don’t give up.

Book a free consultation with a member of our team today. Discover what 30 years of practical experience can do for you.

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Term Posted Rate Our Rate Claim This Rate
Home Equity Line of Credit Prime + .50% Prime +.50% Claim Rate
Fixed 1 Year 7.49% 6.79% Claim Rate
Fixed 2 Year 7.29% 6.39% Claim Rate
Fixed 3 Year 6.79% 6.00% Claim Rate
Fixed 4 Year 6.29 5.64 Claim Rate
Fixed 5 Year 6.19% 5.39 Claim Rate
Variable 5 Year 6.79 7.2% (prime -.90%) Net Rate 6.30% Claim Rate
Fixed 10 Year 6.89% 6.40% Claim Rate