CMHC MLI Select Program

CMHC-insured loans are purpose-built for multi-unit residential with options for purchase, refinance, construction, and take-out. With the right scorecard on affordability, energy efficiency, and accessibility, you can often unlock higher leverage and longer amortization compared to conventional debt. We structure the file to the program, then bring targeted quotes from banks, credit unions, and approved CMHC correspondents.

Who We Serve

• Developers building rental apartments or mixed-use with significant residential
• Long-term holders refinancing stabilized multi-family
• Value-add sponsors improving older stock to meet program criteria
• Specialized housing operators in student, seniors, or supportive housing

Properties We Finance

• Purpose-built rental (5+ units): Low- to high-rise, townhouse, modular
• Mixed-use: Residential over ground-floor retail where the residential portion meets program thresholds
• Specialized multi-unit: Student, seniors, and supportive housing where operating fundamentals support it
• Construction to term: CMHC during build with a committed insured take-out

Eligible Scenarios

• Acquisition: Insured term debt on qualifying stabilized assets
• Refinance: Lower cost of capital, release funds for improvements, or extend amortization
• Construction: Insured construction with interest-only during build, then roll to term
• Take-out: Bridge or conventional during lease-up with insured take-out at stabilization

How CMHC Commercial Mortgages Are Structured

We start with your rent roll, budget, and business plan, then map the program fit.

• Program path: MLI Select scoring on affordability, energy, and accessibility where it boosts outcomes
• Leverage and amortization: Sized to DSCR and program limits, with potential for longer amortization on qualifying files
• Covenants: Sensible repair and replacement allowances, affordability undertakings, and reporting that match your plan
• Mixed-use treatment: Clear separation of residential and non-residential income and costs to optimize sizing

Typical Loan Parameters and Eligibility

(Actual terms vary by asset quality, market, sponsor strength, and CMHC policy.)

• Leverage: Higher than conventional when program criteria are met
• Amortization: Often longer than market standard on qualifying files
• Pricing: Insurance premium plus lender rate; premiums can be reduced by program features
• DSCR: Sized to program and lender minimums with stress testing
• Sponsor: Relevant experience, net worth, liquidity, and a credible plan for lease-up and operations
• Property: Compliance with building codes, adequate reserves, and a path to meet any required upgrades

Streamlined Documents Checklist

We stage requests so you do not get buried.

• Property and income: Current rent roll, trailing 12-month statement, recent T5s where available
• Third-party reports: Appraisal, Phase I ESA, building condition, energy model where applicable
• Project package (for construction): Budget, drawings, specs, schedule, quantity surveyor engagement
• Program support: Affordability, energy, and accessibility evidence for MLI Select points
• Corporate and sponsor: Net worth and liquidity summary, org chart, recent financials and tax filings

Process and Timelines

• Initial review (1 to 3 business days): Program fit, indicative sizing, and lender short-list
• Term sheets (5 to 10 business days): Competitive quotes from CMHC-active lenders
• Diligence and CMHC submission (2 to 6 weeks): Reports, program scoring, and certificate process
• Closing and funding: Conditions satisfied, insurance bound, registrations complete; construction files move to a draw schedule

Why Work With Us

• Program fluency: We build to CMHC criteria from the start so you are not reworking late in the process
• Lender access: Banks, credit unions, and correspondents that regularly close insured deals
• Clarity and speed: Plain language on premiums, DSCR, and covenants, with early issue spotting
• National coverage: From major metros to strong secondary markets across Canada