CMHC Mortgages
Home / CMHC Mortgages
Expert CMHC Correspondent Support: Simplifying Your Financing Journey
HALO Mortgage Advisory Inc. is an approved CMHC Correspondent with access to all CMHC Lending Programs.
As an approved CMHC Correspondent, HALO Mortgage Advisory Inc. offers greater financing choices to borrowers to purchase, refinance, or construct multi-unit residential buildings.
Mortgage Loan Insurance Products (5+ Units)
As a CMHC Correspondent, HALO Mortgage Advisory clients gain exclusive access to the most competitive CMHC pricing in the market. Not only does HALO have access to the best pricing, but the best execution, advice, and service.
MLI Select
An innovative new multi-unit mortgage loan insurance product focused on affordability, accessibility, and climate compatibility.
This program encourages construction, preservation, and improvement. Access reduced premiums, longer amortizations, higher loan to value, and lower debt coverage ratios, based on your level of commitment to affordability, accessibility, and climate with the MLI Select point system.
This program may be advanced up to 95% during construction, and up to 85% for an existing property.
Standard Rental Housing
CMHC mortgage insurance enhances financing for standard multi-unit rental housing, offering tools to construct, purchase, or refinance with favorable conditions. Benefits include loan-to-value ratios up to 85%, lower debt coverage ratios, preferred interest rates, and extended amortization periods up to 40 years, catering to construction financing, purchases, or refinances.
Supportive Housing
CMHC mortgage insurance empowers developers to create, acquire, or refinance supportive rental housing, providing a foundation for tenants to gain independence, develop life skills, and integrate into their communities. Offering key financial tools, including loan-to-value ratios, up to 75% loan advances for construction, reduced debt coverage ratios, competitive interest rates, and lengthy amortization periods of up to 40 years.,
This program is designed to facilitate the development of supportive housing environments crucial for tenant stability and community connection.
Retirement Housing
CMHC mortgage insurance revitalizes financing for retirement housing projects, presenting compelling options to captivate developers’ interests. With advantages like high loan-to-value ratios up to 85% LTV, reduced debt coverage ratios, preferred interest rates, and amortization extending to 40 years.
This program is designed to offer the best deals, catering specifically to the fast-paced and result-oriented expectations of developers in the senior living sector.
Student Housing
CMHC mortgage insurance enhances financing for purpose-built student housing, on and off-campus, by offering developers substantial support to construct, purchase, or refinance. Benefits include high loan-to-value ratios up to 85%, lower debt service coverage ratios, competitive interest rates, and up to 40 years of amortization, making it easier to develop student accommodations that meet the evolving needs of academic communities.
Single Room Occupancy
CMHC mortgage insurance now supports the financing of single private rooms within multi-tenant buildings, including co-living spaces. This initiative offers developers flexible financing to construct, purchase, or refinance such accommodations, enhancing urban living solutions. Benefits include loan-to-value ratios up to 75% LTV, reduced debt coverage ratios, preferred interest rates, and extended amortization periods up to 40 years. Co-living caters to diverse demographics by offering private quarters with shared amenities, combining affordability with community living.
Partner with HALO Mortgage Advisory
In the diverse realm of commercial real estate financing, you need a partner who understands the intricacies of each venture. HALO Mortgage Advisory Inc. combines experience, market insights, and a commitment to client success–ensuring every project gets the tailored financial support it deserves.
“The Halo team (Connie, Anna, Stephen) was excellent in helping me build a solid business plan and secure a funding for a business I am starting up. The whole Halo team is very professional and the process was seamless. Securing funds have always been one of my main concerns with starting a business but Halo makes it really easy.
I can't say enough good things about this team and I will work with them again if/when the time comes to expand my business. 100% highly recommended.”
– Ed M.
Frequently Asked Questions
Canada Mortgage and Housing Corporation (CMHC) financing provides mortgage loan insurance for multi-unit residential properties, including rental buildings, licensed care facilities, and retirement homes. It's designed for borrowers who wish to purchase, refinance, or renovate such properties in Canada.
CMHC financing can benefit property owners and developers by providing access to higher loan-to-value ratios and potentially lower interest rates compared to conventional mortgages. This can lead to more available capital for your investment and often longer amortization periods.
Eligibility requirements include the property being located in Canada, available to all tenants regardless of income, and meeting CMHC's standards for condition and marketability. Borrowers must also meet financial criteria demonstrating the ability to repay the loan.
The amount of financing available through CMHC can be up to 85% of the property's lending value for rental properties, with even higher percentages available for affordable housing projects. The specific amount will depend on the property and the borrower's financial situation.
Interest rates for CMHC-insured mortgages are typically more competitive than those for conventional loans. Rates will vary depending on the lender, the quality of the property, and the borrower's creditworthiness.
Yes, our team at HALO Advisory can facilitate the entire CMHC application process. As a CMHC Correspondent, we'll outline the next steps, review your project, and begin crafting a strong application tailored to CMHC's parameters. We help prepare and submit the necessary documentation, ensuring your application meets all of CMHC's criteria to maximize the chances of approval.
Properties eligible for CMHC financing include standard rental apartment buildings, affordable housing developments, retirement homes, long-term care facilities, and student housing, among others.
The timeframe can vary based on the complexity of the deal and the readiness of your application materials. It's best to anticipate a few months from the initial application to the final approval and funding.
CMHC financing must be used for the purposes outlined in the application, such as purchasing, refinancing, or renovating multi-unit residential properties. The funds cannot be used for unrelated business activities.
You will need to provide comprehensive documentation including, but not limited to, property appraisals, environmental assessments, building condition reports, financial statements, and a detailed description of the project or property.
To begin, contact us to schedule a consultation. Our experts will review your project details, discuss your financing needs, and guide you through the preliminary steps required for a CMHC financing application.