Our mortgage loan flexibilities are available for both new and existing projects. They can be used for standard rental buildings, single room occupancies (SRO), supportive housing and retirement homes. They can also apply to first, second and pari passu mortgages.
To be eligible, your project must:
- include at least 5 units (or 50 units or beds for retirement homeS
- be at least 70% residential in terms of both floor area and the total loan value
- have replacement reserves of at least 2% of effective gross income (EGI)
In addition, the group borrowing the money must have:
- at least 5 years’ experience operating a similar property
- excellent credit and repayment history
- proof of a similar project completed on time and on budget (or a contractor with this record)
- a net worth of at least 25% of the value of the loan
- the ability to guarantee 100% of the loan during construction and rent-up