Our flexibilities are available for first, second and pari passu mortgages on any eligible retirement home. To be eligible, your project must:
have at least 50 units or beds (with 75% or more being single or private occupancy)
provide housing for seniors who need minimal to moderate care to live independently
be at least 70% residential in terms of both floor area and the total loan value
have a maximum loan-to-value ratio of 85%
not be subject to any prohibition under the Prohibition on the Purchase of Residential Property by Non-Canadians Act
In addition, the borrower or co-borrower must have:
at least 5 years’ experience owning and operating a similar facility, or
a long-term contract with a property management firm with this record of experience
You must also have a net worth of at least 25% of the value of the loan. Plus, you must be able to guarantee 100% of the loan until you have 12 consecutive months of stable rents.
For applications received after March 7, 2022, please refer to the energy efficiency incentives available through our MLI Select product.
For applications received prior to March 7, 2022 borrowers with energy efficient projects may qualify for a 10-15% refund on their loan insurance premiums. For more information, please contact one of our Client Relationship Managers.
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For more details about our mortgage insurance tools, including: