Getting a residential mortgage for a 6plex

[REIGirl]

Greetings!

Is anyone aware of lenders that will qualify a 6-plex under the residential guidelines as opposed to commercial. I would like to avoid all the extra cost that are involved in getting a commercial mortgage. Thanks!

 

[Mike Milovick]

Yes. One lender in Ontario to my knowledge. Everyone else treats above fourplex as commerical. Is your REALTOR helping you with your purchase? Mike

 

[REIGirl]

Yes. One lender in Ontario to my knowledge. Everyone else treats above fourplex as commerical. Is your REALTOR helping you with your purchase? Mike

Hi Mike, thank you for your reply. I have an agent working with me but was referring me to commercial lenders. I will like to do this with a lender that wont charge fees. can you please send me the lender contact if you don't mind. Thanks

 

[Mike Milovick]

Greetings!

Is anyone aware of lenders that will qualify a 6-plex under the residential guidelines as opposed to commercial. I would like to avoid all the extra cost that are involved in getting a commercial mortgage. Thanks!

Email me direct - [email protected] and I will make an outreach to the mortgage specialist. Cheers, Mike

 

[schoobie]

Hi Mike, do you know what are the fees when going above 4plex?

 

[kmcintyre]

Hey!

We indeed have access to a lender with A rates who will do up to an 8 plex no premium or lender fee on the residential side.

If you have any questions don’t hesitate to reach out. My email is [email protected]

I am a licensed mortgage agent.

Greetings!

Is anyone aware of lenders that will qualify a 6-plex under the residential guidelines as opposed to commercial. I would like to avoid all the extra cost that are involved in getting a commercial mortgage. Thanks!

Greetings!

Is anyone aware of lenders that will qualify a 6-plex under the residential guidelines as opposed to commercial. I would like to avoid all the extra cost that are involved in getting a commercial mortgage. Thanks!

 

[ihocking]

Greetings!

Is anyone aware of lenders that will qualify a 6-plex under the residential guidelines as opposed to commercial. I would like to avoid all the extra cost that are involved in getting a commercial mortgage. Thanks!

Yes , just call Rbc directly , they will do up to 6 units. Usually with 25% down and of course they will want to see the numbers and it needs to cash flow.