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CMHC MLI program

mtc

0
Registered
Joined
Jan 3, 2010
Messages
7
Good morning,

I was wondering if anyone had any experience with using the CMHC MLI Select lending program? I am looking at buying a mixed use property and hope to add more residential rental units to have at least 5 residential along with 1 existing maybe could be 2 small commercial office/retail store fronts (assuming the zoning allows etc)...The idea of high LTV financing to purchase the property and to fund the renovation costs appeal to me however there is a rent reduction needed on some of the units to qualify for the high LTV and longer amortization and then there is the cost of the premiums..just wondering if this has been used by fellow investors and the good and bad about your experience. Thanks in advance.
 

Cory Sperle

0
REIN Member
Joined
Sep 1, 2010
Messages
826
If you intent do use CMHC for mixed use you are limited to 30% of the square footage and/or income or less for the commercial portion in order to qualify.
 
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