Getting a residential mortgage for a 6plex

REIGirl

Inspired Forum Member
Registered
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

Frequent Forum Member
REIN Member
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

Inspired Forum Member
Registered
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
 

kmcintyre

New Forum Member
Registered
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 katherine@villagemortgage.ca

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

New Forum Member
Registered
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.
 
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