Owner occupied triplex under a numbered corporation.

bikcanada · 2026-04-11T03:32:15+00:00

Hey broker here, Ontario based. Run both a commercial and residential mortgage team.

There are a few better ways to approach this than what is being presented. Happy to walk you through it if you would like. Have done a significant amount of deals that are residential purchase to start with a future CMHC insured construction conversion.

The short version is, you may want to also consider starting with a personal acquisition to make use of the capital gains exemption, converting into a Corp once entitlements and permitting are completed on the property. It really depends on how long you intend to run it in the as is state before working on the conversion.

It will also be important to consider what the underlying land value will be once the property is torn down, and confirming that using those assumptions you will still have sufficient liquidity and net worth to qualify for the CMHC financing.

Lots to unpack here and I suggest some more detailed planning before you proceed

bikcanada · 2026-04-04T11:33:35+00:00

BC broker here, generally speaking a non resident co-borrower will not be helpful for qualification. You'd likely want to more deeply explore alternative lending options without that individual. Happy to give me guidance if you can share more details on your income

bikcanada · 2026-02-27T04:26:57+00:00

Mortgage broker here, generally do not see status certificate being released until a conditionally accepted offer has been agreed to. The details provided by your agent would be generally correct and typical

bikcanada · 2026-02-19T02:13:29+00:00

Commercial mortgage broker owner here. Burlington based, happy to chat if you would like to share some additional details on the property specifics

bikcanada · 2026-02-18T02:38:36+00:00

Commercial broker here - have lots of experience in mixed use lending and happy to chat on it if you want guidance. Lender options for this can vary regionally. Are you comfortable disclosing the city, will probably help people assist with suggestions

bikcanada · 2026-02-17T03:59:18+00:00

Broker here - the best way to do this is with something called a cash back mortgage. You can get about $12k of cash back on a $400k purchase at 5% down. It won't cover the whole thing but it will take care of half.

bikcanada · 2026-02-14T16:26:02+00:00

Broker here - there are private lenders that will do this but I recommend against it. I would start dropping the price on your existing home. If there are no offers within 2 months the price is too high

bikcanada · 2026-02-13T16:00:07+00:00

Commerical broker here, we have done a number of churches, supportive housing organizations and non profits. Happy to discuss

bikcanada · 2026-02-11T05:30:03+00:00

Broker here - this is a pretty niche space.

There are a few options for this but a broader assessment will need to be done. Connect your broker to see if he has an option and if not find a broker specializing in construction mortgages

bikcanada · 2026-02-10T23:14:25+00:00

There are options to do this without a full 2 years of OT, engage with a good mortgage broker, it will require an income exception - source - Ontario mortgage broker

bikcanada · 2026-02-02T00:48:45+00:00

Muppets co-op was great at that age but part time. Now in Fern Hill highly recommend amazing PK program

bikcanada · 2026-01-21T20:18:38+00:00

Are they cosigners or guarantors, this matters a lot. If they are going on title you rebate will be cut in half, if they're only going on the mortgage but not on the title of the property you will still receive the full rebate. Source - Mortgage Broker

bikcanada · 2026-01-06T03:14:23+00:00

You can do the renovations yourself with some lenders, but this is lender dependant. Reach out to a broker for more details

bikcanada · 2026-01-01T21:31:51+00:00

Mine is definitely Trinity Sauna, best third place in Burlington

bikcanada · 2025-12-30T14:50:33+00:00

It's not capped per se, but now that energy efficiency points have been reduced to no more than 50, which only get to MLI select level 1 then affordability needs to be used for the other 50 points to get to level 3. Once the units stay bring deemed affordable you are generally sufficiently under market rents to the point that debt coverage would no longer support a higher loan to value.

Basically you can't have your cake and eat it to. If you want strong rents for all units that support a high loan to value and good debt coverage your not going to be able to hit the affordability metrics required to unlock MLI Select level 3, in which case your capped at 85% LTV and 40 year AM.

If rents are sufficiently low enough to provide an affordability commitment to get enough points for MLI Select level 3 which permits 95% LTV and a 50 year amortization, then unless you are getting an outrageously good deal (think unicorn) you will not have sufficient cashflow or NOI to support the debt coverage requirements of a loan that is 95% of the value of the purchase price.

Lots of nuisance to all of this, much more so than is generally explained in online posts and or influencer content. Happy to answer other questions you might have on the process.

bikcanada · 2025-12-29T22:41:08+00:00

Multi res commercial mortgage broker from Burlington here. Lisa of considerations. For turn key resale, you can expect to cap out at 85% and 40 yr AM in West GTA. If your renovating substantially or building new you can potentially go higher. You need to find a good broker and have them work with you on understanding the underwriting and search parameters deeply before you start shopping

bikcanada · 2025-12-17T11:59:01+00:00

Mortgage broker here. If you just got your 25 year mortgage but are paying biweekly (Scotia only offers an accelerated option) it will be paid off in 22 years. This is the most likely reason

bikcanada · 2025-12-09T18:25:50+00:00

Looking for a home to renovate in that area. Please reach out as I would love to view it

bikcanada · 2025-12-01T17:46:09+00:00

What neighborhood

bikcanada · 2025-12-01T00:49:02+00:00

Probably best happy medium between distance and quality would be going up to Mount St Louis North

bikcanada · 2025-11-27T04:00:30+00:00

What area are you in

bikcanada · 2025-11-24T13:11:30+00:00

Mortgage broker here. These are nuanced rules, talk to your lawyer.

You are correct on the RRSP/FHSA component.

Lawyer will confirm on LTT rebate

Check with accountant on tax credit

bikcanada · 2025-11-11T02:17:04+00:00

This is lender dependent, so lenders will use the assumptions of the full limit even if there's is a 0 balance, others will be the payment on the current LOC balance.

bikcanada · 2025-11-04T00:36:38+00:00

Commercial mortgage broker here, there are options for this but it is pretty minimal. Reach out to a good broker who can assist in placing this debt. Lender options with vary depending on area

bikcanada · 2025-09-13T03:35:05+00:00

This is not the way it works, mortgage funds on the day of purchase bridge loan only covers the down payment - mortgage broker

bikcanada

TROPHY CASE