Rental Property Mortgage
Rental Property Financing (five units+)
Acquiring your rental property mortgage through Canequity will ensure that you obtain the optimal financing option for your multi-unit rental property purchase. Rental property mortgages are available for the acquisition of newly built or used properties, and to refinance at competitive rates so that you may:
- Free equity built in a property to put into investments or use personally
- Expand your real estate portfolio and use funds to make a down payment on an additional property purchase
- Renovate and increase the value of your current property
- Add units to your current multi-family rental property to increase income revenue over time
Multi-Unit Investment Mortgage Requirements
A Canequity commercial mortgage specialist will ensure that the process of attaining your rental property mortgage is conducted clearly, efficiently and promptly.
If this is your first rental property investment, do not hesitate to address any questions you may have to the knowledgeable Canequity commercial team. We can put you into contact with a reputable property appraiser or inspector in your area and offer you guidance every step of your financing path.
- Consider the following items in your application process:
- Properties need to generate approximately $1.30 of income for every $1.00 of debt to be viable
- The borrower’s net worth must be equivalent to at least 25 per cent of the loan amount
- Revenue earned from the rental property must cover the operating expenses of the building and mortgage payments
- Income generated from the property must be incurred from legal suites meeting permissible qualifications for the locale
- Mortgage insurance will usually be required if financing is provided toward 65 per cent, or more, of the property value
Contact us today using our secure commercial mortgage application.Our Disclaimer: Although we make every attempt to ensure the accuracy of our website, we recommend you use the above mortgage information as a guideline only. Canequity Mortgage makes no guarantees on product availability or the rates shown unless otherwise stated. Canequity always recommends that you consult a commercial mortgage broker using our online application before making any final decisions.