What is MLI Select?
MLI Select is a CMHC mortgage insurance program for multi-unit rental properties (five or more units, new builds or existing). Points earned for affordability, energy efficiency and accessibility can unlock higher loan-to-value ratios (up to 95% on qualifying projects) and amortizations up to 40 years, plus premium savings. Program rules, limits and availability change, so we confirm the current criteria when we review a deal.
Who it can suit
- Investors buying or refinancing apartment buildings and purpose-built rentals
- Developers building new rental housing
- Investors repositioning buildings with energy or affordability upgrades
How multi-unit deals are underwritten
The lender focuses on the building: net operating income, debt service coverage, vacancy, condition and market rents, along with the borrower's experience and net worth. Financing for two to four units usually follows residential rules; see rental property mortgages.
What to prepare
- Rent roll, leases and operating statements for the last 2 to 3 years
- Purchase agreement, appraisal and environmental or building reports
- Your personal financial statement and real estate schedule
- For energy or affordability points, supporting documents
Get an opinion on your deal
Send us the numbers and we will tell you whether a CMHC program or conventional financing fits. Call or text (289) 513-3328, start an application or read about using home equity to invest.