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Mortgage Squad Advisors
Multi-Family · 5+ Units

Multi-family financing — including CMHC MLI Select up to 95% LTV.

Apartment buildings, purpose-built rentals, and mixed-use residential. We arrange CMHC MLI Select, Standard, conventional, bridge, refinance, equity take-out, and construction-to-permanent — and model the MLI Select points table in-house so your sponsor file scores the maximum LTV available.

95% LTV50-yr am1.10 DSCR floorCMHC-approved correspondent
5-star rated| FSRA #13737| 5-min pre-qualification
Apartment buildings · CMHC MLI Select
Borrow up to 95% of the building's value
50-year amortization on stabilized 5+ unit residential. We score the CMHC points table in-house before you submit.
95%
Max LTV (MLI Select)
50 yr
Amortization
5+
Unit minimum
100 pts
Max scoring
MLI Select scoring — live
Affordability
Three points categories — stack any two for 70 pts.
Get pre-approved MLI math
Maya · AI · 24/7
How does CMHC MLI Select scoring work?
5-star rated| FSRA #13737| 50+ langs
95% LTV
Max via MLI Select
50 yrs
Max amortization
1.10
Min DSCR (insured)
100+
MLI Select files placed
Financing structures

Eight ways to finance 5+ unit residential.

Insured (CMHC) vs uninsured. Stabilized vs lease-up vs construction. Acquire, refinance, recapitalize, or build. The right structure depends on the asset's NOI today, your hold horizon, your equity position, and your appetite for the MLI Select commitments.

CMHC MLI Select

Up to 95% LTV / 50-yr am. Premium discounts up to 30%. Requires affordability, energy, or accessibility commitments scored on a points table.

$1M – $50M+120-180 days

CMHC Standard

Insured multi-family for stabilized assets. 65–85% LTV, 25–40 yr amortization. Less paperwork than MLI Select but lower leverage.

$1M – $30M90-150 days

Conventional Term

Uninsured A-bank or monoline term debt. 65–75% LTV, 5–10 yr terms. Faster close than CMHC, lower leverage, no insurance premium.

$1M – $25M45-75 days

Bridge → CMHC Takeout

Acquire or reposition with bridge debt; refinance into CMHC MLI Select once stabilized. Structured as one transaction.

$1M – $20M21-35 days

Construction-to-Permanent

Land + servicing + vertical draws followed by an automatic CMHC takeout at occupancy. Single closing, single legal bill.

$2M – $50M+60-120 days

MLI Select Refinance

Refinance an existing stabilized building into MLI Select. Pull equity at 80–85% LTV with the right commitments package.

$1M – $30M90-150 days

Equity Take-Out

Conventional refinance for sponsors who want speed over leverage. 65–75% LTV. Closes in 45–75 days vs CMHC's 90–150.

$1M – $25M45-75 days

Acquisition + Capex Envelope

Acquisition with a capex envelope financed inside the mortgage. Common for value-add or MLI Select energy retrofits.

$1M – $25M60-120 days
MLI Select points table

Three commitments. One scoring table. Big leverage.

CMHC MLI Select scores sponsors on three commitment categories. Hit 50 points to qualify; hit 100 to access the maximum 95% LTV / 50-year amortization / 30% premium discount tier. We model your file across all three before submission.

Affordability

Hold a percentage of units below median market rent (AMR) for a fixed term. Strongest points contribution; does require giving up rental upside on the committed units.

  • 10% of units @ 30% below AMR / 10 yrs30 pts
  • 20% of units @ 20% below AMR / 15 yrs50 pts
  • 40% of units @ 20% below AMR / 20 yrs100 pts

Energy efficiency

Improve energy intensity vs CMHC reference (existing buildings) or vs the National Energy Code (new construction). Commissioning by a certified third-party agent required.

  • 25% improvement20 pts
  • 40% improvement35 pts
  • 50%+ improvement (net-zero ready)50 pts

Accessibility

Units meeting visitable / barrier-free standards beyond code minimum. Lowest cost to achieve on new construction; trickier in existing buildings without unit reno.

  • 100% units visitable10 pts
  • 15% units fully barrier-free25 pts
  • Universal-design entire building40 pts
Tier unlock thresholds (cumulative):
50 pts
Up to 85% LTV
40-yr am
70 pts
Up to 90% LTV
45-yr am
100 pts
Up to 95% LTV
50-yr am · 30% premium discount
Note: CMHC adjusts the points table periodically. Current parameters reflect the most recent published guidance; we re-confirm against the live insurer guide on every file.
Asset profiles we finance

Stabilized, lease-up, construction — and everything between.

Lender appetite varies sharply by asset profile. Knowing which lender wants your specific deal — not just the asset class — saves 25–75 bps on rate and weeks on close.

🏢
Stabilized Apartments
5–500+ units, 90%+ occupied
🏗️
Purpose-Built Rentals
New PBR construction
🏘️
Mixed-Use
Residential over retail
🔄
Repositioning
Renovation, lease-up, value-add
♻️
Energy Retrofits
MLI Select energy commitments
♿
Accessibility Builds
MLI Select accessibility points
💰
Affordable Housing
MLI Select affordability commitments
🌆
Urban Mid-Rise
Toronto, Vancouver, Montreal, Calgary
🏙️
Urban High-Rise
Concrete, 12+ storeys
🌳
Garden-Style Suburban
Walk-up, 3-4 storey wood-frame
🎓
Student Housing
Purpose-built or repositioned
👵
Seniors / Independent Living
Non-care residential
Decision matrix

Which structure is right for your deal?

A high-level guide. We model the actual numbers (rate, equity-on-cash, IRR) in the intake call.

Your situation
Recommended path
Typical LTV
Why
Stabilized building, want maximum leverage
MLI Select Refi
85–95%
Highest LTV insured product; commitments offset by leverage value
Stabilized building, want maximum speed
Conventional Refi
65–75%
Closes in 45–75 days vs CMHC's 90–150
Acquiring a value-add deal
Bridge → MLI Select
65–75% bridge, 85–95% takeout
Bridge funds during reno/lease-up; CMHC takes out on stabilization
Building purpose-built rental from scratch
Construction-to-Permanent
75–80%
Single closing; CMHC takes out automatically at stabilization
First-time multi-family sponsor
CMHC Standard or Conventional
65–80%
Build resume on smaller deal before targeting MLI Select
Don't want to commit to affordability
MLI Select Energy-only path
75–90%
Energy + accessibility can hit 100 pts without affordability commitments
Older building, capex needed pre-stabilization
Bridge with capex envelope
65–70%
Refinance into MLI Select once renovation is complete
Equity recapitalization for next acquisition
MLI Select Refi (equity take-out)
80–85%
Highest equity-release with insurance keeping rate competitive
How it works

From LOI to CMHC commitment.

The CMHC pathway is more involved than conventional — but the leverage and amortization benefits compensate. Here's the realistic timeline for an MLI Select acquisition.

1

Sponsor + asset intake

T1, NoA, T2s, REO schedule, asset T12, rent roll, leases. We score the MLI Select points table on day 1.

2

Lender shortlist

3-4 CMHC-approved correspondents sized for your file. Indicative pricing in 5-10 days.

3

CMHC application

Lender submits to CMHC. Insurer review 45-60 days. Commitments documented and verified.

4

Conditions

Appraisal, environmental Phase 1, structural, insurance, ALTA, lawyer's opinion, energy modelling. Coordinated by our team.

5

Funding

Lawyer closes. Funds advance at closing or per draws (construction). MLI Select premium financed into mortgage.

Why a CMHC specialist beats your bank's commercial desk

MLI Select is a points-based program. Most submissions leave points on the table.

Sponsors who don't score the table miss leverage they were entitled to. We score every file before submission and tune the commitments package to maximize the LTV you actually qualify for.

Capability
Mortgage Squad Advisors
Your bank
MLI Select points scoring
In-house — modelled before submission
Submit-and-hope
Affordability commitments
Toronto/Vancouver/Calgary AMR data on file
Generic AMR caps
Energy modelling
Coordinated with commissioning agents
Sponsor's responsibility
Accessibility scoring
Architect partner network
Often missed
Bridge → CMHC takeout
Underwritten as one transaction
Two separate processes
Construction → permanent
Single closing, automatic conversion
Refinance separately
Time to first quote
5–10 business days
3–6 weeks
CMHC-approved lender shortlist
12+ correspondents
1–2
Equity take-out modelling
IRR-aware against commitment cost
Rate-only quote
Recent placements

Three deals, three different paths.

Anonymized for sponsor confidentiality. All numbers are real.

Acquisition · GTA

62-unit Mississauga purpose-built rental

Loan size$18.5M
LTV92%
Amortization50 yrs
RateGoC + 95 bps
Points scored115

Sponsor committed to 25% affordability + 40% energy improvement. CMHC commitment in 102 days. Equity required: 8% vs 25% conventional.

Construction · BC

Surrey 184-unit PBR — ground-up

Total project$74M
Construction LTV78%
Permanent LTV88%
Construction ratePrime + 1.25%
Permanent rateGoC + 105 bps

Construction-to-permanent MLI Select. Energy commitments at NEC + 50% (net-zero ready). Auto-conversion at 90% lease-up.

Refinance · QC

112-unit Montreal mid-rise refi

Existing balance$11.2M
New mortgage$17.8M
Cash-out$6.6M
LTV85%
Amortization45 yrs

Switched from conventional to MLI Select. Affordability + accessibility commitments scored 88 pts. Rate held within 15 bps of prior.

"We were planning to refinance our 84-unit Etobicoke building under conventional at 70% LTV. Mortgage Squad Advisors scored the file under MLI Select, layered in three energy commitments and an affordability commitment that cost us roughly $40k/year in foregone rent, and we ended up at 87% LTV with a 45-year amortization at GoC + 110bps. That released $3.1M of equity for our next acquisition — equity I didn't think I had access to. The commitments were a net positive on a 10-year IRR basis by a wide margin."

— Mark T., Principal, Lakeshore Residential Trust
FAQ

Twelve questions sponsors ask first.

What is CMHC MLI Select and why does it matter?
Multi-Unit Insured Loan Select is CMHC's premium insurance tier for 5+ unit residential. Sponsors who commit to affordability, energy, or accessibility outcomes earn points on a scoring table; higher scores unlock higher LTVs (up to 95%), longer amortizations (up to 50 years), lower DSCR floors, and meaningful insurance-premium discounts. It is by far the most attractive multi-family financing program in Canada today.
What's the minimum sponsor profile to qualify?
CMHC wants to see prior multi-family ownership experience, demonstrable property management capability, and clean personal/corporate credit. First-time multi-family sponsors can usually qualify by partnering with an experienced operator, by moving up from 2-4 unit residential, or via a smaller (5–20 unit) deal where the sponsor's resume can be built. We have placed several first-time MLI Select files.
How is the MLI Select points table scored?
Three commitment categories: Affordability (holding a percentage of rents below median market rent for a fixed term), Energy (improving energy intensity by 25%, 40% or 50% vs CMHC reference), and Accessibility (units meeting or exceeding visitable / barrier-free standards). Each commitment earns points; the higher your score, the higher your eligible LTV/amortization. 50 points is the minimum threshold; 100 points unlocks the maximum 95% LTV / 50-year amortization tier.
What's the difference between MLI Select and CMHC Standard?
Standard is the original CMHC multi-family insurance program — fewer commitments, simpler underwriting, but lower leverage (max ~85% LTV, max 40-yr am, no premium discount). MLI Select trades additional commitments for materially better terms. For most sponsors who can meet the commitments, MLI Select wins on a 10-year IRR basis even after the cost of the commitments themselves.
Can MLI Select be used for new construction?
Yes. CMHC offers MLI Select for both stabilized acquisitions and new construction. For construction we structure construction-to-permanent: bridge during the build with an automatic conversion to MLI Select once the asset is stabilized (typically 6-12 months post-occupancy). Construction MLI Select is one of the most attractive build-to-rent financings available anywhere in North America.
What documents will I need?
Sponsor: 2 yrs T1 + NoA, 2 yrs T2 corporate financials, real estate schedule, banking, government ID, articles of incorporation, property management resume. Asset: T12 financials, rent roll, leases, current mortgage statement, insurance, property tax bill, environmental Phase 1, structural condition report, appraisal (lender-ordered). For MLI Select: signed affordability commitments, energy modelling reports, accessibility unit specifications.
How are insurance premiums priced?
MLI Select premiums range from roughly 1.75% to 5.5% of the loan amount depending on LTV and amortization, with discounts of up to 30% applied based on points scoring. The premium is financed into the mortgage so it doesn't come out of equity at closing. Effective net premium after discounts is often comparable to or below conventional non-CMHC alternatives once you adjust for leverage and amortization.
Can I take out my existing equity through MLI Select?
Yes — refinance up to 85% LTV (sometimes higher with strong points scoring) on stabilized multi-family. This is one of the most common reasons sponsors switch from a conventional banker to a CMHC-specialist broker. We model the equity-release math against the cost of additional commitments before recommending the path.
What's the typical CMHC interest rate?
Insured multi-family prices around 5-yr GoC + 90–170bps depending on LTV, amortization, and lender. CMHC's insurance materially compresses the spread vs conventional commercial. As of late 2025, market rates have been in the 4.5–5.5% range for stabilized MLI Select files; new construction prices wider during the build phase.
How long does a CMHC file actually take?
Realistic timeline: 90–150 days from full file submission to commitment, plus 30–60 days for conditions and closing. MLI Select adds 15–30 days vs Standard for the commitments review. Bridge → MLI Select takeout is usually faster end-to-end because the bridge funds while the CMHC application is in flight.
Can MLI Select be used for purpose-built rental development?
Yes — and this is one of CMHC's strategic priorities. New PBR (purpose-built rental) projects with affordability commitments score the highest points and access the most aggressive terms. We've structured construction-to-permanent MLI Select on PBR projects from 25 units to 400+ units.
What if my building is older or needs significant capex?
We have two paths. Path 1: Bridge into MLI Select — bridge debt funds the renovations and lease-up; the asset refinances into MLI Select once stabilized. Path 2: MLI Select with capex envelope — CMHC will sometimes finance capex inside the insured mortgage if it ties to MLI Select energy or accessibility commitments. We model both before recommending one.

Have a multi-family deal? Let's score it.

Send us your T12 + rent roll. We'll model the MLI Select points table and come back with a lender shortlist + LTV scenarios within 5–10 business days. No retainer, no obligation.

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