MLI Select

Unlocking Opportunities.

Are you looking to invest in multi-family housing or upgrade your existing rental portfolio? The MLI Select mortgage program, offered by Canada Mortgage and Housing Corporation (CMHC), is designed to promote affordable, sustainable, and accessible rental housing. This program was launched in 2022 but really popularity by investors in 2024. At MMG Mortgages, we specialize in guiding clients through the complexities of multi-family commercial applications, ensuring you unlock the full potential of programs like MLI Select.

Why Choose MLI Select?

Canada’s rental market is evolving, and MLI Select offers a powerful tool to create lasting value for investors and communities alike. By partnering with MMG Mortgages, you’re not just applying for a loan—you’re building a roadmap to success.

What Properties could qualify?

  1. Single family suited homes to a minimum of 5 doors (ie: property on concurrent lots)

  2. Low Rise or High-rise condo or apartment style buildings

  3. Townhome or 4-plex suited projects to a minimum of 5 suites

  4. Retirement housing and low-income housing projects

What is MLI Select?

MLI Select provides insured financing for the construction, purchase, or refinancing of multi-family properties. What sets this program apart is its innovative flexible qualification approach.

Key Features and Benefits

  1. Favorable Loan-to-Value Ratios: Access up to 95% financing for construction or purchase. This means you could purchase and/or build with a minimum of 5% down payment.

  2. Competitive Interest Rates: Enjoy reduced premiums for insured loans with this program, leading to cost savings. Since this is insured through CMHC, the rates are very competitive. They fluctuate daily based on the CMB (Canadian Mortgage Bond).

  3. Amortization Periods: Amortization can be to a maximum period of up to 50 years for properties meeting program criteria. These long amortization periods, can mean more cash flow for an investor.

How MMG Mortgages Can Help

Navigating the application process for a program as comprehensive as MLI Select can be daunting. That’s where we come in! At MMG Mortgages, our experienced team works with you every step of the way. We were early adopters of this program and have developed excellent relationships with our lending partners. It is important to note, that not every bank or lender offers this program.

  • Pre-Qualification Guidance: Assess eligibility based on your profile and property(s) of interest. We break down the approval process into a few steps.

  • Comprehensive Documentation/Application Review: We assess your individual application with a covenant review. We collect an application, your documentation and a net worth statement to confirm eligibility. A borrower will need a minimum of 25% net worth to qualify for the program and be an accredited and experienced investor. Your personal income is not a major consideration for this program.

  • Tailored Financial Solutions: Explore strategies to maximize your borrowing potential while aligning with your investment objectives. We complete an in-depth proforma review of the property of interest to ensure we are in alignment with CMHCs guidelines.

  • Lender Partnerships: Leverage our strong relationships with lenders to negotiate competitive terms.

Steps to Get Started

  1. Connect with Us: Schedule a consultation with one of our multi-family mortgage experts.

  2. Property & Personal Assessment: Provide details about your property’s condition, rental income, and any planned upgrades. Or, what type of property you may be interested in along with your personal details for an initial review.

  3. Develop a Strategy: Together, we’ll identify ways to meet CMHC’s affordability, energy efficiency, or accessibility goals. We will go through the costs, pros & cons of the program and assess any potential risks. 

  4. Complete Your Application: Having a team to assist with your goals is imperative. MMG Mortgages can refer accountant’s, lawyers, property managers and Realtors and Builders who could help to make your goals a possibility. Remember, the MLI Select mortgage is unique to the market and having a team that is qualified and understands this program is essential.