Client Comments
Thank you so very much for putting so much effort and time for helping us.



We were so happy that you were able to provide us with construction financing. The draw amounts work fine with our builder and we plan to refer anyone building a house. Thanks again.



Hi Joe

Just wanted to pass on our thanks again for all your help with securing our mortgage.

In hindsight, we would have to say that the entire process of buying for the first time went really well and we managed to avoid a lot of the headache and inconvenience that others seem to come across.

Certainly in regard to arranging our mortgage, things could not have been easier for us and we have you to thank for that.

Your patience and attention to detail was greatly appreciated.

All the best,

. Aghazzarian & L. Marino


Truly Professional

Joe helped us out with our financing and all the questions we asked. The rates and service was excellent and he even came to our house to sign all the papers.

We have recommend him to our co-workers, friends and family.


Mortgage Needed In a Hurry!

We needed to arrange something quickly and Joe Walsh was able to provide us with a commitment on the same day;

I would definitely recommend Joe.

A Satisfied Customer!


We supplied Joe Walsh with all of the pertinent information and we were able to sit back and relax while Joe took care of everything.

He examined all of the possibilities and came up with one that best suited our needs.

Joe took all of the shopping and confusion out of the experience and made it simple for us.

We have used Joe several times in the past and will continue to do so in the future.

He is knowledgeable, professional, there to service quickly & promptly without the stress that normally comes along with this sort of decision

Multi Unit Residential Mortgage

“Multi Unit Residential Mortgage And Small Apartment Building Financing Solutions”

When I mention multi unit residential mortgage financing, I’m referring to a residential complex with four units or less.

This can include structures like a duplex, triplex, quad, etc. You can even be living in one unit and renting out the remaining units to third parties.

In any of these small apartment or rental complex financing scenarios, as long as the number of total units is under four, then the property will be eligible for most residential mortgage financing programs.

Once you get above four units, the property is classified as commercial and then needs to be financed through a suitable commercial financing program.


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The basic requirements when applying for a multi unit residential mortgage include but are not limited to the following:

  • Personal application of the property owner or guarantor for the mortgage.  If the property is held by a holding company, the holding company owner is still going to have to provide a personal application including a personal net worth statement to show the applicants ability to provide a guarantee above and beyond the pledged security.
  • Financial statements for the property for the last two or three years showing income and expenses as well as a balance sheet to show the debt load being carried by the real estate.
  • Rental roll outlining the individual tenants and what they’re paying in rent on a monthly basis.
  • Rental contracts or lease agreements for each of the units.
  • Offer of purchase and sale and the MLS listing for a purchase.
  • Copy of your most recent statement of mortgage or mortgages if the application is for mortgage refinancing.

The multi unit mortgage amount that can be secured is up to 80% of the property value for both an insured and an uninsured mortgage.  Certain banks and institutional lenders will only finance these properties through an insured mortgage even if the amount is below the 80% maximum amount.

It wasn’t too long ago that lenders were financing up to 100% of the market value for these properties, but with the recent changes to the insured mortgage regulations, the maximum amount has been dropped to 80%.  In addition, residential mortgage lenders also would consider up to 80% of the net proceeds received in rent for debt service, but that has also been reduced and is as low as 50% in some cases.

There are also private mortgage solutions available for these types of properties, which are typically short term bridge loans to either allow for a fast closing or refinancing with the objective to further refinance the private mortgage in a year or two with a lower cost institutional mortgage.

Fitting into the different residential mortgage programs for these types of properties can be tricky and can require a fair bit of knowledge and preparation in order to attain optimum results.  The best way to approach multi unit residential mortgage and small apartment building financing is through working with an experienced mortgage broker with a track record of successfully placing these types of mortgages with both bank and private lending sources.

If  you’re in need of a multi unit property mortgage for an existing property or one you’re looking to acquire, I suggest that you give me a call so we can go through your situation and requirements together and review the different residential mortgage options available to you in the market.

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