{"id":827,"date":"2010-12-10T10:38:01","date_gmt":"2010-12-10T16:38:01","guid":{"rendered":"http:\/\/www.montreal-realestate.ca\/english\/?p=827"},"modified":"2019-03-21T22:25:49","modified_gmt":"2019-03-21T22:25:49","slug":"the-ins-outs-of-financing-up-to-an-8plex","status":"publish","type":"post","link":"https:\/\/www.montreal-realestate.ca\/english\/the-ins-outs-of-financing-up-to-an-8plex\/","title":{"rendered":"The Ins &#038; Outs of financing up to an 8-Plex"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;3.0.47&#8243; custom_padding=&#8221;19px|0px|54px|0px|false|false&#8221;][et_pb_row custom_padding=&#8221;0|0px|27px|0px|false|false&#8221; admin_label=&#8221;row&#8221; _builder_version=&#8221;3.0.48&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.0.47&#8243;][et_pb_text _builder_version=&#8221;3.19.18&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;]<\/p>\n<p>By Jennifer Lynn Walker<\/p>\n<p>Marc-Andr\u00e9 Rocher from the Royal Bank gave a talk at my Real Estate Investment Group about bank financing for residential multi-door. For information on our group, click here: <a href=\"http:\/\/budurl.com\/k667\" target=\"_blank\" rel=\"noopener noreferrer\"><u>Montreal Real Estate Group<\/u><\/a><!--more--><\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td>These are my notes from the presentation. The bank can finance a building as a residential property this is a 6 plex and sometimes exceptions for 7-8 plex depending on the property and bank. The property must be 100% residential without a commercial business. As soon as the building occupies a business, it\u2019s considered commercial and the lending factors change completely.The bank cannot issue a pre-approval like you would get for buying a home, HOWEVER, I strongly suggest developing a relationship with your bank. It will insure fast action when you do need a mortgage, it will help the broker plea his case to the one who makes the finale decision, and also they may be able to freeze an interest rate for you for a period of time. It\u2019s also very handy if you need a quick opinion about a listing where you have the type of relationship where you can email them the details.<\/td>\n<td valign=\"top\">\n<script type=\"text\/javascript\">\/\/ <![CDATA[\n\/\/ < ![CDATA[\n\/\/ < ![CDATA[\n\/\/ < ![CDATA[ google_ad_client = \"pub-7319641113368718\"; \/* 300x250, created 12\/17\/08 *\/ google_ad_slot = \"6530772108\"; google_ad_width = 300; google_ad_height = 250; \/\/ ]]><\/script><\/p>\n<p>\n<script src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\" type=\"text\/javascript\"><\/script><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\n\/\/ < ![CDATA[\n\/\/ < ![CDATA[\n\/\/ < ![CDATA[ google_ad_client = \"pub-7319641113368718\"; \/* 300x250, created 12\/17\/08 *\/ google_ad_slot = \"6530772108\"; google_ad_width = 300; google_ad_height = 250; \/\/ ]]><\/script>\n<\/p>\n<p>\n<script src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\" type=\"text\/javascript\"><\/script>\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>A mortgage for a residential that you are planning on living in is based upon the purchase price, otherwise it is based on income. From my experience it\u2019s much easier to get a mortgage based on comparables and not on income.<\/p>\n<p>Minimum down payment for a residential investment property is always 20%+ unless you are planning on occupying the property. For an investment the bank will expect as a down payment of:<\/p>\n<p>Duplex: 5%<br \/> Triplex- Fouplex: 10%<\/p>\n<p>Make note that if you are planning on occupying it and the bank feels necessary, they will ask for a sworn affidavit that you are indeed going to be legally occupying.<\/p>\n<p>If you are planning on putting down 20% you will avoid CMHC (insurance) costs which is about 3-3% of the purchase price and is accumulated into your mortgage.<\/p>\n<p>Appraisal is required for 100% of non-occupying properties or any property worth $600K or more. The bank will usually pay for this appraisal. I say usually because if you\u2019ve tried several times to get a mortgage on a property without avail, then bank may ask you to pay for the appraisal. All within reason.<\/p>\n<p>&nbsp;<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;1&#8243; custom_padding=&#8221;0|0px|29px|0px|false|false&#8221; _builder_version=&#8221;3.3.1&#8243;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;3.0.47&#8243;][et_pb_image src=&#8221;https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2018\/09\/Jennifer-Lynn-Walker-Image.png&#8221; _builder_version=&#8221;3.17&#8243; max_width=&#8221;66%&#8221; custom_margin=&#8221;15px||&#8221;]<br \/>\n[\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;3.0.47&#8243;][et_pb_text _builder_version=&#8221;3.8&#8243; text_font=&#8221;||||||||&#8221; text_text_color=&#8221;#000000&#8243; header_font=&#8221;|600|||||||&#8221; header_text_color=&#8221;#000000&#8243; header_font_size=&#8221;25px&#8221; header_4_font=&#8221;Alegreya||on||||||&#8221; header_4_text_color=&#8221;#aaaaaa&#8221; header_4_font_size=&#8221;25px&#8221; header_5_font=&#8221;||||||||&#8221; header_5_text_color=&#8221;#e02b20&#8243; header_6_font=&#8221;||||||||&#8221; header_6_text_color=&#8221;#e02b20&#8243; custom_margin=&#8221;45px|||&#8221; animation_style=&#8221;slide&#8221; animation_delay=&#8221;400ms&#8221; animation_starting_opacity=&#8221;100%&#8221;]<\/p>\n<h1>MEET JENN<\/h1>\n<h4>Real Estate Broker &amp; Educator<\/h4>\n<p style=\"text-align: left;\"><em>Jennifer Lynn Walker has specialized in buying and selling both residential and multiplex properties since 2003. She&#8217;s built a strong network of specialist, to give her clients a seamless experience throughout the real estate journey. Founder of\u00a0Montreal Real Estate Investor\u2019s Group, and Jolly Green Homes.\u00a0\u00a0<\/em><strong><a href=\"https:\/\/www.montreal-realestate.ca\/english\/meet-jenn\">How can I help you today?<\/a><\/strong><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding=&#8221;47px|0px|27px|0px|false|false&#8221; _builder_version=&#8221;3.17&#8243;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.0.47&#8243;][et_pb_text _builder_version=&#8221;3.19.18&#8243;]<\/p>\n<h3><strong>Your financial situation<\/strong><\/h3>\n<p>For buildings that you will not be occupying, RBC will require that you make at least $55K (salary + passive income) to purchase one property. They will require you to make $75K to purchase more than one. These numbers can also include if you are buying with a partner or spouse. The bank would look at your total income.<\/p>\n<p>The bank also requires that you have at least $100K of liquid assets after down payment is made. This could include 50% of your RRSP, GIC, unregistered stocks and equity in a property or line of credit.<\/p>\n<p>If you are planning on going the CMHC route, the bank will only consider 50% of the net rental income, where if you are planning on putting minimum 20% down, they will consider 100% of the rental income.<\/p>\n<p>There isn\u2019t a maximum of doors that you can own to be considered for a mortgage. It used to be 10, until it was recently changed to 2 million worth of properties.<\/p>\n<p>The bank will always take a snapshot of the property and your finances. The potential of a property will not be considered. Meaning if 2 out of 4 apartments are vacant, you better have enough money to cover the difference in your calculations.<\/p>\n<p>The bank will always make sure that there is sufficient cashflow from the property to cover the expenses and mortgage. If not, you will have to come up with the difference out of your pocket.<\/p>\n<h4><strong>For example:<\/strong><\/h4>\n<p>4plex value @ $600K<br \/> 25% down @ $150K<br \/> Gross Rental Income (GRI) is $43,000<br \/> <strong>The bank will subtract <\/strong><br \/> 5% vacancy debt allowance<br \/> Taxes, insurance, janitor, heat, electricity<br \/> $400 per door per apartment annually<br \/> 3% maintenance costs<br \/> $80 for fridge and stove<\/p>\n<p>The Net Operating Income (NOI) is $25,000, which means that when the math is done, the ratio is 92%, meaning that the buyer will have to come up with the 25% + the extra 8%.<\/p>\n<p>The bank would also like to see that if you have a permanent job and that you have been there for at least 6 months or until after probation.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Jennifer Lynn Walker Marc-Andr\u00e9 Rocher from the Royal Bank gave a talk at my Real Estate Investment Group about bank financing for residential multi-door. For information on our group, click here: Montreal Real Estate Group These are my notes from the presentation. The bank can finance a building as a residential property this is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"Marc-Andr\u00e9 Rocher from the Royal Bank gave a talk at my Real Estate Investment Group about bank financing for residential multi-door. For information on our group, click here: <a href=\"http:\/\/budurl.com\/k667\" target=\"_blank\"><u>Montreal Real Estate Group<\/u><\/a><!--more-->\r\n<table border=\"0\">\r\n<tbody>\r\n<tr>\r\n<td>These are my notes from the presentation.The bank can finance a building as a residential property this is a 6 plex and sometimes exceptions for 7-8 plex depending on the property and bank. The property must be 100% residential without a commercial business. As soon as the building occupies a business, it\u2019s considered commercial and the lending factors change completely.The bank cannot issue a pre-approval like you would get for buying a home, HOWEVER, I strongly suggest developing a relationship with your bank. It will insure fast action when you do need a mortgage, it will help the broker plea his case to the one who makes the finale decision, and also they may be able to freeze an interest rate for you for a period of time. It\u2019s also very handy if you need a quick opinion about a listing where you have the type of relationship where you can email them the details.<\/td>\r\n<td valign=\"top\"><script type=\"text\/javascript\">\/\/ < ![CDATA[\r\n\/\/ < ![CDATA[\r\n\/\/ < ![CDATA[ google_ad_client = \"pub-7319641113368718\"; \/* 300x250, created 12\/17\/08 *\/ google_ad_slot = \"6530772108\"; google_ad_width = 300; google_ad_height = 250;\r\n\/\/ ]]><\/script>\r\n<script src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\" type=\"text\/javascript\"><\/script>\r\n<script type=\"text\/javascript\">\/\/ < ![CDATA[\r\n\/\/ < ![CDATA[\r\n\/\/ < ![CDATA[ google_ad_client = \"pub-7319641113368718\"; \/* 300x250, created 12\/17\/08 *\/ google_ad_slot = \"6530772108\"; google_ad_width = 300; google_ad_height = 250;\r\n\/\/ ]]><\/script>\r\n<script src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\" type=\"text\/javascript\"><\/script><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nA mortgage for a residential that you are planning on living in is based upon the purchase price, otherwise it is based on income. From my experience it\u2019s much easier to get a mortgage based on comparables and not on income.\r\n\r\nMinimum down payment for a residential investment property is always 20%+ unless you are planning on occupying the property. For an investment the bank will expect as a down payment of:\r\n\r\nDuplex: 5%\r\nTriplex- Fouplex: 10%\r\n\r\nMake note that if you are planning on occupying it and the bank feels necessary, they will ask for a sworn affidavit that you are indeed going to be legally occupying.\r\n\r\nIf you are planning on putting down 20% you will avoid CMHC (insurance) costs which is about 3-3% of the purchase price and is accumulated into your mortgage.\r\n\r\nAppraisal is required for 100% of non-occupying properties or any property worth $600K or more. The bank will usually pay for this appraisal. I say usually because if you\u2019ve tried several times to get a mortgage on a property without avail, then bank may ask you to pay for the appraisal. All within reason.\r\n\r\n<strong>Your financial situation<\/strong>\r\nFor buildings that you will not be occupying, RBC will require that you make at least $55K (salary + passive income) to purchase one property. They will require you to make $75K to purchase more than one. These numbers can also include if you are buying with a partner or spouse. The bank would look at your total income.\r\n\r\nThe bank also requires that you have at least $100K of liquid assets after down payment is made.  This could include 50% of your RRSP, GIC, unregistered stocks and equity in a property or line of credit.\r\n\r\nIf you are planning on going the CMHC route, the bank will only consider 50% of the net rental income, where if you are planning on putting minimum 20% down, they will consider 100% of the rental income.\r\n\r\nThere isn\u2019t a maximum of doors that you can own to be considered for a mortgage. It used to be 10, until it was recently changed to 2 million worth of properties.\r\n\r\nThe bank will always take a snapshot of the property and your finances. The potential of a property will not be considered. Meaning if 2 out of 4 apartments are vacant, you better have enough money to cover the difference in your calculations.\r\n\r\nThe bank will always make sure that there is sufficient cashflow from the property to cover the expenses and mortgage. If not, you will have to come up with the difference out of your pocket.\r\n\r\n<strong>For example:<\/strong>\r\n4plex value @ $600K\r\n25% down @ $150K\r\nGross Rental Income (GRI) is $43,000\r\n<strong>The bank will subtract <\/strong>\r\n5% vacancy debt allowance\r\nTaxes, insurance, janitor, heat, electricity\r\n$400 per door per apartment annually\r\n3% maintenance costs\r\n$80 for fridge and stove\r\n\r\nThe Net Operating Income (NOI) is $25,000, which means that when the math is done, the ratio is 92%, meaning that the buyer will have to come up with the 25% + the extra 8%.\r\n\r\nThe bank would also like to see that if you have a permanent job and that you have been there for at least 6 months or until after probation.\r\n\r\nFor any other questions please contact me or Marc-Andr\u00e9 Rocher | Mortgage Specialist | Montreal South-West | RBC Royal Bank | T. 514-591-3815 I F. 514-300-2060 | <a href=\"http:\/\/mortgage.rbc.com\/marc-andre.rocher\" target=\"_blank\"><u>http:\/\/mortgage.rbc.com\/marc-andre.rocher<\/u><\/a>\r\n\r\n<!-- BEGIN: Constant Contact HTML for Send Page to Friend  -->\r\n<a href=\"http:\/\/ui.constantcontact.com\/sa\/fp.jsp?plat=i&p=f&m=jix8ysbab\"><span style=\"text-decoration: underline;\">Send Page To a Friend<\/span><\/a>\r\n<!-- END: Constant Contact HTML for Send Page to Friend  -->\r\n\r\nI added this article because I love real estate and educating people on the matter. If you would you like me to work for you, call me <a href=\"tel:514-402-8444\">514-402-8444<\/a> or <a href=\"mailto:jenn@montreal-realestate.ca\"><span style=\"text-decoration: underline;\">EMAIL ME<\/span><\/a>!","_et_gb_content_width":"","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5,6],"tags":[],"class_list":["post-827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages-finances","category-real-estate-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investor Financing For Montreal Real Estate And How It All Works<\/title>\n<meta name=\"description\" content=\"A mortgage for a Montreal residential property that you are planning on living in is based upon the purchase price, otherwise it is based on income.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.montreal-realestate.ca\/english\/the-ins-outs-of-financing-up-to-an-8plex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investor Financing For Montreal Real Estate And How It All Works\" \/>\n<meta property=\"og:description\" content=\"A mortgage for a Montreal residential property that you are planning on living in is based upon the purchase price, otherwise it is based on income.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.montreal-realestate.ca\/english\/the-ins-outs-of-financing-up-to-an-8plex\/\" \/>\n<meta property=\"og:site_name\" content=\"Montreal Real Estate\" \/>\n<meta property=\"article:published_time\" content=\"2010-12-10T16:38:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-21T22:25:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2010\/12\/normal-39.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jennifer Lynn Walker\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jennifer Lynn Walker\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.montreal-realestate.ca\\\/english\\\/the-ins-outs-of-financing-up-to-an-8plex\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.montreal-realestate.ca\\\/english\\\/the-ins-outs-of-financing-up-to-an-8plex\\\/\"},\"author\":{\"name\":\"Jennifer Lynn Walker\",\"@id\":\"https:\\\/\\\/www.montreal-realestate.ca\\\/english\\\/#\\\/schema\\\/person\\\/38280264b1c3c37ddc5057d0457569d5\"},\"headline\":\"The Ins &#038; 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