CMHC Insured Construction Financing

Provides access to the most competitive construction financing available. Designed for new affordable housing projects and standard rental housing of five or more units.

CMHC Insured Construction Financing

Transaction types	New affordable housing projects, new standard rental housing (5 units+)
Eligible property types	Multi-Family, Retirement Homes, Student Housing, Social Housing, Affordable Housing Projects
Locations	British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, New Brunswick Minimum Population of 20,000
Loan amount	$5M to $100M+
Loan to cost	Up to 75% (standard rental) / Up to 95% (affordable rental)
Terms	Various to align with construction period, with term financing available at completion
Interest rate	Competitive Spread over Prime
Recourse	As may be required by CMHC
Lender Fees	Flexible and structured for each loan
Commitment fees	1% paid on commitment acceptance (refunded upon loan advance)
Amortization	Up to 40 years
Eligible Security	First Mortgages
Minimum debt service coverage	1.20x (standard rental) / 1.10x (affordable rental)
Reserves/holdbacks	May be required per CMHC Certificate of Insurance
Reports	Phase I ESA, Quantity Cost Surveyor report (including ongoing monitoring through construction phase)
Other	Forward rate fix available