CMHC Suite REfinance Program

An insurance premium is payable on the increase to the existing mortgage OR on the total loan amount, depending. Additionally a .20% premium surcharge applies to 30 year amortizations.

Standard insured debt-service ratios apply. Fair market rents of the new unit(s) may be considered as income for qualification purposes. Max total lending value of $2mm and 90% LTV.

Max 30 year amortization is possible with a premium surcharge applied. In a case where prior amortizations are being 'blended', a surcharge is payable as well.

An application is made at the start of the suite project to/through participating lenders. A budget and improvements list must be provided upfront before funding is released in stages.

As the program has recently launched, many lenders have not yet announced their involvement. Contact us if you'd like to find out specifics for your situation and current lender. 

Construction (draw) funding is provided at different stages as the project reaches corresponding percentages of completion. Advance schedules will vary by lender.