Six units means commercial financing: the lender looks at the building and its coverage ratio before your income. What that does to the down payment and fees.
With a building this size, the lender is judging the property at least as much as you. Its type, its condition and how it’s used decide who can take the file, and sometimes that’s settled before your income comes up.
Document the asset
Leases, tax bills, condition and title records: bring whatever actually describes the building. A file where the property is well laid out goes faster than one where the lender fills in blanks.
Budget beyond the payment
Taxes (municipal and school), insurance, heating, maintenance, they all pile on top. And a lot of lenders want a reserve still sitting in your account after closing.
Documents to gather
What the lender will ask for.
Use of the building
Building type
Appraisal and comparables
Income or leases
Down payment or equity
Lenders that qualify
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Collected before the offer, they keep a five-day financing condition workable. Collected after, they cost you weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
