Real Estate

Which Bank do the mortgage on more than 5 rental properties

  • Last Updated:
  • Aug 28th, 2019 12:03 am
[OP]
Newbie
Jul 29, 2016
15 posts
1 upvote

Which Bank do the mortgage on more than 5 rental properties

I have 8 rental properties, 4 with Scotia and 2 with RBC and other two with Credit Unions. Scotia and RBC does not do mortgage more than 4 properties. Do you know any bank which can do the mortgage more than 5 rental properties?
16 replies
Newbie
Aug 11, 2019
43 posts
41 upvotes
Toronto
Have you tried MCAP- small rental program.
They might be able to get creative, if you’re not extremely over leveraged.

Also, if you reach out to the commercial loans dept of the big banks, they might be able to help.
Jr. Member
Jul 2, 2018
134 posts
71 upvotes
GTA
You need to connect with a mortgage broker who focuses on investors. They will be able to guide you and lay out your options for you much better.
Cash Back Rebate Realtor
Newbie
User avatar
May 21, 2019
96 posts
55 upvotes
You have 8 mortgages already and you want more ?
LOL .... You got a lot of courage....



Mag254 wrote:
Aug 12th, 2019 5:01 pm
I have 8 rental properties, 4 with Scotia and 2 with RBC and other two with Credit Unions. Scotia and RBC does not do mortgage more than 4 properties. Do you know any bank which can do the mortgage more than 5 rental properties?
[OP]
Newbie
Jul 29, 2016
15 posts
1 upvote
Dayravi wrote:
Aug 12th, 2019 5:51 pm
Have you tried MCAP- small rental program.
They might be able to get creative, if you’re not extremely over leveraged.

Also, if you reach out to the commercial loans dept of the big banks, they might be able to help.
I will try MCAP- small rental program but not sure if they can help me in Winnipeg.
Deal Fanatic
Feb 29, 2008
8611 posts
3694 upvotes
MagicPants wrote:
Aug 13th, 2019 10:07 am
You have 8 mortgages already and you want more ?
LOL .... You got a lot of courage....
Nothing wrong with that. I know someone with over 10.
Newbie
Jul 30, 2019
13 posts
3 upvotes
JayLove06 wrote:
Aug 13th, 2019 12:29 pm
Nothing wrong with that. I know someone with over 10.
How can you qualify for that many... if you're borrowing 200k each... that's $2M... you probably need a $400k income to satisfy that right?
Newbie
Aug 11, 2019
43 posts
41 upvotes
Toronto
Good luck! Let us know how it goes.

Hopefully all the rentals are cash flow positive!
Member
Nov 16, 2013
470 posts
82 upvotes
Mississauga
Mnijl517 wrote:
Aug 13th, 2019 5:09 pm
How can you qualify for that many... if you're borrowing 200k each... that's $2M... you probably need a $400k income to satisfy that right?
This is the key question.
[OP]
Newbie
Jul 29, 2016
15 posts
1 upvote
RealtorInvestor wrote:
Aug 13th, 2019 2:09 am
You need to connect with a mortgage broker who focuses on investors. They will be able to guide you and lay out your options for you much better.
Do you know any broker who can help me here in Winnipeg?
[OP]
Newbie
Jul 29, 2016
15 posts
1 upvote
Dayravi wrote:
Aug 12th, 2019 5:51 pm
Have you tried MCAP- small rental program.
They might be able to get creative, if you’re not extremely over leveraged.


Maximum 2 rental properties with MCAP per borrower, some exceptions may apply
Maximum 4 rental properties (including those held at other financial institutions) per borrower
Available with Home Mortgage Protection (mortgage life insurance)
Portable, assumable and transferable upon approval
Uninsurable loans — maximum $200,000 equity take out
Banned
Aug 3, 2005
1235 posts
1156 upvotes
Mnijl517 wrote:
Aug 13th, 2019 5:09 pm
How can you qualify for that many... if you're borrowing 200k each... that's $2M... you probably need a $400k income to satisfy that right?
Hes probably getting that and then some with 8 rentals lol (assuming hes in GTA)....
Deal Addict
User avatar
Mar 23, 2003
3545 posts
552 upvotes
Hamilton
Mnijl517 wrote:
Aug 13th, 2019 5:09 pm
How can you qualify for that many... if you're borrowing 200k each... that's $2M... you probably need a $400k income to satisfy that right?
Because they are rentals and they are generating income.
Essentially paying themselves.
Deal Addict
Jan 13, 2014
1407 posts
438 upvotes
Calgary
CIBC would take this on as this would require DCR calculation and the mortgage wouldve to be done under business name (residential rate on a business mortgage). Your other option is to go to a credit union. They generally dont care what you have with other bank except they would only do 4 or 5 door policy for themselves.
[OP]
Newbie
Jul 29, 2016
15 posts
1 upvote
masarwar wrote:
Aug 14th, 2019 7:11 pm
CIBC would take this on as this would require DCR calculation and the mortgage wouldve to be done under business name (residential rate on a business mortgage). Your other option is to go to a credit union. They generally dont care what you have with other bank except they would only do 4 or 5 door policy for themselves.
Scotia Bank also doing 10 properties, it's in process will update if it go through.

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