Commercial multiplex construction mortgage
Finance your multiplex development.
Build, redevelop, or scale a duplex, triplex, or fourplex with a mortgage designed for income-generating property without the complexity of traditional commercial lending structures.
Who is this for?
Property investors
Turn land or existing property into a multi-unit asset with rental income potential.
Small-scale developers
Develop multiplex housing without needing large-scale commercial financing.
Partnerships and joint ventures
Build with partners and structure ownership and financing independently.
How it works.
Multiplex projects are financed in stages to align with your development timeline, it typically involves four key phases where a Vancity mortgage specialist can help. If you already own the land and have a solid development plan, you can skip directly to Phase 3, which focuses on securing a construction loan to fund building costs.
Phase 1: Land acquisition
Buying land to begin a multiplex project often involves securing a mortgage, and in some cases, entering into a co-ownership agreement to share costs and responsibilities among partners.
Phase 2: Pre-development
The pre-development phase of a multiplex involves planning your budget and working with an architect to create detailed blueprints, while also navigating rezoning applications to ensure the project complies with city regulations.
Phase 3: Construction financing
When you’re approved to build and know how much it’ll cost, work with us to construct or adapt a mortgage that will take advantage of current rate conditions and get the flexibility you and possible co-owners need.
Phase 4: Finalizing your ownership through stratification
Finalizing the ownership of a multiplex through stratification legally separates the units, allowing each one to be individually owned, sold, or mortgaged while sharing common areas.
Every multiplex project is unique. Connect with us to get financing advice tailored to your specific goals and situation. Email us at multiplex@vancity.com or meet with us to apply.
More to love about this mortgage.
- Access funds up front
Get up to 80% of the value of your home you plan to build so you can pay for each stage of constuction as it happens. - 24-month build period*
Take your time. You’ll only need to repay the interest on the amount that you’ve been advanced for the first 18 months of construction, or until the work in your home has beren completed, whichever comes first. - Use your rental offset to help with rental qualification
If you’re building potential suites or a laneway home, you can use the income from these properties to help you qualify for a mortgage. - Choose your rates, term, and amoritization
With a construction mortgage, you can choose from a variety of mortgage options to find the rates and terms for your lifestyle and budget. Explore all Vancity mortgage rates.
Eligibility.
You are at least 19 years old
You live in British Columbia and have a BC address
The home you’re looking to turn into a multiplex is in Metro Vancouver, the Fraser Valley, Victoria, Squamish, or Alert Bay
The home must be owned in personal name(s)
You meet our affordability requirements
The stress test is a formula set by the federal government to help ensure your mortgage payments remain affordable. Your affordability is assessed using the greater of the contractual mortgage rate plus 2%, or the OSFI Minimum Qualifying Rate (5.25%, as of December 15, 2022).
Protection you can count on.
Rest easy knowing you’re covered if the unexpected happens. Choose from these additional forms of insurance:+
- Life coverage
- Involuntary loss of employment coverage
- Disability coverage
- Critical illness coverage
Apply today.
Meet with a Vancity mortgage specialist to get started.
Ask a pro.
Email us with your questions about the Vancity Multiplex Constructtion Mortgage, and we’ll get back to you.
Explore mortgages for your business.
The standard term for our construction mortgage is 18 months. However, in exceptional cases where construction takes longer than anticipated, we may extend the term. This extension is subject to approval and will be evaluated based on the specific circumstances of the construction project.
Applicants are responsible for confirming their eligibility, compliance with local zoning bylaws, and obtaining all necessary permits or approvals from their municipality.