Commercial multiplex mortgage
Financing multi-unit properties.
Commercial financing solutions designed for purchasing, refinancing, or constructing multi-unit properties.
How it works.
Financing commercial multiplex projects typically involve four key phases where a Vancity Commercial Account Manager can help. If the company already owns 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: Buying the land
Buying land to begin a multiplex project often involves securing a mortgage.
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 structure a commercial mortgage to meet your project’s needs.
Phase 4: Finalizing your ownership
At completion, units can be sold or leveraged to generate rental income. We support this stage with financing for unit takeout, buyer mortgages, and long-term lending for retained units.
Every commercial multiplex project is unique. Connect with us to get financing advice tailored to your specific goals and situation. Email us at commercialmultiplex@vancity.com.
More to love about this mortgage.
- Competitive rates and transparent terms
- Variable or fixed rate options are available, depending on your project structure and financing needs.
- Construction financing available for up to 18 months
- Up to 30-year amortization available for rental projects.
Connect with a pro.
Talk with a commercial mortgage specialist about your project.
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. An extension fee may apply, and any extension is subject to approval 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.