CMHC MLI Select Financing

Get Approved for the CMHC MLI Select Mortgage Program

CMHC MLI Select offers some of the strongest financing terms available for multifamily rental properties in Canada. But the application process is document-intensive, the points system is complex, and CMHC is filtering heavily due to high demand. We structure and package your MLI Select application so it stands out, then source the best available terms from CMHC-approved lenders across Canada.

Get a Quote

Up to 95%

Loan-to-Value

$100k – $100m

Mortgage Amount

50 Years

Amortization Length

CMB + 0.5% to 1%

Rate Estimate ⓘ

About CMHC MLI Select

Why Your MLI Select Applications Need a Broker

CMHC MLI Select is not like applying for a residential mortgage. The documentation requirements are significantly heavier, the points system creates trade-offs that affect your cash flow for the life of the loan, and CMHC is processing a high volume of applications. Lenders reviewing your file are filtering dozens of submissions a day. The ones that are clearly structured, properly documented, and well-presented move forward. The rest get passed over.

Applying without a broker

Your application competes against professionally packaged submissions from brokers with lender relationships
Big Six banks largely don’t participate in MLI Select for smaller deals (under $4 million)
Document errors or missing items cause weeks or months of delays
No competitive tension on rate or terms because you’re dealing with one lender

Working with an MLI Select broker

Access to CMHC-approved monoline lenders who specialize in insured multifamily financing
Your application is packaged the way lenders and CMHC expect to see it, with the right level of detail
The points system is structured around your actual goals, not just maximum leverage
One point of contact who manages the lender, the appraiser, and the CMHC process from start to finish

Our Process

From First Conversation to Insured Financing

Every CMHC MLI Select deal follows the same core path, but the timelines are longer and the documentation is heavier than conventional commercial financing. Here is how we manage the process.

Step 1

Tell us about your Property

We start with a conversation about your building, your goals, and your timeline. We review your rent roll, unit mix, operating history, and the local market to determine whether MLI Select is the right program or whether another CMHC option is a better fit. MLI Select is one of seven CMHC programs, and it is not always the right answer.

Step 2

We plan your points strategy

We work through the MLI Select points system with you to find the right balance between leverage, affordability requirements, and long-term cash flow. Then we organize your financials, property documentation, lease agreements, and building condition reports into a submission that meets CMHC standards. Think of it as a 60-second pitch: lenders are reviewing dozens of files a day, and the ones that are clearly presented get priority.

Step 3

Lender sourcing and submission

We present your deal to the CMHC-approved lenders best suited to your property type, location, and loan size. This typically means mono-line lenders who specialize in insured multifamily, not Big Six banks. As term sheets come back, we negotiate on rate, amortization, and lender fees, then present your options side by side.

Step 4

CMHC processing, conditions, and closing

Once you select a lender, the file goes to CMHC for insurance approval. This stage typically takes 8 to 12 weeks depending on volume. We manage all conditions, coordinate the appraisal and any required inspections, and keep you updated on where things stand throughout the queue.

The Points System

How the MLI Select Points System Works

The points system is the core of MLI Select. More points unlock better financing terms (higher LTV, longer amortization, lower premiums), but every point comes with a trade-off. The question is not “how many points can I get?” It is “how many affordable units am I willing to commit to, and what financing terms does that unlock?”

Energy Efficiency

Points are awarded for building systems like double-pane windows, updated HVAC, and modern insulation. Buildings constructed after 2010 typically meet these requirements automatically. Older buildings (pre-1980s) often fall short. BC properties tend to score highest due to stricter provincial building codes.

Accessibility

Points for features like wheelchair access, elevators, fire safety systems, and accessible unit design. Newer buildings with modern code compliance generally earn these points without additional investment.

Affordability

This is where the trade-off lives. Points are earned by renting designated units below market rate. At 50 points, roughly half your units must be affordable. At 100 points (maximum benefits), all units must be affordable. CMHC designates which specific units qualify, and compliance is reviewed annually. You cannot opt out mid-term without refinancing out of the program.

In practice, we do not start with the points. We start with your goals: how much leverage do you need, how long do you want the amortization, and how many units are you willing to designate as affordable? From there, we work backward to find the points structure that makes the deal work for you.

Markets

Where CMHC MLI Select Financing is Most Effective

MLI Select is available across Canada, but the program is significantly more powerful in some markets than others. The maximum leverage you can achieve depends on your property’s cap rate, purchase price, and local rental market conditions.

Alberta

Alberta is currently the strongest market for MLI Select leverage. Higher cap rates relative to purchase prices mean properties in Edmonton, Calgary, and surrounding markets can realistically achieve 85% to 95% LTV. Most of our high-leverage MLI Select deals close in Alberta, typically in the $2 to $4 million range for 8 to 30+ unit buildings.

British Columbia

BC properties score highest on energy efficiency points due to stricter provincial building codes. However, low cap rates and high purchase prices in Vancouver, Surrey, Victoria, and Kelowna mean LTV often maxes out at 30% to 50%. MLI Select still offers rate and amortization advantages over conventional lenders, but the leverage benefit is limited.

Ontario

Ontario falls between Alberta and BC. Mid-range cap rates allow moderate leverage (typically 65% to 80% LTV), and the program’s rate and amortization benefits remain attractive. Toronto trends closer to BC’s cap rate dynamics, while secondary markets like Ottawa, Hamilton, London, and Windsor offer stronger leverage potential.

A Broker Who Knows How CMHC Actually Works

CMHC MLI Select applications are not like conventional mortgage submissions. The documentation is heavier, the timeline is longer, and the approval process is competitive. Working with a broker who understands the system from the inside makes the difference between a deal that closes on strong terms and one that stalls in the queue.

We know which lenders to call

Big Six banks largely do not participate in MLI Select for deals under $3 to $4 million. The deals get done through CMHC-approved niche lenders who specialize in insured multifamily financing. We have volume relationships with these lenders, which means better rates and faster processing for your file.

We package your file to win

CMHC-approved lenders are reviewing dozens of submissions daily. A properly structured file with the right documents, the right level of detail, and a clear deal narrative gets picked up first. We handle all of this so you are not guessing at what to include or how to present it.

We manage the full timeline

From initial document collection through CMHC’s processing queue (typically 8 to 12 weeks), we keep you informed on exactly where your deal stands. We coordinate the appraisal, building inspection, environmental review, and any CMHC conditions so nothing stalls without your knowledge.

Frequently Asked Questions

CMHC MLI Select is a mortgage loan insurance program for rental properties with five or more units. It offers higher leverage (up to 95% LTV), longer amortization (up to 50 years), and lower interest rates than conventional bank financing. The program uses a points system based on energy efficiency, accessibility, and affordability to determine the financing terms available for each property. It is one of seven CMHC mortgage insurance programs for multi-unit residential properties.

To qualify, you need a property with five or more legal residential units (apartment buildings, townhomes with legal suites, 6-plexes and up). Borrower documentation typically includes a personal net worth statement, two years of income verification, and a credit report. Property documentation includes the purchase contract, current rent roll, historical operating financials, lease agreements, an appraisal, a building condition report, and a Phase I environmental assessment if applicable. CMHC evaluates the deal based on debt service coverage ratio, loan-to-value, and cap rate.

Expect 3 to 5 months from start to close. The first 4 to 6 weeks are spent on document collection, appraisal, and file preparation. Once submitted, CMHC’s processing queue typically takes 8 to 12 weeks depending on application volume. Timelines can extend further for complex deals or older buildings that require additional inspections. If your purchase timeline is shorter than the CMHC process allows, bridge financing can hold the deal until your MLI Select mortgage funds.

It is available, but it is market-dependent. The maximum leverage you can achieve depends on the property’s cap rate relative to its purchase price. Alberta (Edmonton, Calgary) and parts of Atlantic Canada are where 95% LTV is most realistically achievable today due to stronger cap rates. In BC, low cap rates and high prices typically cap LTV at 30% to 50% even with MLI Select. Ontario falls in between. Be cautious of anyone advertising 5% down as a universal feature of the program.

MLI Select rates are lower than conventional bank mortgage rates because the loan is insured by CMHC, which reduces the lender’s risk. Exact rates depend on the lender, the term, and the specifics of your deal. Rates are typically priced relative to Canada Mortgage Bond yields. We source competing term sheets from multiple CMHC-approved lenders and present them side by side so you can compare.

The points system is a trade-off between financing terms and affordability commitments. More points unlock higher LTV, longer amortization, and lower premiums. Points are earned through energy efficiency features, accessibility features, and designating units as affordable (below market rent). At 50 points, roughly half your units must be affordable. At 100 points, all units must be affordable. CMHC designates which specific units qualify and reviews compliance annually. You cannot opt out mid-term; exiting requires refinancing out of the program. We help you find the balance between leverage and affordability that makes sense for your specific deal.

Technically yes, but the failure rate for self-submitted applications is significantly higher. The documentation requirements are far more intensive than residential lending, and CMHC is processing a high volume of applications, which means poorly packaged submissions get filtered out. Big Six banks largely do not participate in MLI Select for deals under $3 to $4 million. The deals that close efficiently go through brokers with volume relationships at CMHC-approved mono-line lenders, where file presentation and lender relationships directly affect your rate and timeline.

No. MLI Select is the most well-known, but CMHC offers seven mortgage insurance programs for multi-unit residential properties. Depending on your property type, deal size, and goals, another program may be a better fit. We evaluate your deal against all available CMHC options before recommending a path forward.

CMHC charges a mortgage insurance premium that is added to the loan amount and amortized over the life of the mortgage (not paid upfront out of pocket). The premium amount depends on your LTV, amortization period, and points achieved. There is also a lender fee that varies by deal type and risk profile, and a separate broker fee. We break down all costs transparently before you commit to a lender.

Absolutely. The MLI Select program is fairly restrictive, so there are several scenarios where it makes sense to take a higher interest rate for a more flexible lending program. When we review your mortgage application we’ll explore other CMHC programs that may be a better fit and present you the options.

Get a free, zero obligation quote.

Name(Required)

First Last

Phone(Required)

Email(Required)

Property Value

Enter the estimated value of the property you want to purchase or refinance.