After possession, we can relax? Nope!
We'll be putting our application together to refinance with CMHC's NEW Affordable Housing Program, which is accepting applications March 7.
The new program allows for as little as 5% downpayment (you read that right!), and a 50-year amortization... as long as you meet the new criteria. There will likely be a flood of applications into CMHC, but we are working on a special business plan to stand out :)
It ULTIMATELY means that we'll be providing affordable housing to our community while making our partners a great return.
Our mortgage broker wrote a great piece on it here: https://www.linkedin.com/pulse/cmhc-announces-program-provide-95-leverage-50-year-here-keshavjee/
This project is now FULLY FUNDED, but if you want to be on our "first to call" list for when another opportunity comes up, let me know.
I love this real estate stuff...
but if construction and financing don't interest you, here's just a fun picture of what we'd look like with purple hair!
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