Burnaby Multiplex Financing: SSMUH Loans & Mortgage Options
How to finance a Burnaby SSMUH multiplex project, from construction mortgage structures to CMHC programs and lender-specific offerings.
Lower entry point than Vancouver
Burnaby's lower land values make multiplex financing more accessible. A typical Burnaby fourplex project of $4.5-5.2M requires 20-35% equity ($0.9-1.8M), versus $1.1-1.9M for Vancouver. If you own a Burnaby lot valued at $1.8-2.4M, your land equity may cover most or all of the lender's equity requirement.
Burnaby equity needed
$0.9-1.8M
20-35% of $4.5-5.2M project
Vancouver equity needed
$1.1-1.9M
20-35% of $5.4-6.0M project
Construction mortgage structure
A typical Burnaby SSMUH construction mortgage follows a staged draw schedule. The lender advances funds at key construction milestones, with inspections at each stage:
- Land collateral: Your lot serves as equity and initial collateral for the construction loan
- Foundation draw (15-20%): Released after foundation inspection
- Framing draw (25-30%): Released after framing and roof completion
- Lock-up draw (20-25%): Released after exterior envelope, windows, and doors
- Completion draw (25-30%): Released after final inspection and occupancy permit
- Holdback release (10%): Released after lien period expiry (typically 55 days)
CMHC MLI Select for Burnaby SSMUH
Burnaby's 6-unit transit-adjacent SSMUH projects are ideal candidates for CMHC MLI Select. The program offers up to 95% loan-to-cost with 50-year amortization, making rental multiplex projects financially viable even at today's interest rates. Energy-efficient designs (BC Step Code 4+) qualify for additional premium discounts.
Even 4-unit Burnaby projects can access standard CMHC mortgage insurance, providing lower interest rates and higher leverage than conventional construction loans.
FAQs
How is Burnaby SSMUH financing different from Vancouver?
Lower land values mean lower equity requirements. Total project financing is $4.5-5.2M vs $5.4-6M in Vancouver, making entry more accessible.
Which lenders finance Burnaby SSMUH?
Major banks, BC credit unions (Vancity, Coast Capital), and alternative lenders. Credit unions often have the best rates for local multiplex.
How does MLI Select work for SSMUH?
Same as Vancouver -- up to 95% LTC, 50-year amortization for rental projects, with discounts for energy efficiency and affordability.
What is the typical construction mortgage structure?
Staged draws at foundation, framing, lock-up, and completion milestones, with the land as equity collateral. Interest-only during construction.