Minimum loan amount

  • $ 1.0 million

Loan to value

  • New and renewal mortgages will be advanced to a maximum loan to value ratio of 75% of the lesser of the income value or the market value of the property as determined by Equitable Life.
  • On an exception basis a second mortgage may be considered.
  • Unless CMHC insured, the Debt Service Cover Ratio (DSCR) must not be less than:
    • Multi-Family Residential - 115%
    • Industrial - 120%
    • Office - 120%

Property types

The Company may issue a mortgage on the following property types:

  • Multi-family residential - apartments or townhouse complexes
  • Industrial buildings containing a combination of office and warehouse space and having a minimum warehouse ceiling height of 18ft., either single tenanted or multi-tenanted.
  • Office buildings
  • Retail plazas and buildings with a satisfactory anchor tenant (e.g. banks, food stores, LCBO) and that satisfy specific underwriting standards on location.

Interest rates

  • Commercial lending rates will be quoted on a spread over equivalent term Canada Bonds and will be determined by the risk assessment as determined by Equitable Life of Canada.
  • Contact a lending account manager for a current commercial lending rate quote. Third party report
  • Appraisal reports are required for all new mortgages, excluding those that are CMHC insured, unless required by CMHC as a condition of the certificate. The appraiser selected must be on Equitable Life's "Approved appraiser list."
  • Equitable Life's Environmental Questionnaire plus a Phase I environmental audit must be completed by the borrower and included with each new or renewal application.
  • Phase II audits are mandatory where the Equitable Life's Environmental Questionnaire or the Phase I audit indicates further investigation or remediation action is required if the application is to proceed.
  • Phase III environmental audits are mandatory where the Phase II audit indicates further investigation or remediation action is required if the application is to proceed.
  • A Building Condition Audit Report, completed by a qualified and approved Engineering firm, will be required on all properties considered for new financing or as stipulated in the CMHC Certificate of Insurance.

Response time

  • In most cases a term sheet can be issued within a 48 hour period.