The firm announces introduction of five- and 10-year CMHC-insured mortgages
KingSett Capital has bolstered its lending program with the introduction of five- and 10-year term Canada Mortgage and Housing Corporation (CMHC) insured mortgages.
KingSett Capital said its program will offer loans starting at $2 million with a focus on primary and secondary markets in British Columbia, Ontario, and Quebec, as well as an eye towards expanding to other provinces over time.
The program will offer rates with a competitive spread over Canada Mortgage Bonds, an amortization period of up to 40 years, and loan-to-value ratio of up to 85%. The program will provide financing to bridge to a CMHC-insured loan as well as CMHC-insured and conventional second mortgages.
“With more than $4 billion of outstanding loan commitments across Canada, KingSett offers a range of tailored financing solutions for a broad range of asset classes at various stages of development,” the firm said.
"Given KingSett's strong familiarity with multifamily and lending, CMHC is a natural expansion of our mortgage product offering," said Scott Coates, group head of mortgage investments at KingSett Capital. "The new CMHC program offers flexible bridge financing for almost any circumstance, including proceeds for closing, stabilization, repositioning, or construction. It also aligns with our long-standing commitment to offering customized solutions that deliver value and expertise beyond capital requirements."