The CMHC borrower process

Who does what

1. The Approved Lender applies on the borrower’s behalf with a “Request – Certificate of Insurance”.CMHC Request – Certificate of Insurance·as of Oct 15, 2026(opens official source in a new tab)
2. CMHC’s application form is titled “Request – Certificate of Insurance” and covers “Multi-Unit Mortgage Loan Insurance (five units or more)”. Its loan purposes include “Construction financing” and “Completion take-out”, with “Single advance” or “Progress advances”.CMHC Request – Certificate of Insurance·as of Oct 15, 2026(opens official source in a new tab)
3. CMHC issues a Certificate of Insurance, which carries Special Conditions the borrower must meet. The commitment letter is the lender’s document.CMHC required documentation guide·as of Oct 15, 2026(opens official source in a new tab)

CMHC’s Required Documentation Guide says covenants apply “per the Special Conditions noted within the CMHC Certificate of Insurance”.CMHC required documentation guide·as of Oct 15, 2026(opens official source in a new tab)

What the lender submits

• What the lender submits to CMHC starts with “A completed Request for Certificate of Insurance authorized by the Approved Lender.”CMHC multi-unit required documentation·as of Oct 15, 2026(opens official source in a new tab)
• At application the lender submits the pro forma rent roll for new construction, or the current rent roll for existing properties, which must clearly demonstrate the affordability level.CMHC required documentation guide·as of Oct 15, 2026(opens official source in a new tab)
• For borrowers and guarantors with existing rental properties, the lender submits “a complete portfolio summary analysis”, including DCR and LTV calculated on actual operating results.CMHC multi-unit required documentation·as of Oct 15, 2026(opens official source in a new tab)
• The Approved Lender validates substantive asset values, for example with bank statements and property tax assessments.CMHC multi-unit required documentation·as of Oct 15, 2026(opens official source in a new tab)
• A feasibility or market study is required for larger new construction projects. CMHC does not say how large “larger” is.CMHC multi-unit required documentation·as of Oct 15, 2026(opens official source in a new tab)

CMHC’s own advice on preparation: “To avoid unnecessary delays, the list provided will help you prepare the documentation needed to initiate the underwriting review.”CMHC multi-unit required documentation·as of Oct 15, 2026(opens official source in a new tab)

Borrower tests

• Borrowers need at least five years of experience managing similar multi-unit properties, or a contract with a professional third-party property manager.CMHC MLI Select fact sheet·as of Oct 15, 2026(opens official source in a new tab)
• Borrower competence and experience must be “commensurate with the size and type of property”.CMHC Standard Rental Housing fact sheet·as of Oct 15, 2026(opens official source in a new tab)
• Borrowers need a net worth of at least 25% of the loan amount requested, minimum $100,000; CMHC may permit flexibility at 100 points or more.CMHC MLI Select fact sheet·as of Oct 15, 2026(opens official source in a new tab)
• Construction or completion take-out financing: the borrower and guarantor guarantee 100% of the outstanding amount until projected rents are achieved and stabilized for 12 consecutive months; it may then be reduced to 40%.CMHC MLI Select fact sheet·as of Oct 15, 2026(opens official source in a new tab)
• Purchase or refinance of an existing property: the guarantee is 40% of the outstanding loan amount.CMHC MLI Select fact sheet·as of Oct 15, 2026(opens official source in a new tab)

More on these tests is in the MLI Select explainer.

Holdbacks and advances

• For new construction, a rental achievement holdback may apply.CMHC MLI Select fact sheet·as of Oct 15, 2026(opens official source in a new tab)
• A 0.25% surcharge applies on the net loan amount where effective gross income is not met at the time of the first advance (not applicable for construction financing).CMHC fees and premiums·as of Oct 15, 2026(opens official source in a new tab)
• On progress advances, the premium is due and payable by the lender to CMHC as the mortgage funds are advanced.CMHC fees and premiums·as of Oct 15, 2026(opens official source in a new tab)

The glossary entry for holdback and the FAQ cover the wording in more detail.

After the certificate is issued

• Annually, the borrower gives the lender a certificate of compliance supported by a copy of the rent roll.CMHC required documentation guide·as of Oct 15, 2026(opens official source in a new tab)
• CMHC requires documentation “to support on-going compliance throughout the affordability period”.CMHC MLI Select fact sheet·as of Oct 15, 2026(opens official source in a new tab)
• The Annual Certificate of Compliance lets the borrower report that certain existing affordable units were replaced by new affordable units, listed in a “Schedule – Affordable Unit Replacement Table”.CMHC annual certificate of compliance·as of Oct 15, 2026(opens official source in a new tab)
• Where insured financing funds the work, energy and accessibility documentation is due within 60 days after the last advance.CMHC MLI Select fact sheet·as of Oct 15, 2026(opens official source in a new tab)
• After a Certificate of Insurance is issued, subsequent changes to the loan are subject to post approval fees, and CMHC retains the full application fee.CMHC fees and premiums·as of Oct 15, 2026(opens official source in a new tab)

What CMHC does not publish

Some figures investors ask about are not in CMHC’s public multi-unit pages or PDFs. They are set by the lender case by case, and this site does not state them.

• A large-borrower threshold. CMHC asks for “competence and experience commensurate with the size and type of property” but does not define a size.CMHC Standard Rental Housing fact sheet·as of Oct 15, 2026(opens official source in a new tab)
• A liquidity percentage. The one published test is net worth of at least 25% of the loan amount, minimum $100,000.CMHC MLI Select fact sheet·as of Oct 15, 2026(opens official source in a new tab)
• CMHC’s mortgage loan insurance contact page publishes no processing-time standard for 5+ unit loans.CMHC, Contact mortgage loan insurance·as of Oct 15, 2026(opens official source in a new tab)
• CMHC’s automated emili decisions cover loans of up to 4 units only, not 5+ unit loans.CMHC emili·as of Oct 15, 2026(opens official source in a new tab)
• CMHC’s detailed multi-unit underwriting policy sits in The Handbook, which Approved Lenders open through emili; changes reach lenders through CMHC “Advices”.CMHC, Becoming an NHA Approved Lender·as of Oct 15, 2026(opens official source in a new tab)