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Robert Liu - Vice President of Real Estate Finance at CMLS Financial & Canada’s 3rd Largest Commercial Lender
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Ever wondered how to navigate the maze of construction financing while keeping up with the housing market’s wild dance? Well, grab a seat and let’s dive into the fascinating world of construction financing with Robert Liu, VP of Real Estate Finance at CMLS Financial. Liu’s insights will make you wish you’d been taking notes all along!
Key Takeaways:
Meet Robert Liu, the guy who knows the real estate finance game like the back of his hand. CMLS Financial, the third-largest non-bank lender in Canada, is Liu’s playground, where they dabble in nearly $10 billion worth of commercial mortgages. Their secret sauce? A one-stop shop for commercial lending that keeps them busy, with 70% of their loans linked to CMHC programs. That’s right, folks—CMLS is all about making big things happen in the real estate world.
CMHC Programs and Market Trends: Enter CMHC’s MLI Select program, a superhero in the fight against the housing crisis. With a surge in multifamily projects (think $75 to $150 million and 200-400 units), CMHC is here to save the day. From rates based on Canadian Mortgage Bonds to construction loans tethered to prime rates, Liu explains how these programs are a game changer for tackling housing shortages.
Construction Financing and CMHC: Private or CMHC financing—what’s the deal? Liu breaks it down. Timing and rental rates are your new best friends when deciding on financing routes. CMHC’s program is tied to a loan-to-cost ratio, while private financing typically caps out at 75-85%. It’s all about balancing income and debt service ratios when it comes to securing that sweet CMHC takeout financing.
Takeout Financing Process: Planning to build? Start the takeout financing process 6 months before the occupancy permit—because nobody likes last-minute paperwork and surprise fees. Ensure your Certificate of Insurance from CMHC doesn’t expire and remember, stabilized income and debt service ratios are crucial when the time comes to cash out.
Project Feedback and Closing Thoughts: Liu gives a shoutout to SDG’s community engagement tactics. It’s not just about constructing buildings; it’s about connecting with neighbors and keeping track of site improvements. Keep those receipts, folks, and engage with the community. And, of course, maintain transparency with all your stakeholders.
Action Items:
- Keep all receipts for costs incurred before construction
- Engage with CMLS for takeout financing 6 months before expected occupancy
- Consider community engagement and feedback in project development
So there you have it—your crash course in construction financing with a side of humor and practical advice. Time to put these insights to work and maybe impress a few people at your next real estate meeting!
Robert LiuLinks:
Website: https://www.cmls.ca/
Email: robert.liu@cmls.ca
LinkedIn: https://www.linkedin.com/in/robertliu1/
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