다세대 투자 자문

여섯 가지 기준, 정해진 순서

1. 1

   지역

   주 정부 규정, 광역권, 동네 순서로 검토합니다. 제도, 수요, 금융 여건이 맞물린 시장을 선택한 뒤 그 안에서 대중교통과 고용 기반이 갖춰진 성숙한 주거지역에 집중합니다.

2. 2

   자산 품질

   기존 건물은 상태, 자본 투자 계획, 운영 이력을 확인합니다. 신축은 MLI Select 설계 기준, 주 정부 신축 주택 보증, 유사 프로젝트 준공 실적이 있는 시공사를 기준으로 합니다.

3. 3

   금융 구조

   CMHC MLI Select든 일반 대출이든 사업 계획에 맞춰 부채를 설계합니다. 금리, 만기, 상환기간을 스트레스 테스트하고 모든 금융 조건을 계약서에 명시합니다.

4. 4

   공실률과 임대료 원칙

   CMHC 권역 임대료 이하로 임대료를 산정하고 공실률은 Rental Market Survey에서 인용합니다. 초기 임대 기간은 현금 준비금으로 반영하고 운영비용 전체를 계상하며 스트레스 상황에서도 부채상환비율을 유지합니다.

5. 5

   실행력

   검증된 렌트롤과 운영 실적, 약속한 사양의 실제 인도, 검증 가능한 프로포마, 서면 계약으로 확정된 인센티브를 확인합니다.

6. 6

   리스크 배분

   감정가 부족, 준공 지연, 약정 시점 금리, 초기 임대, 대출 유보금 등 모든 리스크의 부담 주체를 서면으로 확정합니다.

1. Why we avoid resale rental buildings and focus on new construction(영문)Should a CMHC MLI Select investor buy an existing rental building or a new one?New. A resale building rarely scores the MLI Select points that unlock the 50-year amortization, arrives with deferred capital expenditure and in-place rents below market, and is appraised on history rather than on a builder's guarantee. A purpose-designed new building earns its points on paper before it is built and is delivered with a warranty.페이지 보기
2. Remove the 50-year amortization and see which deals survive(영문)How much of a CMHC MLI Select deal's viability depends on the 50-year amortization?Almost all of it at 95% leverage. On the standard example, a $2.2 million purchase financed with a 5% deposit at 4.00%, the 50-year amortization produces a debt coverage ratio of about 1.16 times. At 40 years the same loan covers 1.07 times, below CMHC's minimum. At 25 years it covers 0.84 times. The amortization is not a feature of the program; it is the program.페이지 보기
3. The CMHC discretion nobody explains until it is too late(영문)Can CMHC or the lender fund less than the pro forma loan at closing, and how does the holdback work?Yes. The insured loan is sized on the income the insurer and lender accept, not on the pro forma. Where the building's leases at funding do not yet support the underwritten effective gross income, the lender can hold back part of the advance until the income is proven, and the buyer funds the gap at closing. The mitigant is to underwrite to the insurer's view of income before signing, not after.페이지 보기
4. The 3% vacancy assumption: where pro forma discipline breaks down(영문)Is the 3% vacancy rate in every CMHC MLI Select pro forma a data point or a convention?A convention. Every pro forma in circulation uses 3% regardless of city, unit type or lease-up stage. The right approach is to underwrite stabilized vacancy from CMHC's Rental Market Survey for the zone and bedroom type, treat initial lease-up as a separate cash item rather than a vacancy percentage, and stress the result at 5% vacancy and a 10% rent shortfall before relying on the coverage ratio.페이지 보기
5. Draw versus takeout: the decision that determines your leverage(영문)Should an MLI Select investor finance a new building with a construction draw loan or a takeout at completion?For most investors, takeout. The builder carries construction; the buyer's insured mortgage funds at completion against a 5% deposit and demonstrated liquidity of about 10% of the price. A draw structure puts the insured construction loan, its progress advances and its interest during construction on the buyer, requires roughly twice the liquidity and adds execution risk in exchange for earlier control of the rate and the asset.페이지 보기
6. Is CMHC MLI Select right for your situation?(영문)Who qualifies for a CMHC MLI Select purchase, and who should not attempt one?MLI Select is a balance-sheet program. In the takeout structures we arrange, the buyer contributes a 5% deposit, demonstrates liquid assets of about 10% of the purchase price and net worth of about 25%, and signs a personal guarantee. Income matters less than liquidity and net worth because the building's income services the debt. It fits investors with capital they intend to hold for a decade; it does not fit anyone who needs the cash flow immediately or cannot absorb a funding shortfall.페이지 보기
7. Anatomy of an MLI Select forward purchase, from agreement to funding(영문)What actually happens, and what does the buyer pay, between signing a new-construction MLI Select purchase and funding the mortgage?The buyer signs a fixed-price agreement conditional on legal review and on obtaining a CMHC certificate of insurance, stages a 5% deposit, pays the per-unit CMHC application fee and legal costs, and funds the insured mortgage at completion. The mortgage equals the price less the deposit, the premium is added to the loan, and any builder closing allowance is paid to the buyer on closing under a rebate agreement. The rate is a projection off the Canada Mortgage Bond yield until the lender commits.페이지 보기
8. How we evaluate a CMHC MLI Select deal: the six-dimension framework(영문)What framework does Daniel Kim & Associates use to decide whether an MLI Select project is worth an investor's capital?Six dimensions in a fixed order: geography, construction quality, financing structure, vacancy discipline, builder execution and risk allocation. A project must clear each before the next is considered. Most projects fail on the fourth or sixth, where optimistic rents and unallocated risk hide inside a pro forma that looks fine at the first three.페이지 보기

도구와 리서치

• 표준 언더라이팅

  모든 프로젝트에 적용하는 모델입니다. 입력값을 직접 조정하고 금리·임대료·매각 캡레이트·상환기간 스트레스 테스트를 확인하실 수 있습니다.

• 분기 리서치

  표준 언더라이팅에 사용하는 CMHC·Bank of Canada 지표를 분기마다 방법론과 함께 공개합니다.

• MLI Select 해설

  CMHC MLI Select의 정의, 포인트 제도, 단계별 레버리지·상환기간·보험료 조건을 정리했습니다.