Episode 38

38 - Why Genworth and Canada Guaranty Should Also Offer Multifamily Mortgages

Episode Summary

In this episode of Get Real Wealthy Season 2, Quentin talks about why Genworth and Canada Guaranty also need to offer multifamily mortgages like CMHC.

In Canada, there are mortgage insurers, who allow people to borrow mortgages at a lower rate because they insure those mortgages. In the residential space, CMHC and private providers Genworth and Canada Guaranty provide these services for one-to-four unit properties. You can borrow funds up to 85% loan to value, 90% loan to value, 95% loan to value depending on your credit score. As for the multifamily space, there is only one lender – CMHC. He adds that they are a money-making machine when it comes to insurance, as defaults in this space are rare.

Quentin says that Genworth and Canada Guaranty need to step into the multifamily mortgages as well. This might prompt CMHC to optimize and expedite their funding process as they would have competition. He adds “So, if you're a candidate guarantee and you're Genworth, I want to see you tell me why you're not in the multifamily space. Why would you give up millions of dollars?” In conclusion, he says that these companies are missing out on millions of dollars, and this is something they should seriously consider.

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About the Podcast

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Get Real Wealthy
A Real Estate Investers Journey

About your host

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Quentin DSouza

Quentin D’Souza is a multiple award winning Real Estate Investor, and a trusted authority on real estate investing. He is an Ontario Certified Teacher and holds two university degrees, which includes a Master’s in Education. Quentin has appeared on local and national television and radio, interviewed in national publications, and has been a keynote speaker to large audiences of real estate investors. He owns a real estate portfolio in excess of $80 million dollars of assets under management across Canada and the US and transacted on 80+ properties since 2004. Quentin is the author of several books available on Amazon. He is also mentors real estate investors as the Chief Education Officer of the Education for Canadian Real Estate Investors and Durham Real Estate Investors Club.