MCAP is an independent financing company founded in Canada in 1981 by three private investment bankers. They are now one of Canada’s largest independent mortgage financing companies that operate in three key lines of the mortgage industry:
- Commercial Mortgages.
- Residential Mortgages.
- Development Finance.
MCAP has a well-established presence within Canada as it consists of 8 offices with over 700 employees. Offices are situated in Toronto, Vancouver, Calgary and Edmonton. Currently, they have over $12 billion in development commitments, 25 institutional investors, and have originated over 225,000 individual loans.
MCAP Mortgage Products
MCAP focuses solely on mortgages and loans related to real estate property, whether that be for residential, commercial or development purposes. This focus allows them to provide some of the best offerings within the industry across its spectrum.
Residential mortgage products
- 1-10 Year Closed Fixed Rate Mortgage: Loan amounts range from $50,000 to $950,000. They are meant for high-ratio insurable or uninsurable mortgages. The term can be either 1,2,3,4,5,7 or 10 years with amortization periods of 25 or 30 years. You can make 20% prepayments or increases to your payments.
- 6 month convertible fixed rate mortgage: Loan amounts range from $50,000 to $500,000. It can be taken on for the purpose of purchasing, refinancing or debt consolidation on an owner-occupied home. Prepayment options are available.
- VIP M-Power Variable Rate Mortgage: 5 year closed term loan for amounts between $50,000 and $950,000 ($924,999 for high ratio). 15 to 30 year amortization period. Owner-occupied property with a maximum of 4 units.
- Home Account® – Line of Credit: Loans for purchase, purchase plus improvement or ports and replacements on owner-occupied or secondary homes. Minimum size of 500 square feet. Loan amount can be between $50,000-$950,000 with a maximum %65 LTV.
- Home Account Plus Line of Credit: For purpose of purchase, purchase plus improvement or equity take-out for an owner-occupied or secondary residence with a minimum size of 500 square feet. Loan amounts range from $10,000 to $950,000. Maximum LTV of 70%. Down payment must be from own finances. 25 year term.
- Secondary Home Program: Home needs to meet a list of requirements in order to qualify. Loan amounts go from $50,000 to $750,000 in Vancouver, Calgary, and Toronto and $600,000 in other regions. Different options are available regarding LTV. Minimum 600 credit score required.
- Small Rental Program (non-owner occupied): Minimum loan amount of $50,000 and maximum of $600,00. For the purpose of purchase (plus improvements), ports and replacements, transfer. Maximum 4 properties per borrower. Appropriate for a wide range of non-owner occupied residences. 120 day rate hold with 5 year fixed and variable. Down payment must be from own resources.
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Other MCAP Products
MCAP focuses solely on lending services and products within the real estate or property development industry. As such, you can find highly specialized and high quality products relating to these two fields:
Commercial mortgage products
Contact a broker that deals with MCAP or an MCAP representative to enquire further about their commercial mortgage products.
Development financing products
Contact a broker that deals with MCAP or an MCAP representative to enquire further about their development financing products.
MCAP Application process
MCAP deals exclusively through one-on-one interaction or through a broker. You can look for brokers who provide MCAP products and apply through them or get in touch with an MCAP broker by using the contact details for representatives on their website and make an appointment at one of their offices.
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