Construction Mortgages
The strategic way to build, rebuild, or add value
In today’s dynamic real estate market, securing a mortgage pre-approval isn’t just a preliminary step—it’s a strategic move that sets the foundation for success. At Better Mortgage Select, we go beyond the basics, ensuring our clients—whether seasoned investors, first-time buyers, or those seeking a hands-on approach—are fully prepared to navigate the complexities of mortgage financing with confidence.
1. The BM Select Investor Edge:
Build Up (Exclusive access – max 4 units)
At the top of the list is our exclusive BM Select construction mortgage program, known as Build-up.
Build Up is a first-of-its-kind construction financing solution designed by BM Select specifically for investors and homeowners looking to:
- Add units to an existing property
- Tear down and rebuild from scratch
- Buy a property and immediately add secondary or multi-family units
- Refinance and convert a property for rental income expansion
Note: The Build Up program is available only for properties up to a maximum of 4 residential units.
What makes Build Up so powerful?
- Bank-like interest rates – highly competitive, often comparable to A-lender pricing
- Flexible qualification standards built with investors in mind
- Customized draw schedules aligned with your build progress
- Available for both owner-occupied and investment properties
- Full support from the BM Select team, including game-planning, approvals, lender coordination, and exit strategy design
The Build Up program is only available through BM Select. It was developed by our team in partnership with specialty financiers who understand the unique needs of real estate investors and portfolio-minded homeowners.
If you’re planning any kind of value-add project to a property, Build Up should be your first stop.
2. CMHC construction mortgage program
For larger or multi-unit builds, the CMHC Construction Financing Program (also known as the CMHC MLI Select for rental projects) offers a powerful way to fund new construction—especially if your goal is to develop rental housing or high-density units.
Key highlights of the CMHC program:
- Available for new construction of 5+ unit rental properties
- High loan-to-cost ratios, up to 95% of eligible costs
- Extended amortizations up to 50 years for eligible builds
- Offers interest-only financing during construction
- Often non-recourse, limiting borrower liability
- Incentives available for energy-efficient or accessible builds
This program is often used by developers or investors building new multiplexes, townhome rows, or apartment buildings. It involves a more rigorous application process and requires a detailed pro forma, cost consultant reports, and third-party appraisals.
Our team has in-depth experience working with CMHC construction clients, from small developers to first-time multiplex builders, and can help ensure your deal is structured properly from day one.
3. Private construction financing
When traditional options don’t fit—either due to speed, credit, income, or unconventional build plans—private construction financing can be an effective solution.
Private construction loans are not bank-based. They come from individuals or mortgage investment corporations (MICs) and are often used for:
- Properties that don’t qualify under CMHC or Build Up parameters
- Highly customized projects or unusual timelines
- Self-builds where the client acts as general contractor
- Properties with zoning changes or pending permits
| Advantages | Disadvantages |
| More flexible draw schedules — often less red tape | Higher interest rates and lender/broker fees |
| Faster approval timelines | Often interest-only during the build |
| Higher loan amounts possible for certain property types | Typically short-term loans (6–18 months) |
| More lenient qualification criteria (income, credit, etc.) |
At BM Select, we don’t shy away from transparent advice—we’ll show you the pros and cons of going private and help you assess whether the cost of added flexibility is worth it for your situation. If it is, we’ll secure terms that protect your exit strategy and keep your long-term real estate goals on track.
Our process: hands-on and holistic
No matter which route you take, construction financing isn’t a plug-and-play process. It requires a detailed plan, constant communication, and careful monitoring.
That’s where BM Select’s VIP treatment comes in.
Here’s what we offer:
1. Early-stage planning
Including purchase vs. reno vs. teardown analysis.
2. Application prep
Lender packages, draw schedules, and budgeting.
3. Document support
Contractor agreements, permits, and cost breakdowns.
4. Ongoing monitoring
Managing timelines, progress draws, and next steps.
5. Exit planning
With pre-scheduled refinance strategies where needed.
You’ll always know what’s coming next, and your file will be personally managed by our team of industry veterans with deep construction experience.
Which option is right for you?
Let’s break it down:
| Scenario | Best Fit |
| Adding units to a property (up to 4 units) | Build Up |
| Buying a home to renovate and rent (up to 4 units) | Build Up or Private |
| Building a new 5-plex or more | CMHC |
| Teardown & rebuild (up to 4 units) | Build Up or Private |
| Refinance to build/renovate (up to 4 units) | Build Up |
| High loan amount / poor credit | Private |
| Building a 4-unit rental as a homeowner | Build Up or Private |
We’ll walk through your goals, budget, timeline, and qualification and guide you toward the right construction mortgage structure for your deal.
Ready to get your construction mortgage started?
Speak with a BM Select Mortgage Specialist today and discover how our custom solutions and top-tier service can make your build or reno a financial success.
Let’s build the right mortgage together
Whether you’re building from the ground up, transforming a bungalow into a triplex, or financing a major reno, BM Select has the tools, the team, and the product lineup to help you get it done right—with white-glove support every step of the way.
Tap into our exclusive Build Up program
Structure CMHC-eligible projects with expert support
Leverage private capital when needed—without fear or confusion