Looking to finance a second property in Canada

[Robert Doucette]

I just closed a deal on a triplex and I'm looking at a 5 unit now. I was just wondering if I can go to another Bank to get another mortgage or do I have to wait a certain time period. I am located in Atlantic Canada.

[Roy N.]

@Robert Doucette

You do not need to wait.  We've often closed two properties in the same week (once on the same day ... way too much confusion for bank and lawyer).

If you are buying in Fredericton, there is a strong chance I know the triplex you just purchased and the five you are entertaining.   If you are looking to finance a 5-6 unit, approach RBC first and they were underwriting these as residential rather than commercial properties.