Hello everyone,

I'm new here and to real estate investing in general.  I live in BC and am looking at investing in some multi-family properties in Moncton, New Brunswick in the near future.  My question is, when it comes to getting financing, does it matter if you use a bank/mortgage broker in your own province, or one where you're planning on buying?   Any advantages or disadvantages if both can be done?

Thanks!

Mark Locki

There are pros and cons to both. What you should do is talk to both of them and see who offers you the best rate and the best deal. 

@Mark Locki

When you say multi-family are you meaning residential properties (2 - 4 or 5, 6 units) or larger {commercial} multi-family buildings?

If you are looking at residential properties and dealing with one of the Big-5 banks, it matters little whether you use a branch in your own province or here in NB.   Similarly, many mortgage brokers have access to underwriters with a national reach.

If you are looking at commercial multi-family properties, you can still deal with your local branch/arm of one of the Big-5 banks in BC.   However, dealing with a broker in NB may provide you access to a local Caisse populaire  (credit union) who are more prone to finance a small (6-12) unit property than one of the large banks.

@Roy N. thanks that's very helpful. We're looking for 2-6 unit places so we'll talk with our local banks first.

Originally posted by @Mark Locki :
@Roy N. thanks that's very helpful. We're looking for 2-6 unit places so we'll talk with our local banks first.

Most of the Big-5 will only finance 2-4 unit properties as residential.   However CIBC will underwrite 5-unit properties and RBC up to 6-units as residential.