Development Partnership Overview
How we talk about LP capital next to an MLI takeout — without pretending we are a dealer.
An educational gated overview of limited-partner diligence on Canadian multi-family and social-housing development: structure, data room, and where CMHC MLI shows up on takeout. Not a project memorandum.
Clear on who we are
Mortgage brokerage under Mortgage Architects (FSRA #12728). Equity can be a security. The PDF says that in plain language.
Diligence list, not a teaser
Budget, cost-to-complete, GP history, related-party contracts, how LP capital is held and returned.
Takeout named
Ask whether the exit is MLI Select, Standard, or conventional — not “CMHC” as a vibe.
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Typical minimum commitment around $100,000 (project-specific)
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Usually non-registered capital — RRSP/TFSA are a poor fit for most LP equity
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Comfort with a 2–5 year hold from land / construction through stabilization
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Willingness to underwrite the GP, the market, and the financing — not just a slide deck
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GP (general partner) sources the site, runs construction and operations, and has execution risk
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LP (limited partner) contributes equity under a partnership or offering document and is not day-to-day management
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Ask, in writing: who has skin in the game, who signs cost overruns, and how decisions get made if the project slips
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CMHC MLI Select can finance qualifying multi-family at high LTV with long amortizations
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That can reduce the equity the partnership must raise — it does not remove construction, lease-up, or cost risk
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LendCity™’s day job is structuring that financing. Partnership economics are reviewed on a call, not published as a yield
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Your capital range, timeline, and whether lending (mortgage) or equity is the better first step
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How current projects are structured (debt vs equity, hold period, distribution waterfall in concept)
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Eligibility and whether a given opportunity must go through a registered dealer
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The due-diligence pack you should expect before any commitment
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Partnership / offering document and subscription paperwork
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Sources and uses, construction budget, and contingency
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Appraisal or land residual, environmental (Phase I at minimum), and geotech where relevant
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GP resume: delivered projects, cost-to-complete history, related-party contracts
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Term sheet or indication for construction / CMHC takeout
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What happens if the project is 12 months late or over budget
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Capital is illiquid for the project duration
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Construction cost, interest, and lease-up can erase projected equity
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You are underwriting people and process, not just a city and a unit count
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Published website copy will never include a promised IRR — if someone emails you one unsolicited, slow down
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Book a 30-minute pipeline review: lendcity.ca/invest-in-development/#book
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Or call LendCity™ at 1-226-783-1640
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Deeper reading: lendcity.ca/blog/how-to-evaluate-development-partnership-lp-canada/
- Is this an investment opportunity?
- No. It is an educational overview. If a specific offering exists, it is made only through licensed channels.
- Can I get a project OM from this page?
- No. This file does not describe a building. A pipeline review is a separate conversation.
Email to download
Name and email. We send the file and can follow up on the matching desk.