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HomeLife/Cimerman Real Estate Ltd., Brokerage ‏کامیارقاتان، بروکر ‏صنعتی · تجاری · سرمایه‌گذاری

‏جعبه‌ابزار

‏DSCR و تأمین مالی

‏پوشش بازپرداخت بدهی، حداکثر وام، نسبت وام به ارزش و بازده نقدی.

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Using DSCR & Financing well

Sizes the mortgage a lender is likely to offer and tests whether the income carries it. It works out the most you can borrow under the loan-to-value limit and under the lender's debt service coverage minimum, tells you which one binds, and what that leaves you to invest.

‏نحوهٔ استفاده

  1. Enter the price and the NOI (from NOI & Cap Rate).
  2. LTV: the lender's maximum, commonly 55%–75% for GTA industrial depending on the lender and tenancy.
  3. Interest rate and amortization: 25 years is typical. Canadian fixed rates compound semi-annually — the tool does this for you.
  4. Lender minimum DSCR: 1.20×–1.35× is common; ask your lender for theirs.

‏خواندن نتیجه

  • Max loan (binding) is the lower of the two limits. When the DSCR loan is smaller than the LTV loan, the income — not the value — is setting your leverage.
  • Cash-on-cash below the cap rate means debt is costing more than the property yields (negative leverage). It can still make sense for long-term holders or owner-users, but you should see it before you commit.
  • A DSCR of exactly the lender's minimum leaves no room: a small vacancy or rate change can break the covenant.

‏نمونه‌های موردی

01

Why the lender stops at 55%

The Mississauga building above: $17.9M price, $965,484 NOI. Lender: 65% LTV maximum, 1.30× minimum DSCR, 5.75% rate, 25-year amortization.

  1. By value, 65% LTV allows $11,635,000.
  2. By income, the debt service can be at most $965,484 ÷ 1.30 = $742,680 a year — which carries a loan of $9,902,047.
  3. The DSCR test binds: the loan is $9.90M, only 55.3% of the price. Equity required: $7,997,953.
  4. Cash flow after debt service is $222,804, a 2.79% cash-on-cash return — below the 5.39% cap rate.

‏درس این نمونهAt today's rates many GTA industrial deals are income-constrained, not value-constrained. Budget equity on the DSCR loan, not the headline LTV.

02

What one rate move does to the loan

The Brampton single-tenant building at $14.32M with $752,000 NOI, 1.25× minimum DSCR, 65% LTV, 25 years.

  1. At 5.00%: the DSCR loan is $8,619,825; equity $5.70M.
  2. At 5.75%: $8,021,049; equity $6.30M.
  3. At 6.50%: $7,484,556; equity $6.84M.
  4. The annual debt service is the same $601,600 in each case — the lender sizes the loan to the income, so a higher rate simply means a smaller loan and more of your cash.

‏درس این نمونهGet a rate hold before you firm up. A 75 basis point move between offer and funding can add $600,000 or more to the cash you need at closing.

‏اشتباهات رایج

  • Assuming 75% LTV without checking DSCR
  • Using monthly compounding for Canadian fixed rates
  • Sizing on pro-forma NOI the lender will not accept
  • Forgetting closing costs and reserves in the equity budget

Case studies are illustrative. Properties and figures are composites built to show the method; they are not offers or appraisals. Talk to Kam before relying on any number for a transaction.

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