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Refinance your loan
Review your home, lease and current loan. Compare payments, fees and total borrowing costs before refinancing.
Options for homes on leased land
Leased Land Financing in Ontario
Own the home. Lease the land. Explore your financing options.
Buying or refinancing a home on leased land starts with understanding both the home and the lease. Burke Financial helps you explore financing for eligible properties, including mobile, modular and manufactured homes, based on your lease terms and financial situation.
Home and lease reviewAlternative lender optionsClear next steps
The essentials
Financing the home, with the lease in mind.
In a typical land lease community, you own the home and rent the site it sits on. Buying the home does not mean buying the land beneath it.
Financing needs to reflect the rights you hold, the type of home and the terms of your lease. A lender reviews these details alongside your income, existing debts and credit profile before deciding whether the property qualifies.
Some lenders have limited options for leased land properties. Alternative lenders may consider eligible homes that fall outside standard lending guidelines. Approval depends on the individual property and application.
Start with the home and the lease.
The home’s value is only part of the picture. The lender also needs to understand your right to occupy the site and what happens when the home is sold, refinanced or transferred.
Guidance for Ontario homeowners
Clear guidance for homes on leased land.
We help you explore financing through specialized lenders, with your home, lease terms and repayment plan in view. We explain the options, costs and requirements so you can make an informed decision. Your lawyer reviews the lease and advises on your legal rights.
Your financing goals
Explore options around your plans.
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Improve your home
Share your renovation plans and budget. Available financing depends on home value, existing debt and lender requirements.
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Access equity
Explore debt consolidation or other needs, subject to eligibility. A longer repayment period can increase total interest.
A review of your specific property
Your home, your lease and your finances.
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The home
The lender considers the property location, home type, age, condition and permitted use. Mobile, modular and manufactured homes can have different requirements. Year round and seasonal properties may also be assessed differently.
02
The lease
The review considers the site agreement, occupancy rights, rent and applicable conditions. Where the agreement has a fixed expiry date, the remaining term and any documented renewal provisions can matter. Not every land lease agreement has the same structure.
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Your financial situation
Income, current debts, credit history and the requested financing amount help determine whether an option is suitable. The ongoing cost of leasing the site is part of your overall housing budget.
One property’s approval does not guarantee another’s.
Lender acceptance varies by home, community and lease. A previous loan approval also does not guarantee that refinancing or additional borrowing will be available later.
Before you commit
Understand the full cost of ownership.
Owning a home on leased land means budgeting for more than the loan payment. Review site rent, applicable service charges, insurance, utilities and maintenance responsibilities alongside financing costs.
| Question | What to review | Why it matters |
|---|---|---|
| What will I pay for the site? | Current rent, included services and applicable rules for future changes | Site costs affect your ongoing housing budget |
| What are the financing costs? | Interest, lender or brokerage fees where applicable, valuation and legal costs | Compare the total cost, not just the payment |
| What does the lease allow? | Occupancy, home improvements, transfer and any required consent | Your plans need to fit the agreement and applicable rules |
| What happens if I sell? | Site agreement transfer requirements and lender discharge terms | Understand the steps and costs before relying on a future sale |
| What happens at the end of the term? | Loan maturity and, where applicable, lease expiry or renewal | Future refinancing or lease renewal should not be assumed |
Ask your lawyer to explain the rights and obligations in the lease and financing documents. Understand what the lender takes as security and what could happen if required payments are missed.
Getting started
Bring the documents you have.
We may need the following to assess your options:
- The lease or site agreement, including amendments and community rules.
- The property address and community name.
- Home details, such as type, age, size and condition.
- Available proof of home ownership, or the purchase agreement if buying.
- Current loan statements and outstanding balances.
- Site rent and other recurring property charges.
- Income records and information about existing debts.
- Your requested amount, financing purpose and any deadline.
You do not need every document to make an initial inquiry. Start with what you have, and we can explain what else is needed.
A guided process
Three steps to explore your options.
Tell us about your home and lease
Share the property location, available lease documents and what you want the financing to accomplish.
Explore suitable financing options
We review the home, lease and your financial situation against potential lender requirements. If an option is available, we explain the proposed structure and next steps.
Review the terms before you decide
Compare the written rate, payments, fees and conditions. Funding follows approval and completion of the required lender and legal steps.
Leased land financing FAQs
Clear answers before your next step.
What is leased land home financing?
It is financing for an eligible home situated on land you lease rather than own. In a typical land lease community, you own the home and pay rent for the site. The lender assesses the home, your rights under the agreement and your financial situation.
Can I finance a mobile, modular or manufactured home on leased land in Ontario?
Financing may be available for eligible homes. Lender requirements vary by home type, age, condition, location and lease terms. Share the specific property details so we can review potential options.
Do I own the land when I buy the home?
Buying a home on leased land generally does not include ownership of the land beneath it. Review the purchase and lease documents with your lawyer to confirm exactly what you are buying and your rights to occupy the site.
Can I refinance my leased land home?
Possibly. A lender will assess the home, current loan, lease and your finances. A previous approval does not guarantee a new loan, and refinancing costs should be compared with the benefit you expect.
Can I access equity or consolidate debts?
Some eligible properties may qualify for additional borrowing. Availability and the amount depend on the lender’s valuation, existing debt, lease and affordability assessment. Compare total interest, fees and repayment time before using a loan to consolidate debts.
Why might a lender decline a home on leased land?
A lender may have restrictions on the home type, location, site agreement or security it can accept. A decline from one lender does not establish that every lender will decline, but alternatives are still subject to their own requirements.
How long does the lease need to be?
There is no single requirement that applies to every property and lender. Some agreements have a fixed term, while others follow a different tenancy structure. Provide the complete agreement so the lender can assess the occupancy rights and any applicable expiry or renewal terms.
Do I need permission from the landowner or community operator?
Permission or additional documents may be required, depending on the agreement, proposed financing and applicable rules. Your lender and lawyer should confirm any consent or transfer requirements for the transaction.
How much can I borrow?
The amount is determined through an individual assessment. The lender considers the home’s value, existing financing, lease terms and your ability to repay. There is no universal borrowing percentage we can promise for leased land homes.
What costs should I expect?
Review the proposed interest and any applicable lender, brokerage, valuation, legal or discharge fees. Separately, budget for site rent, services, insurance, utilities and maintenance. Ask for a written breakdown of the charges that apply to your transaction.
Can I get financing with bruised credit or self employment income?
Potential options depend on your overall application and the property. Credit history is part of the review, and self employed applicants may need additional income documents. Neither home ownership nor a particular income type guarantees approval.
How long does the process take?
Timing depends on the lender, document completeness, property review, valuation and any legal or consent requirements. Share your closing date or other deadline at the start so the required steps can be assessed.
Your next step
Own the home. Understand your options.
Tell us about your leased land property and financing goals. We will help you understand what information is needed and whether a suitable option may be available.
Explore My Financing Options →