Does mortgage debt on a property impact the 5-year anniversary process?

The 5-year anniversary process will run as usual regardless of the presence of mortgage debt.

At the end of a given mortgage term, we will seek refinance at current market rates. There is risk that the new terms of the debt are uneconomical or rates become unaffordable. We therefore may proceed to sell the  property or units within the property, repay mortgage debt and return proceeds to investors outside of the 5-year anniversary process. 

Further information on the 5-year exit mechanic can be found here.