Commercial Mortgage in Toronto
If you’re on the lookout for a mortgage broker who is familiar with the commercial field, there’s only one name you should know, and that’s eMortgage Solutions.
When it comes to obtaining a commercial property for your business, our team can connect you with the top lenders in Toronto, offering the most competitive mortgage rates. Our commercial mortgage brokers understand your needs, and they’ll help you achieve your real estate goals, all while considering your time and money.
For more information on commercial mortgages, get in touch with our experts. Call us at (416) 258-0156 to set up a no-obligation consultation.
What Does a Commercial Mortgage Mean?
A commercial mortgage is a loan taken out to finance commercial property. The borrower is typically an incorporated business whose owner cannot be held personally liable for the loan. Since there is an increased risk for these types of mortgages, it is often more challenging to meet the qualification requirements.
If you would like to find out if you are eligible for a commercial mortgage, ask our brokers. They’ll be sure to make a full assessment of your business’ credibility and profitability.
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How Does a Commercial Mortgage Work?
Our highly qualified brokers will help you understand how commercial mortgages work and what factors are required to qualify for one. Before granting you a loan, a lender will consider the following:
- Profitability of your company
- Current financial projections
- General credit history
- Type of property
- Down payment
Once you’re qualified and approved for a mortgage, the lender will expect your down payment upfront, and mortgage repayments in timely, regular installments, with a qualifying rate of interest.
What Deposit Is Needed for a Commercial Mortgage?
A commercial mortgage will often require a significant down payment. This will reassure the lender that your business is both trustworthy and profitable. The average deposit for a commercial mortgage ranges from 25% to 40% of the property’s overall value.
Speak with one of our mortgage brokers about how a higher deposit can grant you access to lower interest rates with your lender.
How Many Years Is a Commercial Mortgage?
Due to the risk associated with commercial mortgages, most companies will expect you to repay them sooner rather than later. Our mortgage brokers can help determine how many years a lender will grant you.
A typical commercial loan term will range between 3 to 20 years. The common duration is 10 years or less. Depending on the assessed risk, some lenders only allow a maximum run of 3 years.
How to Get a Commercial Mortgage?
Getting financing for commercial investments is simple, with the help of our mortgage professionals. If you appreciate transparency and competence, then you’ll be sure to appreciate eMortgage Solutions. We’re committed to client satisfaction, and we’ll be sure to find you the right mortgage for your needs.
Discover Competitive Commercial Mortgage Rates in Toronto
To get started on shopping for mortgages in Toronto and the surrounding area, contact us now at (416) 258-0156. We’ll schedule a consultation and introduce you to competitive mortgage rates.