Whether you are looking to invest in a new office or make major renovations on existing commercial property, you will require a loan to take out a commercial mortgage.
Regardless of your situation, our commercial mortgage brokers can help you find a financing solution that best suits your needs. We offer professional advice, excellent customer service, and competitive commercial mortgage rates.
Get financing for your income property with the best commercial mortgage. Contact us now to set up a no-obligation consultation.
How Does a Commercial Mortgage Work?
Much like a residential mortgage, a commercial mortgage is a loan taken out on the real estate. In this case, it’s not for a home, but a place of business and the property itself is used as collateral. This means that the commercial property can be seized and resold if the borrower can no longer make the mortgage payments.
When it comes down to it, there a few things you should know about commercial mortgages before you dive in:
- Borrowers are usually businesses and not individuals
- Businesses are often incorporated, thus considered a separate entity from the owner
- The business and its creditworthiness are assessed during the mortgage application process
How Do I Qualifty for a Commercial Loan?
Whether the commercial loan is granted depends on several factors:
- Profitability of your industry
- Financial standing of your business
- Business projections
- Personal or company credit history
- Type of property you’re looking to finance
How to Get Commercial Mortgage?
Commercial mortgage rates tend to be significantly higher due to the increased risk that the mortgage may not be paid in full if the company goes under. It is always well-advised to seek the assistance of our broker when hunting for a mortgage and to understand the intricacies of commercial loans.
We are always accessible to effectively help you manage the process of acquiring a commercial mortgage. Our advice is professional and based on a thorough analysis of market data and trends. Contact us now to benefit from maximized opportunities and value.
What Deposit Is Needed for a Commercial Mortgage?
Typically, the average deposit for a commercial mortgage is between 25% to 40% of the property value. If your business can make a significant down payment and prove that it is highly lucrative and secure, you may be entitled to lower interest rates.
How Many Years Is a Commercial Mortgage?
Although it can vary greatly, commercial mortgages have greater risks associated with them. For this reason, the lender will want the loan repaid as soon as possible. A commercial loan term can range between 3 to 20 years, with an average term of no longer than 10 years.
Contact Us For Commercial Mortgage Brokers Now
Our brokers can help you find the most competitive, sought-after commercial mortgage rates for your company. From start to finish, we’ll guide you through the process, ensuring that you end up with the best lender and commercial mortgage for you.
To find out if you qualify for a commercial loan, and to comfortably browse your options, get in touch with us now at (416) 258-0156.