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What is a Commercial Mortgage?
If you need to purchase land or property for the intention of doing business you many need to look into a commercial mortgage. A commercial mortgage is quite similar to a traditional residential mortgage/collateral mortgage where the property is used to secure the loan. Commercial and industrial mortgage loans are loans made between business entities and commercial mortgage lenders. In other words, a commercial mortgage is a loan that a business gets to buy a commercial property.
For a commercial mortgage, the loan-to-value ratio may be lower, which means that the loan may cover less of the total value of the property. Commercial loans can take the form of 1st, 2nd, or 3rd mortgages.
We advise speaking with our experienced team of mortgage advisors to help you understand the world of commercial loans. We can be your trusted partner and help you get the loan that is right for you and your business. Different types of properties may qualify for commercial mortgages:
- Raw land
- Factories
- Apartment
- Institutional and specialty properties
- Land servicing and development
- Retail plazas
- Office units
Commercial Mortgage Process
Most commercial mortgages require an appraisal and depending on the type of land purchased, may require an environmental study on the site to be conducted.
As with any mortgage lender, a risk assessment process is applied to the borrower. Items considered in a risk assessment can include income statements, lease agreements, the condition of the property and type of tenancy to just to name a few.
Another aspect to consider is having a financial plan for your property or business. This provides the lender with proof of potential monthly revenue from the property this may help in reducing your interest rates as well.
We tailor all Commercials Mortgages & Industrial Mortgages to the specific goals of our kind clients.
If you need to purchase land or property for the intention of doing business you many need to look into a commercial mortgage. A commercial mortgage is quite similar to a traditional residential mortgage/collateral mortgage where the property is used to secure the loan. Commercial and industrial mortgage loans are loans made between business entities and commercial mortgage lenders. Commercial loans can take the form of 1st, 2nd, or 3rd mortgages.
Private commercial mortgages provide a solution during especially difficult business situations such as limited time, poor credit history, lack of liquid assets or income, unique property type, or even as a solution to avoiding imminent power of sale or foreclosure.
At times when a company’s success hangs in the balance, hard money commercial real estate mortgages might make the difference between flourishing and closing the doors for good. Private commercial mortgage loans allow business owners to take advantage of the equity which they have available in real property by putting it to use in their companies as liquid cash.
We are always there to help you make the right decisions for your mortgage.
For the last 15 years, We have been providing the communities of Ontario with flexible, trustworthy business and residential mortgages to make home and commercial facility accessible.
We will assist you in comprehending your financing possibilities and locating an affordable mortgage. We will walk you through the procedure and make it as simple and straightforward as possible.
Free Consultation Request
Need help making the right decisions for your mortgage? Provide us your brief information and send us. We will get back to shortly.
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