Commercial Mortgages

Getting approved for commercial mortgages can be challenging. The borrower(s) may be a company (partnership, limited or incorporated). Thus, assessing credit history and borrower’s capacity is hard. As the risk is higher, the rates for commercial mortgage are higher too.

But don’t worry, you’ve come to the right Commercial Mortgage Broker team. I can get you financing for the following:

  • Storefront with Apartments – 80% Loan-to-Value
  • Multi-family residential (1-4 units) – up to 95% Loan-to-Value
  • Multi-family residential (5 or more units) – 85% Loan-to-Value
  • Commercial plaza mortgage – 75% Loan-to-Value
  • Office mortgage – 75% Loan-to-Value
  • Industrial mortgage – 75% Loan-to-Value
  • Farm land mortgage – 55% Loan-to-Value
  • Residential Commercial (Mixed) Individuals – 80% Loan-to-Value

 

 

Other properties eligible for commercial mortgage include:

  • Construction financing
  • Restaurants, bakeries and chemical labs.
  • High-rise & mid-rise condominiums
  • Retirement & Nursing home developments

Don’t have enough downpayment? I have options for vendor take-back. In short, the seller would agree to loan a portion of the purchase price to the buyer. Therefore, the seller retains equity in the property. Obviously, this equity is equal to the percentage of loan borrowed. Once the buyer pays the vendor take-back mortgage in full. Then, the buyer will own the property fully.

 

How lenders qualify you?

  • Debt service coverage ratio.
  • Credit History (Personal)
  • Type of business.
  • Current business situation including profitable and stability.
  • Business plan, financial projections and project feasibility.
  • Minimum liquid net worth of $100-200k.
  • Down payment: varies from 5% to 50%

Do you want to find how to qualify with most lenders and get lower rates?

Then, get the mortgage insured. However, getting commercial mortgage insured is complicated. Because borrowers may declare bankruptcy for business and default on mortgage. But not all commercial mortgages are insurable. For instance, CMHC won’t insure a fully commercial property. However, they may insure a residential and commercial mixed property.

To get in touch with our Commercial Mortgage Specialist, call (647) 568-5120 or apply here.

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