Contact us to take your first commercial mortgage from the city experts!
What is Commercial Mortgage?
A commercial mortgage is completely different from residential mortgage because it is given to a property owner who wants financial help for investment purpose. Commercial mortgage is considered as one of the largest financial investments and so you need to choose your lender wisely. The borrower can get mortgage but he has to keep his property as collateral for security reasons.
Commercial Mortgage- A bit different process
- Storefront plus apartments
- Office buildings
- Medical buildings
- Shopping malls
- Land purchase and redevelopment
- Construction projects
We ensure you get fast approvals and find innovative solutions in no time. We also have access to a wide range of private lenders who will provide you mortgage at most competitive interest rates.
How To Get Approved For A Commercial Mortgage?
The complete process of getting your commercial mortgage approved can be a daunting task. Nevertheless, we promise to help you by making this process simple and hassle free.
There are many formalities which you need to fulfill while taking a commercial mortgage which makes it quite complicated and different from the residential loan.
Here is a list of essential information and documents which are required to qualify for a commercial mortgage:
- You may have at least two ID proof like driving licence, passport, insurance card, credit card, citizenship card, etc.
- A reputable commercial appraisal service provider will conduct a commercial real estate appraisal
- In many cases you may require to visit on site along with the lender for property inspection.
- Current rent rolls along with list of tenants
- Leasing agreements as a proof for your revenue and income
- List of expenses for the commercial property
- Property tax bill can be required in case of renewable or refinancing
- Current mortgage statement is also required in case of renewable or refinancing mortgage.
- Proof of any additional effort may be required
- Business licence/article of incorporation
- Proof of down payment in case of new purchases only.
- If you have other properties then mortgage statements, rental agreements, tax bills, etc is required
- Phase 1 environmental survey can be required in some cases.
After knowing number of documentation you may require, getting commercial mortgage may sound a complex process. But when you hire a professional mortgage broker, you need not to worry about the documentation. We will help you understand all the requirements accurately so that you may feel more confident about getting the loan.
If you have a financial plan for your business as well as the property, chances of convincing the lender increases. Remember, mortgage lenders always look for clients who have security of commercial properties because it makes them feel confident that you will be able to pay the interest on time.
When you have a strong proof that your property is bringing a high fixed monthly return, the lender is easily convinced to provide you loan. This way you can also qualify for a lower rate of interest consequently resulting in real deep savings. When you have strong proof of income, financial stability, high net worth, etc, you can get the loan approved easily. However, no matter if you have a bad credit or financial instability because we are still there to help you get your commercial mortgage.
Give Us a Chance to Serve You!
At Home Mortgage Care, we have experienced and professional commercial mortgage brokers who specialise in this industry. We will help and guide you along your application process and make sure that you have everything required to qualify for the loan. We will provide our assistance to the fullest so that you can continue to grow your business in future. Our primary motive is to help you feel relaxed and relieved leaving everything on us.
We will review your needs and current situation completely, and search for the best and most suitable lender who will provide a competitive price to finance commercial mortgage. Once we receive the quotation from the lender, we will negotiate with him on your behalf so that you get the best mortgage terms and conditions along with lowest rate. However, remember your mortgage term will depend on your qualification.
Applying for a commercial mortgage is easy with us. Give us a call or contact us by email to get in contact with the best brokers in your neighborhood.
We are the mortgage specialists having rigorous knowledge of Canadian regulations with respect to different types of mortgage services.