Commercial Properties 🏬
Expert financing for your commercial property needs
Refinancing your home
Thinking about renovation ?
Thinking about investing in a commercial project?
The Mortgage Professionals is a leading, full-service mortgage team specializing in the financing of premiere residential and commercial real estate to borrowers throughout Western Canada, focused on properties located throughout British Columbia and Alberta.
A commercial mortgage is an option for businesses and investors who wish to purchase or refinance commercial properties with the goal of generating income. Our competitive interest rates and partnership with a wide range of lenders allow us to find solutions that meet the individual needs of each customer.
Are you a business or investor looking for a commercial mortgage to aid with the purchase or refinance of commercial property? Our team provides commercial mortgages for purchasing and refinancing all types of commercial properties. Whether it’s a high-rise residential, industrial, shopping centres, multi-family housing, office space or land, our expertise covers a very diverse range of real estate development and investment properties.
It can be difficult to compare rates for commercial mortgages, as the lending criteria are not typically advertised, and the terms and conditions can differ greatly. This is where a professional mortgage broker is even more invaluable. A commercial mortgage broker is familiar with office, industrial, retail and rental properties, and can find the right lender in your area.
There are several reasons why someone might undertake a mortgage for a commercial property:
- Investment: A commercial property can generate income through rent, which can provide a steady stream of income for the owner.
- Business expansion: A business owner may need more space to accommodate their growing business, and purchasing a commercial property can provide the necessary space.
- Diversification: Some people may choose to invest in commercial property as a way to diversify their investment portfolio.
The Commercial Mortgage process
There are some differences in the mortgage requirements and process for a commercial mortgage compared to a residential mortgage:
- Down payment: Commercial mortgages typically require a larger down payment than residential mortgages. This is because commercial properties are generally more expensive and riskier for lenders.
- Credit score: Commercial mortgage lenders may place more emphasis on the borrower's credit score and financial stability.
- Income documentation: Commercial mortgage lenders may require more documentation of the borrower's income and financial statements.
- Collateral: Commercial mortgage lenders may require additional collateral, such as personal assets or other properties, to secure the loan.
- Interest rates: Commercial mortgage interest rates may be higher than those for residential mortgages due to the additional risk involved in lending for commercial properties.
- Loan terms: Commercial mortgage loan terms may be shorter than those for residential mortgages, often ranging from 5 to 20 years.
- Closing process: The closing process for a commercial mortgage may be more complex than that for a residential mortgage, as there are often more parties involved, such as lawyers and appraisers.
The Mortgage Professionals works with Canada’s largest mortgage broker network – Dominion Lending Centres – which gives us access to the very best commercial mortgage products and rates available across Canada. If you’re planning to buy or refinance a commercial investment property, let us do the work for you. We will locate the optimal mortgage from our vast network of banks and credit unions, and provide you with the best commercial mortgage at the lowest rate.
Contact us today for your free, no-obligation mortgage assessment.
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