Commercial

A commercial mortgage is designed for businesses and investors who wish to purchase or refinance income producing, commercial properties. With competitive interest rates, we are committed to finding solutions meeting the individual needs of each customer. Borrowers should also be aware of the fees in the commercial mortgage market; typically there will be a lender fee of 1% and a more expensive commercial valuation than would be applicable to a similarly valued residential property. Given the nature of the complexity of titles and covenants on many commercial properties, a higher legal cost will be incurred, not only through the borrower's own lawyer, but in many instances the lender uses their lawyer in parallel to validate the quality of the work, this cost also needs to be factored in.  

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How can this help my business?

• A Commercial mortgage provides funding over $100,000 for long-term financing of income producing properties

What type of Properties Qualify?  

Properties that may qualify including the following:  

Multi-Purpose  

Industrial – light and heavy

Office

Commercial

Retail

Multi-residential including large apartment buildings 100+ units

Small Commercial/mixed use (storefronts / apartments)

Small Retail Centres

Bed and Breakfast

Rooming Houses

Self Storage

Convenience Stores

Funeral Homes

• To qualify, the real estate must be a multi-purpose, industrial, office, commercial, retail, or a multi-residential (5+ units) property, small commercial/mixed use (storefronts/apartments), automotive, and unusual properties including
• The property must be located in an active resale and rental market where current market rents exist for comparable properties, and where the property is readily marketable
• Mortgages require a current appraisal (AACI-qualified, bank approved appraiser; CMHC guidelines apply for CMHC insured mortgages), a passing environmental report (phase 1 ESA) and may need a report on the building condition

What is the next step?

  Apply now