Commercial mortgage easily approved
Commercial mortgages are loans obtained for property or land that is used for business purposes. Commercial mortgages cannot be obtained for residential purposes. A commercial mortgage is usually the largest financial decision an investor makes in their lifetime. The mortgaged property serves as collateral, insuring the lender's investment. Some lenders, particularly private lending companies, may require multiple properties to act as collateral in order to provide you with the larger mortgage amount you may need based on the borrower's financial profile.
Our projects across Ontario have included shopping malls and plazas, office buildings, apartment buildings, industrial buildings, hotels, and farmland.
There are also commercial mortgages available from banks, trust companies, credit unions, and private lenders who provide private mortgages from their own funds. Commercial mortgages have a more structured process and usually require more documentation than residential mortgages do.
The interest rates on commercial mortgages are slightly higher than those on residential mortgages. In comparison to second and third mortgages, first mortgages have the lowest rate. The Canada Mortgage and Housing Corporation (CMHC) insures first mortgages for residential and commercial properties.
A private commercial mortgage can be applied for fairly easily and qualification does not require a credit check. A low credit score will not prevent you from getting a private commercial mortgage from a private lending company. However, you may have trouble qualifying for a lower interest rate. In terms of interest rates, a high credit score will tip the scales towards better rates and vice versa. Credit scores impact interest rates directly.
Our team at Toronto private mortgage handles all aspects of the mortgage process for our clients. We have helped our clients obtain commercial mortgages from 1,000,000 to 200,000,000.
With the experience and relationships we have built over time, we have risen to the top of the mortgage industry. There is no mortgage we can't fund on time at the best rates. Taking care of our clients' financial needs is our top priority and we will walk the extra mile to meet your needs. We are relentless in seeking the lowest rates along with guaranteed client satisfaction. We work directly for you. We make it our mission to make sure all of your questions are answered and we leave no stone unturned in the pursuit of finding the lowest rates for you.
Our projects across Ontario have included shopping malls and plazas, office buildings, apartment buildings, industrial buildings, hotels, and farmland.
There are also commercial mortgages available from banks, trust companies, credit unions, and private lenders who provide private mortgages from their own funds. Commercial mortgages have a more structured process and usually require more documentation than residential mortgages do.
The interest rates on commercial mortgages are slightly higher than those on residential mortgages. In comparison to second and third mortgages, first mortgages have the lowest rate. The Canada Mortgage and Housing Corporation (CMHC) insures first mortgages for residential and commercial properties.
A private commercial mortgage can be applied for fairly easily and qualification does not require a credit check. A low credit score will not prevent you from getting a private commercial mortgage from a private lending company. However, you may have trouble qualifying for a lower interest rate. In terms of interest rates, a high credit score will tip the scales towards better rates and vice versa. Credit scores impact interest rates directly.
Our team at Toronto private mortgage handles all aspects of the mortgage process for our clients. We have helped our clients obtain commercial mortgages from 1,000,000 to 200,000,000.
With the experience and relationships we have built over time, we have risen to the top of the mortgage industry. There is no mortgage we can't fund on time at the best rates. Taking care of our clients' financial needs is our top priority and we will walk the extra mile to meet your needs. We are relentless in seeking the lowest rates along with guaranteed client satisfaction. We work directly for you. We make it our mission to make sure all of your questions are answered and we leave no stone unturned in the pursuit of finding the lowest rates for you.
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Commercial mortgages can be used for:
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Bringing the right documents saves time
- Two pieces of id is a requirement and they can include any of the following: drivers licence, passport or citizenship card, social insurance card and or a credit card.
- For commercial properties appraisals are a requirement, even tho most appraisals are accepted, it is best to use an appraisal company that is approved or provided by the lender.
- Rent rolls and list of tenants are documents that display how much money the property receives in rent and how many tenants are renting units.
- Income statement and expense statement
- Proof of down payment for new purchases
- Notice of assessment also known as NOA and T1 Generals for the past 2 years
- Property tax bill statement if the borrower requires a refinancing or mortgage renewal
- Provide proof of additional assets, if you own other properties then you would need additional mortgage statements, tax bills and rental agreements for all properties you own
- If you own your own business or corporation you need proof of your business licence
- Some lenders require a phase 1 environmental survey, you will be notified if its required
Lenders like to look at the whole picture to make a precise calculated decision based on the financial situation of the borrower in order to lend out their money with confidence and at the lowest possible interest rate.
Mortgage lenders, whether a bank or a private lending company look for borrowers that can provide security and proof that the property is generating a steady monthly return. This will assure the lenders that the borrower is a low risk client and their investment is safe.
Things that can help you qualify for a low interest rate are proving that you have a high net worth along with having financial stability. Proving to lenders that you are well established will eliminate the risk factor for the lender and will get you approved faster and at lower rates.
Once you provide us with the necessary documents, Toronto Private Mortgage will get you approved fast and efficiently. You give us the documents we ask for and your part is done. We will handle the rest of the process for you, we will negotiate your desired mortgage term and conditions along with the lowest rate in the market. The relationships/friendships we have with our lenders make it a breeze for us to get you an approval. It is literally that simple. Get us the documents we require, sit back relax and get approved.
Once you experience how easy it is to work with us a Toronto Private mortgage you will be on our team for life.
Our clients have been and will always be our top priority and we will not be satisfied until we have met all of your needs to the last detail.
When we see our clients come back again and again to work with us, we know we are providing services on a personal level and building friendships along the way. Our clients become our friends after their first experience with us.
If you're denied for any reason, don't hesitate to reach out - we'll work with you and come up with the right plan in 48 hours!
Mortgage lenders, whether a bank or a private lending company look for borrowers that can provide security and proof that the property is generating a steady monthly return. This will assure the lenders that the borrower is a low risk client and their investment is safe.
Things that can help you qualify for a low interest rate are proving that you have a high net worth along with having financial stability. Proving to lenders that you are well established will eliminate the risk factor for the lender and will get you approved faster and at lower rates.
Once you provide us with the necessary documents, Toronto Private Mortgage will get you approved fast and efficiently. You give us the documents we ask for and your part is done. We will handle the rest of the process for you, we will negotiate your desired mortgage term and conditions along with the lowest rate in the market. The relationships/friendships we have with our lenders make it a breeze for us to get you an approval. It is literally that simple. Get us the documents we require, sit back relax and get approved.
Once you experience how easy it is to work with us a Toronto Private mortgage you will be on our team for life.
Our clients have been and will always be our top priority and we will not be satisfied until we have met all of your needs to the last detail.
When we see our clients come back again and again to work with us, we know we are providing services on a personal level and building friendships along the way. Our clients become our friends after their first experience with us.
If you're denied for any reason, don't hesitate to reach out - we'll work with you and come up with the right plan in 48 hours!