We are the commercial mortgage broker in Toronto with experience. That said we are always telling clients to carefully go through a due diligence checklist before buying a property. This does two things. It minimizes the risk to your enterprise and makes sure the building is a sound way to invest your money.
Put Aside a Month
Even after we’ve helped you with the best mortgage rates, there’s work to be done before you sign on the dotted line. Thirty days is the accepted time between reaching an agreement and finalizing a deal. That gives your legal team the time to look through all the important paperwork like insurance policies, title documents and even leases with current tenants.
Financing Tips From Your Commercial Mortgage Broker in Toronto
OMJ Mortgage Capital is the commercial mortgage broker in Toronto with a proven track record. We can help you and advise you. For example, it’s a good idea to take a look at your cash flow projections and business plan when you’re deciding how much you can afford.
This part is really a balancing act. Unforeseen costs are the dark cloud that lingers on your financial horizon. Don’t forget to look for all of the details. There’s a good chance you’ll need an environmental assessment to go with your building inspection before you can get financing.
There’s a lot to think about before you buy a commercial building. Due diligence needs to be a big part of the purchase. Make sure you’re not dealing with any liens or other obligations.
Use Your Team
When scouring through the paperwork, make a list of the things that need to be looked at. Then assign them to the right member of your team. That includes accountants, real estate agents, building inspectors, lawyers and of course your commercial mortgage broker in Toronto.
