We’re the commercial mortgage broker in Toronto that understands the criteria you need to get funded. Getting commercial mortgages doesn’t need to be overwhelming or daunting.
Here’s a few steps that you can take to bump up your chances of getting financing.
- You’ll need to have your documentation in good order. That means current financial statements and a solid business plan. Including details on the industrial or commercial property you’re interested in helps.
- The state of your business matters too. If your enterprise is up and running, lenders will want to be sure that it is steady and profitable. Some institutions might want to see a minimum net worth so they can feel comfortable you’ll make payments on time.
- It’s good to have some flexibility in any lending institution’s offer. As your commercial mortgage broker in Toronto, we suggest looking into adding renovation costs into a term loan where possible. This is an excellent option if it adds value to the property.
Several different types of properties can be classified as commercial. It’s important to be clear on which one you are looking to finance. There’s some gray area. For example, you can finance a residential real estate purchase under a commercial mortgage if it’s bought as an investment property.
Commercial Mortgages For Offices
You’ll also be looking at commercial mortgages if you’re looking to fund an industrial, retail or office property.
Time Frame
There’s also a time frame to consider. Residential mortgages generally take about three months from start to finish. However, commercial mortgages take longer and the process might go on from two months to a full year.
We can help speed that along. In fact, as your commercial mortgage broker in Toronto it only often takes one or two days to get a letter of intent for commercial financing through us.
