We are the Toronto commercial mortgage broker that can get you a letter of intent in just a few days. Here’s a blog to help you get through your next real estate deal.
Are you looking to get commercial mortgages in Toronto to buy business real estate? You can run into unexpected extra costs . That’s why lenders suggest you put aside 5 to 10% of the forecasted budget.
Putting together a plan can help you avoid the following business troubles . Here’s how to prepare for some of the costs you can face.
Operating Costs
Ask the vendor for an up-to-date list of recent repairs and work. Understanding reoccurring overhead costs is a good way to get started. As your Toronto commercial mortgage broker, we have a team of senior ex-bankers. They are at your disposal to finance complex deals and specialty properties.
Building Defects
Environmental issues and building defects can be a big financial problem. Don’t finalize any transaction until you get a building condition assessment. These are the industrial or commercial equivalent of a residential house inspection.
Contamination on the property can be a problem too. That’s why an environmental assessment can alert you to any potential issues with building products like asbestos.
Overruns with Renovations
It’s not likely you’ll move into a new location and start selling your goods and services right away. Look for experienced contractors who can help you with renovations.
They should be familiar with your industry and have a good reputation for delivering on budget and on time. Make sure to clarify what written quotes cover. They should include mechanical components, signage and landscaping.
Our Toronto commercial mortgage broker team can help get you financing for a variety of properties. These include retail and medical buildings as well as industrial and office condominiums. Get in touch with us today to learn more.
