How to Secure the Best Commercial Mortgage in CanadaThe Mortgage Centre
How to Secure the Best Commercial Mortgage in Canada
For those who are new to the commercial mortgage policy, it is simply a regular mortgage bought against a commercial property instead of a residential plot. The commercial property need not be used just for stores, offices or warehouses. They can be used for residential houses or land improvements as well, as long as the mortgage buyer stands to earn a monetary return from the property.
Contact Us for a Quick and Easy Commercial Mortgage Application Process!
What Does a Good Application Have?
At Least a Three Year Tax History
In all cases, be it a new venture, an expansion plan, a rental home construction, or just a property improvement, at least three years of tax returns and the latest bank statements need to be attached in the application.
Detailed Business Projections
Clear plans and precise reasons for your business projections that are going to be executed through the plot needs to be included. To secure the best commercial mortgage rate one has to concentrate on presenting a good plan other than the regular mortgage requirements.
A Significant Down Payment
As commercial mortgages has a slightly higher percentage of down payment to be made, it will only give you a better deal to keep available at least 30% of the value of the property in hand during the application.
Reliable Credit History and Asset and Liability Documents
Your credit history will matter significantly in the application, but has a lower weight age than the business plan and down payment criteria. Other documents such as additional assets and liabilities can also help you be more transparent and more reliable as a borrower.
Seeking for the Best Commercial Mortgage Lenders in Ontario? Contact Us and Get Access to Them All!
Ineluctable Benefits of a Commercial Mortgage with Top Rate Mortgage
- Avoid Risk of Facing Increased Rental Charges
- Free Your Capital and Increase Your Working Capital
- Have a scope for Sub-letting or Leasing areas of the commercial property
- Interest payments on your Commercial Mortgage is reduced from your taxable amount
- Commercial Mortgage is usually the only and best way for a Start-up without enough cash liquidity