Calgary Licensed Mortgage Broker/ Agent
A commercial mortgage is a loan on commercial real estate, such as an office building, warehouse, or retail space. Commercial mortgages are usually taken out by businesses looking to purchase or develop the property for commercial use.
Using our team of Mortgage Professionals, we can help you with all kinds of commercial financing needs.
- Light Industrial
- Heavy Industrial
- Office Building
- Multi Family 4 units +
- Commercial Condo Bays
- Bed and Breakfast
- And more...
The loan to value will vary depending on the property type, location and use. Owner occupied property is evaluated differently than an investment property as the business models are different.
We have access to many commercial lenders that are not the banks and have creative solutions you would otherwise not be aware of.
One of the most common misunderstandings is that people think commercial mortgages are done the same way as residential mortgages. THEY ARE NOT!. They are different in almost every way. The most common misunderstanding about commercial mortgages is that the borrower is responsible for paying all of the costs for lender application fees, appraisals, environmental assessments, building condition assessments, all legal fees and broker fees. These can easily amount 10’s of thousands of dollars depending on the cost of the building.
A mortgage pre-approval is so important to ensure that you are buying within your purchasing ability. There is nothing worse than having your heart set on a home that ultimately you cannot qualify for the mortgage to buy. A critical part of the pre-approval is ensuring you have all of your documents ready, down payment in place, taxes filed, taxes paid, and income verification documents. Finally when it comes to the actual mortgage ensure you consider the terms of the mortgage and not just the rate. Different lenders have different terms and saving a little on rate could cost you way more in the long run due to a term in the mortgage you did not understand, realize or expect to get in the way of your future.