We offer assistance with commercial mortgages to businesses and investors who wish to purchase, renew or refinance income producing properties such as:
• Multi-residential properties
• Industrial properties
• Office properties
• Self storage
• Retail malls
• Raw land financing
• Bridge financing
Mortgage qualification is more complex for commercial properties, so allow for a 90-day general turnaround to close depending on the type of financing sought. Quicker turnaround is possible depending on the specifics of the transaction.
Qualification criteria is different for commercial mortgages, and lenders will look at:
- Debt Service Coverage Ratio (DSCR), or the measure of cash flow available to service the mortgage payments.
- Credit History
- Business Details – lenders will want to know about your business and if you are profitable. They will look at your projected earnings to ensure you will be able to service the loan.
- Down Payment – down payment requirements will vary with the type of commercial property, type of business, and your specific risk profile.
A broker fee will be charged for commercial mortgages as we are not paid by the lender. This will be discussed and agreed upon prior to seeking financing on your behalf.
Call NOW or email us to find out the right solution for your business!