Your Source For Commercial Mortgage Solutions in Toronto, Ontario
Understanding commercial mortgages
A commercial mortgage is a loan for commercial property, such as an office building, shopping center, or an industrial warehouse, for example. This includes new construction for income producing properties.
Lendmore Financial and your business
At Lendmore, we believe that working together/team effort means going above and beyond for our clients and partners. To understand your vision and know your business, we ask many questions. We want to learn about your plan, so that we can work with you to see your dreams unfold. We invest time and effort in helping you with your financing and managing your growth.
A commercial mortgage is designed for businesses and investors who wish to purchase or refinance income producing, commercial properties, as well as, construction. With competitive interest rates and a national network of mortgage lenders, we are committed to finding solutions that will meet your individual needs.
How can this assist my business?
- Commercial mortgages provide funding over $1,000,000 for financing of long-term income producing properties
What else do I need to know?
- Qualification is contingent on the real estate being a multi-purpose, office, industrial, retail, commercial, or a multi-residential (5+ units) property
- Property in question must be located in active resale and rental market area where current market rents exist for comparable properties, and where the property is ready for marketing
- Mortgages require a current appraisal, a passing environmental report (phase 1 ESA) and may need a report on the conditions of the building
- Variable and fixed rate options are available. Variable rate option (prime-based) can be converted to fixed rate option
- Mortgages availability spans a maximum of 5 years (10 years for CMHC-insured properties)
- Multi-residential buildings may be amortized over 25 years (CMHC-insured may be up to 35 years). Other types of property may be amortized over 20 years