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Using the Equity in Your Mississauga Business

A commercial mortgage could help you to invest in a current business, start a new venture or allow you expand your current business. You could also use the equity in your business to apply for a commercial mortgage for the consolidation of high-interest business debts.

A commercial mortgage is one taken out against a business property. As with the residential mortgage the property will serve as collateral for the loan. The business that takes the mortgage could be a partnership, incorporated or a limited company.

There are several different types of commercial mortgages available. Each will have different terms and conditions. The ratio of Loan to Value that you will be allowed to borrow will also differ, from farmland where only 55% of the loan to value ratio will qualify for a mortgage to 85% in multi-family residential units.

It is important to note that interest rates on commercial mortgages are considerably higher than interest on residential mortgages reflecting the higher risk to the lender when dealing with businesses.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

A Long and Complicated Process

If you decide to apply for a commercial mortgage you’ll be well-advised to engage a mortgage broker to assist you with the process as it is long and complicated and can take as much as a year to finalize. The broker can help to shorten the time it takes as he will advise you on the requirements so that you can prepare yourself and ensure that all the documentation is complete and available.  Lenders specialise in various types of commercial enterprise so Mississauga mortgage broker will ensure that you are matched with the most suitable mortgage provider.

Terms and conditions in of commercial mortgages differ substantially and it is difficult to make comparisons between offers because of all the criteria involved in the application. Here again, your broker can assist in interpreting the fine print.

Don’t Give Up on Your Dreams

There is no doubt that obtaining a commercial mortgage is a far more time consuming and complicated process than the residential mortgage process, but you should not let this get in the way of your dreams of expansion. Your Mississauga mortgage broker can help you over most of the hurdles.

As with residential mortgages lenders insist on qualifying criteria which are listed below:

  • Debt to service ratio – this is the most important qualifying criteria as it is an indication of the ability of the business to service the loan. The lender will also expect the business to make a decent down payment.
  • Credit rating – Your personal credit rating will be under scrutiny as will that of the business. Unless both are well-rated you will find it difficult to find a lender that will be prepared to take the risk.
  • Profitability – Lenders will expect that a commercial enterprise that has been in business for some time should be profitable. You may be expected to give them your business plan, income statement, balance sheet and projected growth rates.
  • Personal experience – your personal experience in running the type of commercial enterprise for which you seek funds will also be examined in the due diligence that precedes the granting of a mortgage.

Although banks and private lenders supply commercial mortgages banks just as they do residential mortgages, there are a couple of major differences.

  • A commercial mortgage will only be approved for buildings or land in areas zoned for commercial use.
  • The mortgage repayment structure may differ from a residential mortgage.

OUR CUSTOMERS LOVE US

I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18

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