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Commercial Mortgage Professionals At Your Service
If you do not know much about commercial mortgages, let us shed some light on the matter first. This type of mortgage is a loan taken out on any commercial realestate and the property is kept as collateral. As commercial real-estate-we mean offices, apartment buildings, shopping malls, just to name a few. So, you may understand that they are taken out by businesses or firms for usage. They come in the form of first and second mortgages, as well as third mortgages if there is any need to do so. At Sahil Mortgages, we make it easy for our clients to apply and get approved for a commercial mortgage from as little as $100,000 to over $100,000,000. You can get in touch with us to start the application process or for more details. Schedule an appointment today, we look forward to hearing from you.
Some criteria that you need to meet
Before you start filling the application form, you need to understand some of the requirements that you should fulfil before you apply for a commercial mortgage. Please note, that the bar is set quite high for this type of mortgage as the value of loans is considerably higher. Have a look at the list below:
Helping you in time of need
Unlike traditional mortgages, a private mortgage provides you the liberty and flexibility of having lesser requirements to qualify. Most mortgage lender will not ask you for your income details and other documents which are a must when you request for a loan from a bank, the loan approval is much faster and quicker. Our team of mortgage brokers can help you with all aspects of your private mortgage solution. All you have to do is discuss your needs with us and our team will do the rest.
- Credit History: One of the most important aspects regarding criteria is, you should have a high credit score as evidence that your business is trustworthy.
- Debt service coverage ratio: Another important criterion is, that before the process we will at the ratio of cash available to the required loan payments. If you can invest some of your own money into the purchase to balance the odds, it can speed up the process.
- Present Business Situation: You will have to provide your business plan and financial projections to ensure that your business is doing well in the market and you can make your payments on time. The funds should also be liquid and not in equity.
- The type of business: The terms of a commercial mortgage depend on the type of business you undertake as well as the property you want to purchase. It’s advisable to take the help of a specialist in this matter.
- Down payment: You might have to pay as much as 50% of the total amount for pure commercial property and it can be around 25-30% for a mixed commercial property. Your risk profile also plays a role in determining the down payment you need to pay.
Those are necessary criteria that you should have a complete understanding of the need to meet before you can opt for a commercial mortgage. If you have any queries or facing issues in understanding the matter, feel free to give us a call. Our team at Shahil Mortgages will be more than happy to help you.
What are the benefits of a commercial mortgage with One Mortgage Group?
- We have up-to-date knowledge on the local market conditions as well which can help you in making a well-informed decision
- Our interest rates are always very competitive
- We can help you with financing for new development, mergers or acquisitions, restructuring, and/or private placement
- If your company requires specialized facilities, we can help you with that too
- All payment plans are completely flexible and terms are not related to the traditional 3, 5, 7, or 10 years
Our team understands that financial issues can hamper our plans. Whether it is renovating homes, buying new home or home repairs, we can help. Our team offers a range of private mortgages, this can be used to build, renovate and repair your home. All you have to do is discuss your requirements with us and we will provide you with a suitable mortgage plan. Speak to our experts now.
A list of properties that you can take up a commercial mortgage on
- Mixed-use( A property with both residential and commercial units)
- Storefront plus apartments
- Multi-family units
- Office and Industrial buildings
- Hotels
- Shopping malls
- Warehouses
- Medical buildings
- Land purchase and redevelopment
- Construction projects
At One Mortgage Group, our mission is to set a high standard in the mortgage industry. We are committed to quality customer service - putting the people we serve first.
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(M) (647) 725-9701
(O) (416) 816-7283
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202-120 Traders Blvd E,
Mississauga, ON L4Z 2H7
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