Commercial Mortgage Ontario
When you want to take out a commercial mortgage, Ontario lenders are now in the perfect position to offer you a competitive interest rate on the loan. Some of the commercial ventures for which you can obtain mortgages include:
- apartment buildings
- restaurants
- office buildings
- warehouses
- hotels and motels
- shopping centers
- retail stores
In addition to obtaining a commercial mortgage to purchase a building, you can also obtain the funding you need to start up a business or to purchase equipment needed to run the business. By availing of the services of a mortgage broker in Ontario, you will get the funding you need for land acquisition, the construction of a building and permanent first and second mortgages. You have options for both long and short term financing depending on your needs and individual circumstances. You may also want to explore a business line of credit as well, as these are popular and flexable finance options for business owners across Ontario.
Questions about a mortgage? Click Here to ask me.
One of the common commercial mortgages in Ontario is an interest only loan. In this type of mortgage, you pay only the interest on the mortgage for the term of the loan, this term is usually 1 or 2 years. Then when this period expires you have the option of paying the balance of the mortgage in full or rolling the mortgage over to a conventional commercial mortgage, most borrowers refinance into a bank or trust type of mortgage.
If you have bad credit, you can still obtain a commercial mortgage. Ontario lenders do need to have security for the loan, which is the property for which you need financing. In some special cases, the lender may consider additional or alternate colletaral or even a blanket on another property. This means that if you do not succeed in the venture the lender will foreclose on the loan and you will lose the property or additional security. The process of obtaining such a loan, whether you have good or bad credit, is a lengthy one in which you will have to have the property appraised and there are legal fees involved in making sure the loan documents offer the protection needed by both you and the lender.
If you are looking for a commercial mortgage, feel free to give me a call to discuss your options. I can guide you in the right direction without sales pressure or obligation.
