Commercial mortgages offer businesses the means to secure financing for property acquisitions and expansions. These loans enable entrepreneurs to invest in commercial real estate, construct new facilities, or refinance existing properties. With competitive interest rates and flexible terms, commercial mortgages empower companies to fuel their growth, enhance operations, and establish a solid foundation for success.
A commercial mortgage is a loan for a commercial property instead of a residential one. We offer commercial mortgages for various properties, including storefronts and retail stores, malls, restaurants, factories, farmland, apartments or multi-family residential buildings, and even construction projects.
Local decision making, paired with competitive rates, means tailored mortgages designed to fit your needs by our in house experts.
Whether you need more space or a new location, or are investing in commercial property, we can help you buy or build with a commercial mortgage.
Achieve all your goals and aspirations; with the right kind of help, exactly when you need it.
Multi-family residential, storefront with apartments for residential commercial (mixed) individuals, commercial plaza mortgages, retail and office mortgages, industrial and factory mortgages, farmland mortgages, local retail stores, buildings & apartments, malls, restaurants & hotel venture, land servicing and developments, and vacant/raw land.
We can guide you on the steps to obtaining a commercial construction mortgage.
Whether you need to refinance with improvements, take out a 2nd mortgage to cover renovation costs, or fully fund a sister location, we can get it done for you!
If you need extra funds for your investment, speak to a Sunlite Mortgage Commercial Mortgage and Loan Specialist today!
All mortgages are not created equally, we can find the best rates and longer terms for your commercial needs!
Commercial mortgage rates can be difficult to compare. This is because terms and conditions can differ and criteria are not often publicized. Here is where the decision to work with a qualified, professional mortgage broker would be your best bet. We will review your information and match you with the best solution to reach your business goals.
The ratio of cash available to the required debt payments. Lenders lean on this criteria very heavily and most lenders will apply a LTV (Loan to Value) ratio, requiring your business to invest some of your own money/equity as well.
Lenders will require the individual/company owner to have a good credit score as well as proof your business is creditworthy. There are very few lenders that will accept applications from borrowers with a bad credit history.
Your mortgage terms will depend on this.
Is your business up and running, steady, and most importantly, profitable? You may need to provide a business plan and financial projections to your lender to ensure you’ll be able to make your payments on time. Some lenders may require a minimum net worth and liquid funds as insurance.
Commercial mortgages require a higher down payment. A mixed property ranges from 20- 35%. where a pure commercial property can be closer to 50%. 1-4 in this section will determine your required down payment.
Thus, lenders need security in the form of insurance but the Canadian Mortgage & Housing Corporation (CMHC) will not insure a pure commercial property. They may insure a mixed residential/commercial property with a down payment. This is because a commercial mortgage borrower may easily declare bankruptcy and default on the mortgage if the business isn’t going so well.
A commercial mortgage or loan requires using the purchased property as collateral. Thus, getting credit approval is more complicated and interest rates will be much higher than residential. This is due to the obvious risk lenders must take.
Please connect with a Sunlite Mortgage Broker/Agent if you have any questions not listed here.
A commercial mortgage is a loan for a commercial property instead of a residential one. We offer commercial mortgages for various properties, including storefronts and retail stores, malls, restaurants, factories, farmland, apartments or multi-family residential buildings, and even construction projects.
We’ll submit your completed mortgage application and details about your target property to the lender during the approval process that fits your situation best. We’ll then work with you and them to work out the details and conditions of financing.
he biggest thing a commercial lender looks for is your debt service coverage ratio. A debt service coverage ratio is the ratio of cash you have available to the required loan payments. The more money you have, the likelier a lender is to approve your loan.
It depends on the type of property you want a loan for – it can be as low as 20% and as high as 50%.
A commercial mortgage has some things in common with a residential mortgage, such as a principal, interest, and regularly scheduled payments. Commercial mortgages are different in that the loan-to-value ratio may be lower. The interest rate is higher, and they are usually amortized over 20, 30, or 40 years or more.
Lenders will take the following into account when determining if you qualify for a commercial loan: your debt service coverage ratio, your credit history, your current business situation, the type of business you have, and the down payment you can make.
The primary type of loan available for a commercial property is a commercial mortgage. Depending on your needs, you may be interested in a different kind of loan, such as equipment or working capital loan, or even a line of credit.
