A commercial mortgage is designed for businesses and investors who wish to purchase or refinance income producing, commercial properties.
How can this help my business?
- A Commercial mortgage provides funding over $1,000,000 for long-term financing of income producing properties
What else do I need to know?
- To qualify, the real estate must be a multi-purpose, industrial, office, commercial, retail, or a multi-residential (5+ units) property
- The property must be located in an active resale and rental market where current market rents exist for comparable properties, and where the property is readily marketable
- Mortgages require a current appraisal (AACI-qualified, bank approved appraiser; CMHC guidelines apply for CMHC insured mortgages), a passing environmental report (phase 1 ESA) and may need a report on the building condition
- Variable and fixed rate options are available. Variable rate option (prime-based) can be converted to fixed rate option
- Mortgages are available for 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
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