Ontario commercial mortgages are designed for business and/or investors who want to buy or refinance commercial properties that generate revenue. Commercial property may include retail centers, development of condominiums, apartment buildings, office buildings, industrial properties, retirement homes, land area and more. Such as residential mortgages, there are various types of commercial mortgages & commercial lending in Windsor.
A commercial mortgage broker can be a great asset to the borrower or broker for residential or commercial mortgage agent complex. Commercial mortgage financing is a very specialized field and some brokers specialize in this type of financing. Even seasoned residential mortgage brokers and agents will switch to a commercial mortgage broker as an advisor and trusted partner to help them get their commercial deals financed.
A good commercial mortgage broker is a great asset for both borrowers and residential mortgage agents and brokers for commercial loans is specialized and rely on the expertise gained. Also, lenders tend to be much more difficult to deal with when it comes to managing commercial mortgage financing.
They will want an abundance of details about the security offered. This can include the type of business the client is engaged in the business plan, business records, whether the building is occupied and the rent roll, the environmental report, the condition of the buildings, and certain insurance details.
Outside the loan approved, they will assess the overall feasibility of the business borrower. Asset-based lenders, including private lenders, tend to be a bit more flexible because they lend more based on the equity in real estate rather than character and credit of the applicant.
A good commercial mortgage broker will know how to assess the application and identify potential issues before they become problems and propose feasible and effective solutions to ensure that you are successful in obtaining financing.