If you are an estate investor planning to invest in commercial property, we know that you probably have many questions about commercial mortgages. On this page, we’ve compiled a list of frequently asked questions about commercial mortgages.
What is a commercial mortgage?
A commercial mortgage loan is a secured mortgage loan for an office building, apartment building, warehouse, or shopping center.
How long does it take to get a commercial mortgage?
While you can quickly get approved for a residential mortgage, getting approved for a commercial mortgage can take up to 6 months. Here at Diane Bertolin, we can help you decrease the length of time it takes to get approval.
What can I expect during commercial mortgage approval process?
During the mortgage approval process, we will:
What are the monthly repayments for commercial mortgages?
There are different commercial mortgage calculator websites to use to determine your monthly repayment and interest. You can contact our Toronto office at 289-337-8492 to discuss your needs.
How do I get a commercial mortgage?
Contact our Toronto office if you need a commercial mortgage. We can help you access the whole of the commercial mortgage market and get you the best deal.
Could I still get a commercial mortgage if I have an application declined elsewhere?
If you have been declined for a commercial mortgage elsewhere, we may still be able to help. Get in touch with Diane to find out if she can help you get a commercial mortgage.
What are the fees associated with a commercial mortgage?
Typical fees include processing, origination, underwriting, administrative, credit check, application, and legal fees. All these fees can quickly add up. Lender legal fees can be the most variable because they can add hundreds of thousands of dollars. The cost should always be passed through to the borrower.
What credit score do I need to get commercial mortgage approval?
Commercial mortgages have very accommodative credit score requirements. If you’re in excellent shape financially, a poor credit score may not be a roadblock. But you can save money if you have a good credit score via the lower interest rate.
How do I know if I will qualify for a commercial mortgage?
Diane can quickly run through your details and let you know if you qualify for a commercial mortgage. She can provide you with written terms on the best option for your situation.
Still have more questions? We’d love to hear from you and provide the answers you need and help you to determine which type of mortgage you require, how much you can save on your existing mortgage, and let you know what’s affordable for you.
So why wait? Call our Toronto office at 289-337-8492 or 519-967-1422.
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