MKG Mortgages
Commercial MortgagesVaughan
Commercial Mortgages in Vaughan
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Reviewed by Micky Khaneka, licensed mortgage broker
A purchase, a refinance, or a draw of equity each starts with the building, the income it produces, and the purpose of the loan.
Micky brings more than 15 years of banking and mortgage experience, including time on the lender side. Vaughan files are prepared from the North York office.
What is a commercial mortgage, and how does it work?
A commercial mortgage is financing secured by property used mainly for business or investment. It can buy, refinance, or draw equity. The office for the file is in North York.
The lender reads the building's use, its income, and the borrower together. Two properties with a similar price can still need different structures.
Which properties can be financed?
Retail, office, industrial, and owner-occupied premises can be financed when a lender wants that building. The use, the tenants, and the borrower change the file. There is no single down payment for every Vaughan purchase.
- Retail and office
- Industrial and warehouse
- Multi-unit and mixed-use
- Land, development, and construction
How is the file read?
Lenders read the property income, the borrower, and the purpose of the loan. A clear file names those three before an application goes out.
Income-producing buildings are read through the leases and expenses. An owner-occupied shop is read through the operating business.
Questions
What types of properties can be financed with a commercial mortgage?
Commercial mortgages may be used for a range of property types, including retail, office, industrial and warehouse properties, owner-occupied business premises, certain multi-unit and mixed-use properties, and some land, development or construction projects. The financing available will depend on the specific property, its use, the borrower and the structure of the transaction.
How much down payment do I need for a commercial property in Vaughan?
There is no single down payment requirement that applies to every commercial transaction. The amount of equity required can depend on factors such as the type of property, purchase price, requested financing, property income, borrower strength and the lender's criteria.
What documents are required for a commercial mortgage?
Documentation varies depending on the lender and transaction. A commercial mortgage application may require information relating to the borrower or business, financial statements, property details, purchase or financing documents, leases and tenant information for income-producing properties, and a commercial appraisal where required.
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