The Process of Getting a Commercial Mortgage in Mississauga
If you are an owner of a business or limited company be it a partnership or incorporated, you can apply for a commercial mortgage. A commercial mortgage is usually taken for commercial properties. If you are curious as to how you can apply for a commercial mortgage in Mississauga, you can rely on GNE Mortgages to guide you through the entire process. For your request for a commercial mortgage to be approved, the borrower must prove its creditworthiness to the lender. This can be achieved by their commercial credit rating to check and see if they will be able to repay the loaned amount back to the lender.
Evaluating the creditworthiness of a company
Lenders tend to usually check the creditworthiness of the company. If the company can prove that it has a good personal credit rating, the application for commercial mortgages, even if the credit history of the company is not good. If there is also willingness from the borrower to invest some of their personal money in the new commercial property is another factor that will get them one step closer to acquiring a commercial mortgage. Additionally, lenders will also need proof that the business is profitable, or on the course of being profitable. The company must also present financial projections for the coming year to convince the lenders. Keep in mind, that the sum that will be given to you as a mortgage loan is correlated to the down payment you make, the loan-to-value ratio, including the value of the property. If you are unsure what a loan-to-value ratio is, it is the sum of the loan against the total value of the home. A few lenders may offer up to 90% of the property value. However, it is completely up to the lender as it depends on the type of property being bought, the down payment made, including the company’s creditworthiness.
How to proceed with the lender?
If you are looking to apply for a commercial mortgage, you must make sure that you have all the necessary financial documents and bank papers. Use the services of our expert mortgage brokers at GNE Mortgages for professional advice as they will look after your best interests and do all the groundwork, including getting the best mortgage rates. A professional tip: mortgages that are issued by Canada Mortgage and Housing Corporation have some of the lowest rates that you could potentially get your hands on. However, the CMHC does not insure properties built for commercial use. If you are considering purchasing a commercial property and want to know more about commercial mortgages in Mississauga, please speak to the experts at GNE Mortgages for more details.
Finding the right commercial mortgage for you!
If you have made the choice of looking for a commercial property in Mississauga, or you are looking to sell and buy, including refinancing, these are some of the options you can discuss with our mortgage professionals at GNE Mortgages. We will ensure the process is straightforward and hassle-free as much as possible. Our team of agents have built sound relationships with lenders across Mississauga to get you the lowest mortgage rate possible. For further information on commercial mortgages or to request a free quotation, please do not hesitate to get in touch with the agents today. We can make your financing dreams become a reality. Whatever your queries on commercial mortgages, our professional and friendly team will be more than happy to address them.
