Commercial real estate transactions are often complex.The lending guidelines for commercial mortgages differ from residential mortgages. The loan amount that a lender can provide is dependent on the rental income the property can generate to cover the mortgage payment.
Generally, the interest rates for commercial mortgages are 0.75% to 1.5% higher than residential mortgages. The loan value that a Canadian Bank can offer you can vary from 50% to 85% of the property value.
It is also costly to switch lenders. The reason is, all the expenses including application fee, appraisal cost, lawyer fees, etc., are to be paid again when the loan is switched to another lender. So it makes sense for you to work with a good commercial mortgage lender that can offer you a good interest rate.
By choosing a Mortgage Alliance Professional you can access all your mortgage options with just one phone call, one application. Your Mortgage Alliance Professional works on your behalf. We will place your mortgage with the lender that is the best fit for you, whether it’s a major bank or a private lender.
Going above and beyond the daily mortgage rate
As a mortgage broker, we need to know more than just the daily rate. We keep on top of all mortgage related news, and pass it on to our clients in the form of new posts, or periodical newsletters. One can never have enough information, especially if it can impact their financial health.
We subscribe to various industry specific new feeds and websites which keep us informed on the current money trends, and policies making their way down the pipeline.
An important part of being a mortgage broker is being up to date on current trends and practices. We are continuously “going to school” learning the new policies and practices that are critical in getting you the best products available.