Commercial & Industrial Solutions
We at Approvalasisst.ca can help you finance your commercial property or buy a business, a leading mortgage brokerage firm, can help you obtain the commercial mortgage loans you need with the best commercial mortgage rates in Ontario.
A commercial mortgage is a loan taken out on commercial real estate (as opposed to residential) with the property as collateral. The borrower is generally a company or business as opposed to an individual and the business may be either a partnership, limited company or incorporated. Consequently, assessing credit history is more complicated with this type of mortgage. You can also expect commercial mortgage rates to be significantly higher than residential rates due to the increased risk.
While financing a commercial property you may encounter some roadblocks. If you have gone to your bank, you may be turned down, not that you cannot afford the mortgage but due to the fact that these mortgages are not structured right. Rest assured, we aren’t your bank. We’re Approvalassist.ca will make sure you get the financing that you deserve. In fact, we will make sure it happens so you can start growing your business or renting out your space.
A commercial mortgage is a loan taken out to secure a commercial property instead of a residential one. This type of loan is ideal for business owners who are looking to increase their space and people looking for an income property. When you use a private lender like approvalassist.ca, you are getting a private mortgage instead of a traditional one.
The difference between a private and traditional mortgage is how it is funded. Traditional mortgages are funded by banks, conventional lenders or even trusts, whereas private mortgages are funded by single or group investors.
A commercial property, a building must have five or more units, or be considered properties where a business takes place away from your principal residence. Buildings that have storefronts and residential units are considered mixed and fall under the commercial category.
Buildings such as offices, industrial, retail properties, and shopping plazas are also deemed commercial properties. Restaurants and bars are thought of as commercial spaces as well.
It’s easy to confuse residential and commercial properties so remember that buildings that have 1-4 units are not commercial properties. These are considered residential and the funding process is a little different. If you’re not sure what category your property falls under, we can help. Moreover, if your property isn’t considered commercial, but is residential, we’ll have no trouble finding you a residential mortgage.
Approvalassist.ca will take care of all your mortgage needs. Whether you are looking to purchase a 30-storey apartment building or a high-end boutique, we’ll get you the private commercial mortgage you need as quickly as possible!
TYPES OF COMMERCIAL MORTGAGES
- No matter what type of commercial and industrial mortgage loan you need, Approvalassist.ca will provide a helping hand.
- Multi-family residential
- Storefront with apartments/ residential commercial (mixed) individuals
- Commercial plaza mortgages
- Office mortgage
- Industrial mortgage
- Farm land mortgage
- Construction projects
- Franchisee business
Residential mortgages usually take around 90 days to close, but could close as soon as 2 to 3 weeks. On the other hand, commercial mortgages take much longer and could take anywhere from 60 days up to a year.