Learn more about:
- Mixed-use development mortgages
- Multi-family residential mortgages
- Retail, office and consumer service building mortgages
- Industrial, manufacturing and warehouse mortgages
- Agricultural and bare land mortgages
Our B.C. and Vancouver commercial mortgage specialists each have over 10 years’ experience helping clients fund commercial properties. They only work on commercial mortgages, spending all their time in this field. They’ve learned what it takes to secure financing for business-related real estate projects. They’ll know how to guide you down the right path, while saving you time, not just money.
Since commercial mortgages can come with more caveats, costs and hurdles, it’s important to work with mortgage brokers who can give you as many options as possible. The more competitively you can negotiate a commercial mortgage, the better you can secure a profitable return on investment (ROI) for your property. In business, having the upper hand in a negotiation is everything.
To that end, our commercial mortgage team has access to lenders from across Canada, not just in B.C. or Western Canada. From banks, to credit unions, trusts and private lenders, they can help you find the right lender for your next real estate project. They’ll look at creditor experience, timeliness, restrictiveness as well as several other factors that can affect the ease of getting approved for a loan.
Since the investment and risks of commercial mortgage applications are high, this type of property purchase should be treated as a strategic business decision. The steps to obtaining many commercial mortgages must also be timed ‘just right.’
Our attentive mortgage brokers can coordinate with your real estate agent, lawyer, accountant and other parties to do this. We’ll work to ensure your buying process goes as smoothly, and as efficiently, as possible.
From small commercial properties to large developments, we can help you obtain real estate financing! Get in touch, and we’ll begin searching for a suitable, commercial mortgage that fits your case.
We also answer questions about B.C. commercial mortgages on our website. Learn more about:
Mixed-use development mortgages
These properties are called “mixed-use” because they are buildings that contain two types of units: commercial and residential. They include small, mom-and-pop shops with single-family homes on the top floor. Or, they can be as large as multi-story residences with retail spaces on the ground floor.
Since they are mixed in their purpose, these properties come with regulations that apply to multiple sectors of real estate. This can make obtaining a mortgage for them more time-consuming and difficult – but not impossible. Our brokers can help you justify your case for a mixed-use development mortgage.
Multi-family residential mortgages
Owning a multi-unit rental building can be a great addition to your investment portfolio. If you’re looking to buy a residential building containing five or more units, you’ll need a commercial mortgage for it. Even if you plan to live in one of the units, several criteria need to be met before applying for this type of mortgage. By law, and when it comes to individual lender rules, certain pieces of documentation must be presented. Not to mention, proof of your business savviness. In short, these types of income properties are not the same as basement rentals, nor renting out your second home.
Retail, office and consumer service building mortgages
These types of commercial properties refer to retail shops, strip malls, salons, restaurants, offices, nursing homes and other places where consumers are serviced, or buy things. They are often more than just ‘empty’ spaces zoned for commercial use. They can come part-and-parcel with buying a business. That goes especially when they are already outfitted with equipment needed to operate.
However, having a down payment is not enough to secure ownership on commercial real estate. Creditors will look at the viability of the business opportunity contained in the building. They’ll also evaluate qualities in you as a business owner. Moreover, they’ll want to see collateral they can fall back on. A good mortgage broker can help you apply for this type of commercial mortgage by highlighting you, and your business opportunity, as a good investment.
Industrial, manufacturing and warehouse mortgages
Industrial-zoned buildings can include factories, chemical manufacturing plants, warehouses, distribution centres, storage units, workshops and the like. They typically contain heavy machinery that requires safety training and practices. People are not allowed to live in industrial buildings. For these reasons, and more, obtaining an industrial mortgage on these types of business properties can be slightly different than in other commercial cases. They can also come with specific rules, terms and rates. It’s best to work with a mortgage broker and real estate agent who specialize in transactions surrounding this type of property.
Agricultural and bare land mortgages
Your dreams of living on a farm or acreage can come true with agricultural and bare land mortgages. Using a smart mortgage strategy – one designed for these types of land purchases – can save you thousands. On the other hand, a lot of savings can come with knowledge and experience alone. Acquiring bare land to develop later can be a lot more costly than people realize. Rural land without access to sewer lines, electricity, etc. can come with even more risk, and higher upfront costs.
These factors, and more, can affect the likelihood of obtaining a land mortgage, or the rates you’ll pay for one. A mortgage broker can help you understand the rules and limitations of buying land, especially as it relates to what you want to do with it. Depending on your goal, different types of mortgage solutions may be recommended. They may provide an easier path to land ownership, or offer you a ‘stepping stone’ to achieve your dream.
Contact us today!