Commercial Mortgage solutions in Oakville

A commercial mortgage loan can be defined as a loan taken upon commercial property while keeping the property itself as collateral. These type of loans are generally taken by a business or a company, they can be a partnership or limited company as well. Our team at Matrix Mortgage have over a decade of experience in this field and can help you with your mortgage requirements. Contact us for further details, we are based in Oakville.

Criteria for applying for a commercial mortgage

The process for applying for a commercial mortgage loan is complex and there is a list of criteria that you should meet before you could go forward with the process. Below is the list of requirements that you need to fulfil before you can apply for a commercial mortgage loan

  • Debt service coverage ratio: The first and foremost criterion in any commercial mortgage loan process. Our team will go through your financial records to ensure that you will able to repay the loan amount. You may invest a certain amount of your own money during the purchase.
  • Type of business: As the terms of acquiring a commercial mortgage are complex and depends on the type of business you run and also what type of property you want to purchase, it is advisable that you hire chartered surveyor or solicitor to help you in this matter.
  • Down payment: Commercial properties always have a higher down payment. Whilst for a mixed property, the down payment can range between 20-35%, for a commercial property it maybe around 50%. After our team assesses your risk profile, you will be informed on how much of down payment you have to pay.
  • The current situation of your business: If you already have a stable business, you may need to disclose your business plans and financial projections. These are required to check whether your business has sustained growth and if you would be able to make the payments on a monthly bases.
  • Credit history: One of the major requirements to get a commercial mortgage loan without any hassle is to maintain a good credit history for your business. As a business owner, you should also have a good credit score.

These are the major requirements that you need to fulfil before you can apply for a commercial mortgage loan. If you have any queries, feel free to get in touch with our experts, we will be glad to resolve them.

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Types of properties that can be used as collateral for a commercial mortgage

There’s a wide range of properties that can be classified as commercial properties and used as collateral. Residential estates can be financed under this type of mortgage if it is purchased as an in investment property.

These can be

  • Pure residential with 1-4 units
  • Pure residential with 5 or more units
  • Mix of residential and commercial properties

Please note that closing a commercial mortgage can take from 60 days to 1 year. There is a broker fee that is included but rest assured, our prices are extremely competitive. You can also opt for commercial mortgage insurance.

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Whether you are looking to purchase a new commercial property or want to renovate your existing office space, we are here for you. We offer reliable commercial mortgage solutions. We will explain the pros and cons of commercial mortgages and ensure you make the right decision.

For more information and advice about all our mortgage services, please get in touch with us now

Celebrating 10 Years Of Solution Based Lending for Commercial Mortgages

The business community has played a large role in our success over the years. We are proud to say we have helped to finance all sizes of companies from many different industries across Canada with our commercial mortgage solutions. As a top brokerage in Canada, we care about your financial health, and our custom commercial mortgage solutions are proof of this. In celebrating 10 years of solution based lending for commercial companies, we just wanted to say thank you to our business customers for choosing us when they need financing and commercial mortgages. We are happy we had the opportunity to play a role in your company’s success, and we look forward to doing so for years to come.

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Current Mortgage

  • Property Worth $300,000
  • Current Interest Rate 7.99%
  • Current Payment $2,172
  • Loan Payment @ 10% interest
  • Credit Card @ 17% interest
  • Inventory Factoring @ 28% interest
  • $200,000 Mortgage $1,500/month
  • $25,000 Loan Payment $500/month
  • $25,000 Credit Cards $750/month
  • Total $2,750/month

All In One Mortgage

  • Property Worth $300,000
  • Current Interest Rate 4.00%
  • Current Payment $1,189
  • Car Payment @ 4.00% interest
  • Credit Card @ 4.00% interest
  • Inventory Factoring @ 4% inteterest
  • $250,000 Mortgage $1,189/month
  • $25,000 Loan Payment Paid
  • $25,000 Credit Cards Paid
  • Total $1,189/month

Consolidate Now And Save $1,561/month!!!

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