How to Get Qualified for a Commercial Mortgage in Mississauga
Commercial mortgages in Mississauga are extremely popular, but it is important to understand that
there are different types of commercial mortgages and that qualification for each type is going to vary
Whether you are looking for a commercial mortgage for a rental property, a storefront, or an industrial
space, it is critical that you seek out a mortgage broker that has experience in the type of mortgage that
you are looking for. These mortgages tend to be more complex than residential mortgages, so it pays to
have an expert on your side that can help you navigate the ins and outs of the mortgage. Being well-
prepared is key if you wish to be approved for a commercial mortgage.
Because interest rates on commercial mortgages in Mississauga are typically higher than those on
commercial mortgages, qualification can be more difficult.
What Information Will I Need to Provide to be Approved for a Commercial Mortgage in Mississauga?
In addition to information on your own income and debt levels, lender will likely want information on
your business as well including the age of the business, expenses and revenue data, tax information,
business structure, business plan etc.
Additionally, most properties will require an appraisal by a qualified appraiser and possibly a Building
Condition Report as well.
Your mortgage agent will provide you with an exact list of what you will require based on the type of
commercial mortgage that you are seeking.
Another factor that many lenders will be looking at is your ability to manage a commercial property.
Therefore, if you are applying for a commercial mortgage – especially if you are doing so for the first
time – you should either have prior experience in managing a commercial property or you should be
willing to hire someone who does.
Contact Matrix Mortgage Global Today!
Because the specifics on what you need to qualify for a commercial mortgage vary depending on the
type of property, working with a good mortgage broker is crucial.
If you are interested in getting approved for a commercial mortgage in Mississauga, then we invite you
to contact Matrix Mortgage Global today. One of our brokers will be happy to sit down with you and
review the exact eligibility requirements for the type of mortgage that you are looking for.
Contact us today to get started!