Make sure to have all your documents ready to avoid any delays with your deal
Commercial Mortgage in Vaughan
Planning to apply for a commercial mortgage in Vaughan?
You should get in touch with our team at Lend at Ease for flexible contracts and affordable premium rates. We can make sure that your application is approved, whether the mortgage is on a traditional commercial space or something that doesn’t come under conventional commercial spaces. The mortgage can be in the form of a first, second or third mortgage, too, similar to private residential mortgages on a dwelling. If you want to know more, feel free to get in touch with our team. Book an appointment today; we look forward to meeting you.
Apply for a Quick Approval
Several features of commercial mortgages
One of the primary reasons of why commercial mortgages Vaughan are popular amongst business owners is because it has several features that can be taken advantage of. Some of the basic features are:
The interest rates can be variable, fixed or combined.
The loan-to-value (LTV) ratio can be as high as 85%.
You can choose the mortgage repayment term to be anywhere between 1-25 years.
The amortization period can be a maximum of 25 years, with insurance up to 40 years.
You should know that the mortgage amount and the monthly interest will depend on several factors, such as the type of property you are trying to finance.
Eligibility criteria for a commercial mortgage
As commercial mortgages Vaughan involve high LTV ratios, your business must meet some requirements to be eligible for this type of loan. Some of the criteria are:
Business Type : You will have to present a solid business plan to apply for the mortgage. This is to make sure that the mortgage lenders know that your business can have enough income to repay the loan.
Credit History : Your business will have to have a good credit history and as little debt as possible. The lender can ask for your personal credit score as well.
Business health : Most commercial mortgage lenders will prefer a business that has made a steady liquid profit for several years.
Down Payment : This factor will depend on your risk profile, and the lender may ask for a higher down payment.
Contact Lend at Ease to resolve any queries. Our team members can resolve them without any hassle.
What are considered commercial properties?
When you apply for a commercial mortgage Vaughan, you will have to indicate the type of property that you need the funds for. Below are a list of examples, have a look:
Farmland area= 55% LTV
Industrial properties = 75% LTV
Construction project- depending on the property
Multi-family residential with 5 or more units) = 85% LTV
Storefront with apartments or mixed residential and commercial = 80% LTV
Multi-family residential with 1 to 4 units = depends on the property
Commercial plaza = 75% LTV
If you are aspiring to be a landlord, you may have to buy more than one investment property. Also, you should know that there are three types of residential properties that you can finance with a commercial mortgage in Vaughan.
Pure residential complexes with 1-4 units.
Pure residential properties with five or more units.
Mixed commercial and residential properties.
Hire us as your commercial mortgage broker Vaughan
As your mortgage broker, we will make sure that the mortgage contract meets all your financial needs, and that includes an affordable interest rate on your loan repayment. We also offer services commercial mortgage in Vaughan. For further details, give us a call.