Commercial Mortgage Check List
The Mortgage Group Canada Inc.

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  7 Steps to help obtain a Commercial Mortgage

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  Obtaining your commercial mortgage will not be nearly as difficult as you may expect.

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  The key for success is preparation for obtaining a commercial property. Each step is reasonably simple if you are thorough and take them one at a time.

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  1st Step:
  Find the commercial property and figure out its price and market value. If you feel the price on the property is within your range.

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  2nd Step:
  Knowing the price of the property, Contact your Vancouver BC Mortgage Broker to help you determine what mortgage payments you can expect at the current interest rates.

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  3rd Step:
  Gather information about the property, including price, square footage or acreage, details on buildings, photos, anything that will help you “sell” a mortgage lender on providing your commercial loan.

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  4th Step:
  Organize and prepare all documentation. This includes information you have gather and a  plan for how you will use the commercial property, how you will pay the mortgage on the property, and why the lender should loan you funds for commercial property.

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  5th Step:
  Is where a Mortgage Broker presents your application to a commercial mortgage lender. Discuss the proposed mortgage at length. Then await approval of your mortgage.

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  6th Step:
  If declined your Mortgage advisor will, inquire exactly why your commercial loan wasn’t approved. If the reason is something that can be fixed or presented better, then they will work with you to prepare for the next presentation.

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  7th Step:
  Present to another commercial lender and apply again for your mortgage loan.

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  8th Step:
  

• Once a lender agrees to provide a commercial loan review with your mortgage broker the terms. Make certain you understand any prepayment penalties, and every bit of the fine print on the commercial loan. If required, get ILA (Independent Legal Advice) to explain anything that isn’t clear to you.

   

   

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