Commercial Mortgages Kitchener, Waterloo, ON
Commercial mortgages seem to come in two flavours - time consuming and somewhat less time consuming.
In order to mitigate the risk associated with commercial properties, the documentation requirements to support a mortgage request can be very extensive. The lenders’ appraisal requirements to support the mortgage will be more detailed and more expensive than is the case with residential appraisals. Environmental assessments are also frequently required and they are both time consuming and expensive. The lender will also need to be satisfied that the commercial enterprise purchasing the property is financially viable enough to carry the costs of the mortgage.
Commercial mortgages are not entered into lightly. The business owner will also have satisfied himself/herself that this particular business investment decision is viable. On this basis, it will have been determined that the expected reward justifies the financial risk of purchase and the business will proceed with its mortgage application.
As with residential mortgages, there are a significant number of lenders that operate in this space.