Commercial mortgages are as varied as the businesses they serve. The main categories of properties can be multi-unit residential, office and industrial. The organizations within these properties can be diverse as gas stations, restaurants, retail, and even worship facilities.

Multi-Unit Residential

Properties with more than 4 apartment units are classified as commercial for mortgage purposes. These can range from 5-plex walk-ups to high rise apartment building with hundreds of units.

Office

Office properties are often similar to multi-unit residential in their characteristics needing only the basic services. Commercial office space is often combined with residential units as live/work accommodations for small business owners.

Industrial

Industrial properties can be as basic as a single unit in an industrial condo complex to large specialized factories. The more specialized the facility the more detailed the business plan needed for application purposes.

• Applicant Assessment Stage – During this stage you will work with your mortgage agent to package the business plan along with financial statements and personal net worth statements for each shareholder.
• Property Assessment Stage – This stage can be as basic as commissioning a commercial appraisal to as complex as navigating detailed engineering reports and environmental assessments.
• Funding Stage – your mortgage agent will work in tandem with your real estate lawyer and chosen commercial lender to ensure funds are delivered and the transaction closes according to the set timeline.