A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.
A commercial mortgage - a warehouse, office building, or store front - is a big commitment. Although this type of loan might seem similar to a residential loan that you might have on your current home, there are differences that make this unique to your needs.
Benefits of a commercial loan through a mortgage broker:
- Faster approval compared to the bank process
- Potentially less fees and closing costs depending on your financial profile
- The property must be owner-occupied by more than half of its capacity
- Blanket Mortgages
- As low as 20% down
- Up to a 25 year term