Whether you are purchasing a high-rise apartment building or a small retail space, expanding your business or just starting out, getting the financing you need for your business is a complicated process.
Our mortgage specialists have extensive experience in the Canadian commercial mortgage industry. We will guide you through your application process to make it as quick and stress-free as possible, so that you can get on with growing your business.
What is a Commercial Mortgage?
A commercial mortgage is typically a long-term loan than provides the funding to purchase property that is not considered a residential home. It is generally given to a company or business as opposed to an individual.
CMHC will insure a commercial mortgage for a property that will be used as a residential property, such as an apartment complex, retirement dwelling, or condominium building.
A commercial mortgage can also be viewed as a source of business funding, by allowing the business to access equity as the property value increases over time. This extra funding can help with business growth by consolidating business debts, buying new equipment, renovating, and investing in more property.
One key difference is that a commercial mortgage is the lending tool that allows a business to initially purchase a commercial property, where as a business loan secured by real estate is taken out when a business or individual already owns or has equity in real estate.
This type of secured business loan is ideal for the owners of businesses that own assets like commercial property and don’t want to risk their personal assets should the business not be able to repay the loan.
Loans can be secured against commercial property owned by the business or owner’s personal property. If your business is new, you can put up your home as collateral for your business loan. If you default on your payments, the lender will recoup the loan by refinancing with the mortgage lender and claiming the title to your home.
Commercial financing is commonly used to purchase or renovate commercial property, but commercial financing can also be used to purchase land or cover construction costs.
- Apartment buildings
- Condominium building
- Car dealerships
- Retail plazas, strip malls, and shopping centres
- Mixed-use buildings
- Office Buildings
- Industrial buildings
At Benson Mortgages, we understand that each business has its own unique set of requirements. Whether your mortgage comes through an institutional or private lender, we will find you the lowest rates and best terms, suited to your particular business needs.
How does a Business Loan Secured by Real Estate different from a Commercial Mortgage?
A commercial mortgage and a business loan secured by real estate are both methods of borrowing where real estate is used as collateral for the debt. This means that the lender is protected, in the event that you can’t keep up with your payments, by taking possession of the real estate.
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Frequently asked questions that can help you start your mortgage journey with us.
Contact Benson Mortgages specialist.
We offer a broad range of services to cater to different financial needs. Our services include residential mortgages for those looking to buy a home, refinancing for those who want to take advantage of better interest rates or terms, and transfers & HELOC for homeowners who want to leverage their home equity. We also provide private mortgages, 1st, 2nd & 3rd mortgages, reverse mortgages for seniors, commercial financing for businesses, and construction & land financing for developers.
A residential mortgage is a financial product that allows individuals to purchase residential property. The property is used as collateral for the loan, which is repaid over a specified period up to 40 years or interest only. The borrower makes regular payments to the lender, including the principal amount and interest.
A fixed-rate mortgage has an interest rate that remains the same throughout the loan term, providing stability and predictability for your payments. On the other hand, a variable-rate mortgage has an interest rate that can change over time based on market conditions. This means your payments could increase or decrease. The choice between the two depends on your financial situation, risk tolerance, and market expectations. There is also a variable rate mortgage with a fixed payment.
Refinancing a mortgage involves replacing your current mortgage with a new one, often with different terms or a lower interest rate. Refinance can be a good idea if you can secure a lower interest rate, and want to change the term length of your mortgage. You might need to access equity in your home in order to pay out debt, buy investment property or any other investments, pay for your kids' school or to renovate your home.
Secured Line of Credit is a type of loan that lets you borrow against the equity in your home. It works much like a credit line, where you have a credit limit and can borrow as much or as little as you need up to that limit. You only pay interest on the amount you borrow. It can be used for various purposes, such as home improvements, debt consolidation, or even to fund a business venture.
A private mortgage is a loan provided by a private entity or other financial institution, such as an individual or a business, rather than a traditional bank. People often choose private mortgages when they have unique financial circumstances that make it difficult to qualify for a traditional mortgage, such as being self-employed or having a less-than-perfect credit history. Private mortgages offer flexibility and can be customized to meet the borrower's needs. Private mortgages are used for the properties that do not meet banks criteria: land, properties under construction, agricultural properties, sub-divisions, etc
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