Why Do Mortgage Professionals Get Such Good Rates?

The answer is that The Cancorp Group works directly with the wholesale divisions of banks, credit unions and mortgage lenders, which are not normally available on a retail basis.  Our contacts and rates would therefore not be the same rates or contacts you could normally access through conventional channels means.

Commercial-Industrial Mortgage

The Cancorp Group can help your dream of owning your own business premises become a reality. We can help you assess the financial viability of a new purchase or help to refinancing of an existing business property.

The Cancorp Group provides tailored mortgages to meet the needs of its clients, from construction loans to refinance, to purchases of new premises.

Our lenders offer a variety of options and flexible repayment terms.

Our goal is to structure a business mortgage that meets your long-term business needs and goals while ensuring that your monthly cash flow is managed.

A commercial-industrial mortgage is similar to a residential mortgage, except the collateral is a commercial building or other business real estate, not residential property. In addition, commercial mortgages are typically taken on by businesses instead of individual borrowers. The borrower may be a partnership, incorporated business, or limited company, so assessment of the creditworthiness of the business can be more complicated than is the case with residential mortgages.

Frequently, the commercial-industrial mortgage is supplemented by a general obligation of the borrower or a guarantee from the owner(s), which makes the debt payable in full even if foreclosure on the mortgaged collateral does not satisfy the outstanding balance.

 

Lenders' Criteria

Most institutional lenders offer commercial-industrial mortgages, but you must satisfy the lenders' criteria for qualification. The primary criterion is the debt service coverage ratio or the ratio of cash available to the required loan payments. Some lenders may accept applications where there is an adverse credit history, but most require a positive personal credit rating and clear evidence that your business is creditworthy. Most will apply a loan-to-value ratio and will expect you to invest a some of your own capital into the purchase.

The lender's decision will also depend on your current business circumstances - a commercial lender will expect your business to be stable and profitable. They may ask to see your business plan and long-term financial projections, to assure themselves that your business has, and will continue to have, the ability to make repayments on the loan. Some lenders impose restrictions on the uses of commercial premises and certain business concerns may be excluded altogether. The terms of a commercial mortgage will depend largely on the type of business you're running and the type of premises or land you want to buy. This is a complex area and it's essential that you seek a professional’s advice.

 

Brief Synopsis

Due the complexity combined with local zoning and bylaws,  commercial-industrial mortgages vary from 1 to another and each project has a multitude of options and possibilities that need to be clarified, determined and decided upon prior to approaching lenders and achieving financing.

 

If you’re looking to build, purchase or refinance income-producing commercial properties, ranging from $100,000  to $5-million (or up) - The Cancorp Group will seek out competitive rates and quotes from it “best of breed” lenders, to give our clients flexible financing solutions.

 

Call us for a no obligation consultation to determine how The Cancorp Group can help you realize your goals.