Securing mortgage financing to purchase a regular home can be relatively easy – but how about when you want to secure funding for that special commercial project, be it a custom built home or a commercial property such as an apartment building or a retirement home? Once you have drawn up the plans and received the proper permits, securing financing at the best commercial mortgage rates requires the expertise of a professional commercial mortgage broker.
Not all mortgage brokerage firms employ a commercial mortgage broker, but those that do should have a large portfolio to help you secure mortgage financing at the most competitive commercial mortgage rates possible. Whether you are anxious to get stated on building your dream home from the bottom up, or are looking to expand your small business space, you will need the funding to accomplish these goals, and an experienced commercial mortgage broker can help you get it.Why is it important to seek out the best commercial mortgage rates from a qualified commercial mortgage broker? Well, going directly to the bank won’t necessarily give you access to a variety of different lenders, thereby limiting the commercial mortgage rates that are available to you. By working with a commercial mortgage broker, one that routinely arranges commercial mortgages, you will have access to a wide range of banks and lenders, meaning that you can rely on your commercial mortgage broker to secure the best commercial mortgage rates out there.
Furthermore, by working with someone who is well versed in arranging commercial mortgages, you can be sure that all of the required protocols are followed, and that your expert commercial mortgage broker crosses all the T’s and dots all the I’s. They know what to expect when arranging commercial mortgage financing, rather than just residential mortgage financing.Just like a traditional mortgage, commercial mortgages have terms (5 year term mortgage, 10 year term mortgage, etc.), and depending on the lender can be either fixed rate mortgages or variable rate mortgages. Commercial mortgage rates are really not that different from traditional mortgages, so don’t let the idea of them scare you – talk to your commercial mortgage broker and let them explain all of the fine print.
What types of projects are covered under commercial mortgages? There are several – big and small. Want to build an apartment building, condo or townhouse complex? A commercial mortgage broker can get you the money to do it. Thinking about building a retail space, such as a mall, or just adding on to your current retail location? Yes, that could be covered by a commercial mortgage. Restaurants, halls, nursing and retirement homes, hotels, bars, custom built homes, etc., are all covered by commercial mortgages and are the realm of the commercial mortgage broker. Even land development and land servicing are included.Getting started on that new project – be it small or big – doesn’t have to be overwhelming, especially when it comes to commercial mortgage financing. Your mortgage broker can help your secure the best commercial mortgage rates and help get you started on that project right away.
For more information about commercial mortgage rates or to speak with a commercial mortgage broker, please contact Paul Mangion of The Mortgage Centre at 416-204-0156 or visit www.themortgagecentretoronto.com.