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How to Request and Secure a Commercial Mortgage Loan in Canada

Posted onSeptember 19/2019By

Trying to secure a commercial mortgage in Ontario may be intimidating to some, but it doesn’t have to be. A commercial mortgage can help you to expand property, or finance a brand new property if you wish. A commercial mortgage can also be used to consolidate one’s debts. However, the criteria for obtaining a commercial mortgage are quite different from those required to obtain a residential mortgage. Here, we will focus on how you can secure a commercial mortgage loan in Canada. What are commercial mortgages used for? A commercial mortgage is a loan taken out on a commercial real estate property with the property in question serving as collateral. The borrower can be incorporated, a limited company, partnership, or conventional enterprise. A commercial mortgage loan can be taken out to finance a hotel, office, store, industrial property, construction site or residential real estate property but can also qualify if…

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Residential vs Commercial Mortgages

Posted onApril 15/2019By

When it comes to mortgages, the usual scenario is that a residential property owner wants to buy a commercial property and thinks that the same mortgage rules and criteria apply. But this isn’t the case. Financing for a commercial property is very different from financing for a residential property. This is because the rules are different and for the most part you are dealing with a different set of lenders. In this article, we are going to look at the differences between residential and commercial mortgages. Residential vs Commerical Mortgages A key difference between being accepted for a commercial mortgage…

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