Any mulit-family rental building or construction project with 5 suites or more is eligible for a CMHC insured mortgage.
CONVENTIONAL NON-INSURED COMMERCIAL MORTGAGE
These mortgages are, by far, the most common commerical mortgage that is negotiated directly with the lending institution or party.
PRIVATE COMMERCIAL MORTGAGE
There are many varied reasons for a borrower to select a private mortgage. Be it a first, second or third mortgage, the most obvious being necessity as the borrower cannot meet the strict criteria of institutional lenders and/or the private lender’s increased flexibility and shorter approval time. Despite the higher interest rates and fees, if used judiciously, a private commercial mortgage can very advantageous overall.
Used mainly to facilitate a purchase and sale of a property, with this mortgage the Seller accepts a certain per centage of the financiing with terms negotitiated between the Seller and the Buyer. The mortgage can cover all of the required mortgage after considering the Buyer’s down payment or any agreed per centage of it.
“I have the financial expertise to take on roles outside of most clients’ comfort zone, including detailed research, financial analysis, and basic tax analysis. I also have extensive experience in commercial real estate sales, contracts and commercial mortgages. If you are looking for a professional commercial mortgage broker in B.C. for your next transaction, please contact me today.”