Milton Commercial Property Mortgage
“Here’s Where You Can Quickly Assess Your Milton Commercial Property Options”
Milton commercial property mortgage financing, similar to other areas of Ontario, can be hard to locate and secure in the time you have to work with. Much of this is due to 1) focusing on the wrong lenders from the outset; 2) shopping the deal excessively; and 3) not having realistic expectations related to how to properly present the deal and the time its going to take to get it closed.
As commercial mortgage brokers focused on providing these types of solutions to businesses in the local area, lets review each of the above points.
First, focusing in on the wrong lenders is an easy mistake to place. The first contact you make with any lender is usually a marketing representative who’s job is to get applications in the door, so at the outset, everyone tells you they can help you.
Second, when a deal gets shopped around on a commercial property, especially if multiple brokers are being used, its not uncommon for the deal to arrive at the same lender from more than one source. If this happens, the application is usually declined right away. Commercial deals are a lot of work to go through and qualify for funding and many commercial lenders are reluctant to go through the process if they believe the deal is in the hands of several other lenders as well. This is a departure from consumer lending where shopping is more acceptable due to the shorter credit qualifying process.
Third, borrowers always want to get the process over fast, so many will tend to gravitate to the lending source that promises the shortest time line, assuming the related rates and terms being offered are competitive to what others are openly stating in the market. Unfortunately, with commercial mortgages, it is almost impossible to accurately estimate time as there are many things that can influence the time it takes that are not in either the borrower’s or lender’s control.
These are just some of the reasons why it makes good sense to work with an experience commercial mortgage broker that can focus in quickly on the most relevant lenders and work with you to get a commitment and the deal funded in as little time as possible.
If you require a Milton commercial mortgage, please give me a call and we’ll go over you requirements together and review commercial fianncing options that are most likely to meet your needs in the time you have to work with.
Click Here To Speak With Commercial Mortgage Broker Joe Walsh
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel