“Oakville Commercial Property Loans and Mortgages Are Available For Large and Small Financing Requirements”

Oakville commercial property mortgage financing typically are provided through major banks, secondary banks, other institutional lenders, and private mortgage lenders.

Each group will of lenders will tend to have their own lending criteria and areas of interest with respect to financing commercial real estate.

Similar to residential mortgage financing, commercial property loans can be issued for property purchase, building construction, refinancing, and debt consolidation.

The one main difference between residential and commercial is the amount of due diligence required by the lender and the amount of time it can take to complete the process. While most residential deals can be completed in a couple of weeks, a commercial property financing deal can take several months, depending on the lender requirements that need to be met.

For instance, items like property appraisals, surveys, and environmental inspections that need to be completed by third parties can take some time to complete depending on the property, time of year, and work load of the third party. And even when the initial work is completed, it can uncover other issues that need to be dealt with as well further extending the time required for the process.

Because the Oakville commercial property financing process can be time consuming, its important to make sure that you’re investing your time working with a lender that is a good fit for your requirements and is in a position to finance your deal.

This is not always obvious from the outside looking in as your first point of contact with most commercial lenders is a marketing or sales person who’s goal is to get business in the door, but at the same time has no power over the decision making process.

This is why it can be very beneficial to work with a commercial mortgage broker who does not have any lender bias and who has a good working understanding of the different lenders interested in your particular requirements so that commercial property applications can then be directed to the most relevant lenders versus taking a much less targeted approach.

If you have an Oakville commercial mortgage financing requirement, give me a call so we can go through your requirements together and discuss potential financing scenarios and lending sources that can meet your requirements.

Click Here To Speak With Commercial Mortgage Broker Joe Walsh