Whitby Commercial Mortgage
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Whitby commercial mortgages are available for a many different real estate financing applications that can range according to the type of property, the credit profile of the business and business owners, as well as the use of funds.
Similar to residential mortgages, commercial property financing can be used to purchase a commercial real estate property, refinance an existing mortgage, consolidate outstanding debts that may or may not be directly related to the property, finance a construction project.
Each application for commercial property financing can have more preferred lending options as well as each lender will have their own particular interest and expertise in the local commercial real estate market.
This extends also to different credit profiles where there will be different levels of lender interest from major banks through to secondary banks and institutional lenders and on down the line to private mortgage lenders.
Commercial mortgage lending at an institutional banking level is more about cash flow than security. The stronger the cash flow available for debt service, the better the changes are that the deal will be able to attract cheaper forms of funding. Tighter cash flow will also lend to few institutional financing options and may lend more to private mortgage financing/
For private mortgages on commercial property, cash flow will still have its importance to the lender, but because most private mortgages are interest only during the loan term, the debt servicing requirement can actually be less even at a higher interest rate.
Whitby commercial mortgages from private lenders are likely going to come from more localized sources verses the regional and national sources that exist for different institutional mortgage lenders.
With all the options that exist, you should always consider using the services of an experienced commercial broker to help you identify the most relevant financing options available for your requirements and then assist in the application process to get the deal closed in the time you have to work with. The commercial property lending market can be hard to navigate for even the most experienced business owners so getting some professional help is definitely something to you should consider.
If you’re in need of a Whitby commercial mortgage, please give me a call so we can go over your financing requirements together and review commercial property financing options that will meet your needs.
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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