Are you facing challenges in your business? You think getting a commercial mortgage may be practically impossible because of some lender’s crazy terms and conditions. You do not need to be disturbed. When a mortgage is granted in which the property guarantees repayment, there is a commercial mortgage. For commercial mortgage, the borrower must pass through hectic processes to apply and qualify for it. This is because the borrower must meet specific qualifications. The main criterion is the debt service coverage ratio. This is the proportion of cash available for financing. Most lenders require the borrower to have a favorable credit rating and proof that the borrower’s business will be enough for the deal. Do you know your application can be accepted, regardless of bad credit history? The borrower’s current business circumstances are a determining factor for the lender. We can help in achieving this.
In most cases, the lender wants to ensure that the borrower’s business is stable and profitable. At times you may pass through the stress of drafting a business plan as well as the long-term financial projections for the business that may not be granted. Although, this is to ensure that the company has the continuous ability to repay. Some lenders have strict restrictions on how commercial property can be used because some business practices and concerns can be excluded entirely, which will not be favorable for the burrower.
The terms of commercial mortgage financing depend on the type of business being executed and the specific type of facilities or land that the borrower wishes to purchase. This is a highly complex area, and therefore the borrower needs to seek expert advice. Commercial mortgages could be a way out. You are very close to your success, and a call would have been enough to seek guidance from our experts. We’ve got what you need to be eligible for a commercial mortgage.
3200 Steeles Ave W #6,
Concord, ON L4K 3B8,