As one of Canada’s largest commercial mortgage lenders; Sunlite Mortgage is a market leader in providing real estate financing solutions for industrial, retail, office and apartment properties. So if you need help financing your business, we are the professionals you should contact.

What is a Commercial Mortgage?

It’s a type of mortgage suitable for businesses and investors who want to start their activity in commercial properties. Most noteworthy to acquire, refinance or redevelop commercial property. Consequently, evaluating credit history is more complicated with a commercial mortgage. You can also expect rates to be significantly higher than residential rates due to the increased risk. Therefore, general aspects to consider when applying for a commercial mortgage are:

  • The loan amount
  • Prepayment flexibility
  • Interest rates
  • Term and amortization schedule

Sunlite Commercial Mortgage program is made to meet the needs of the borrower, as a result offers competitive mortgage options for both variable and fixed rates.

For small business the commercial mortgage can cover up to $1 million. While a large commercial investment mortgage can be financed from $1 million up to $75 million; on income-generating or owner-occupied commercial properties in major urban areas throughout Canada.

Aspects lenders will look into:

  • Credit history: A good credit history is evidence that the business is creditworthy, as a result, gives you a higher chance to qualify.
  • Debt service coverage ratio: This is the main criteria lenders will look at, which is the ratio of cash available for the loan payments. Most lenders also expect you to invest personal funds into the purchase.
  • Current business situation: Commercial lenders expect your business to be profitable and steady. Furthermore, this is insurance from business and financial plans that you will be able to make your payments on time.
  • Down payment: Especially relevant, a higher down payment for a commercial mortgage may be requisite.

Contact our Commercial Mortgage Professionals to help you find the best solution for you!

Our Sunlite Mortgage agents will walk you through the choices available and help you identify the most suitable mortgage product to your current situation; while looking at your short to medium goals. Call a Sunlite Mortgage agent today at 1.877.38LOANS as we are happy to help you find a mortgage.

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