We are one of the most respected brokerages in the Winnipeg area when it comes to commercial real estate mortgage solutions. Our goal is to provide the people of Manitoba with some of the best mortgage solutions anywhere in the province.
Wide Range of Options
As Winnipeg Mortgage brokers, we offer access to numerous lenders, including those not available to the public, ensuring you find a mortgage product that perfectly fits your financial needs.
Expert Guidance
With our mortgage expertise, we provide personalized advice to navigate complex mortgage terms and conditions, helping you make well-informed decisions.
Cost and Time Efficiency
We are able compare various mortgage deals to secure competitive rates and terms, potentially saving you money and simplifying the application process to save you time.
Ongoing Support
From start to finish, mortgage brokers such as ourselves, offer continuous assistance, handling paperwork, resolving issues, and ensuring a smooth mortgage application process.
We get lots of questions from Winnipeg business owners when it comes to getting a mortgage and financing for their commercial office space. Below are just a few of the most common items and as always, we are glad to answer any questions you might have.
A commercial mortgage is a loan secured by commercial property, such as office buildings, shopping centers, industrial warehouses, or apartment complexes. The key difference between a commercial and a residential mortgage is the collateral—the property securing the loan—and the borrower, which is often a business entity for commercial mortgages, while individuals usually take out residential mortgages.
Commercial mortgage terms can vary widely depending on the lender, the property, and the borrower’s financial situation. Generally, terms range from 5 to 20 years with amortization periods up to 25 years. Interest rates can be either fixed or variable and are usually higher than residential mortgage rates due to the increased risk associated with commercial properties.
Lenders evaluate several factors, including the property’s value and condition, the borrower’s creditworthiness, business financials, and the viability of the business plan. They also consider the loan-to-value (LTV) ratio, debt service coverage ratio (DSCR), and the borrower’s experience in managing commercial properties.
It’s more challenging to find low down payment options for commercial mortgages compared to residential mortgages. Typically, commercial mortgages require a minimum down payment of 20-35%, depending on the lender’s policies and the risk associated with the property and the borrower.
Apart from the down payment and interest, commercial mortgages may involve various fees, including application fees, appraisal fees, loan origination fees, and legal fees. These costs can vary significantly based on the complexity of the deal and the property itself.
To improve your approval chances, ensure your business financials are strong and well-documented, maintain a good credit score, present a solid business plan, and choose a property that generates stable income. Working with a mortgage broker such as ourselves who specialize in commercial properties in Winnipeg and across Manitoba, is a great start.
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