Commercial loans, as well as construction loans, are more complicated than residential loans. When seeking a commercial loan, especially a construction loan, most borrowers have 3 burning questions they need to be answered first. What’s involved in the commercial loan or construction loan process? What it is based on? Why …
Down Payment Requirements for a Rental Property
The down payment required from borrowers by lenders, investors and banks is a major hurdle to buying a rental property Before lenders can approve your investment property mortgage application, they expect you to be able to pay part of the home’s purchase price upfront. This upfront payment is called the …
5 Best Commercial Real Estate Investments
Are you looking for the best commercial real estate to invest in today? You will probably need a commercial mortgage to seal the deal. Real estate is one of the best choices to invest your money. It can become an excellent long-term investment where it can provide an ongoing passive …
6 Mortgage Broker Benefits
There are many benefits to working with a mortgage broker to obtain a mortgage or loan. Perhaps your offer on a home was accepted, or your mortgage has come up for renewal and you can refinance for a better rate. Maybe you would like some extra funds for a home …
Do you Qualify for a Commercial Mortgage?
One difference between a commercial mortgage and a residential one is the commercial borrower would be a business, not an individual. Your business is growing! That’s amazing because our economy could sure use a boost. It’s a much more difficult process but hang in there. I can help you get …
Mortgage and Loan Terms
The mortgage world is complicated. Fortunately, that’s why I’m here. Before we start working together, get familiar with the language. Here is a full list of terms and their definitions mortgage brokers use. Looking forward to speaking the same language. Mortgage Terms Amortization Period The Amortization period represents the period …
5 Steps to Commercial Mortgage Approval
A commercial mortgage approval ultimately means showing that you have enough collateral to support repayment. Collateral is a borrower’s promise with property, to secure repayment of a loan. Your business, not yourself, assumes the mortgage and it can be a complex process. A business may seek out a commercial mortgage …
Commercial Loan: Asset vs. Repayment: DSCR
When borrowing money for a commercial loan or mortgage, the first thing that a lender considers is repayment, not asset. The lender needs to know that you can service the debt. They use what’s known as a DSCR or Debt Service Coverage Ratio to determine it. The debt service coverage …
Keys to Securing a Commercial Mortgage
The keys to securing a commercial mortgage are not foreign to a seasoned mortgage broker. A potential client once told me, “You cannot get a commercial mortgage outside of Toronto.. lenders in Toronto do not think that there is anything of value outside of their area!” In some ways, he …