Commercial Mortgages
Helping you scale your business from an idea to a thriving venture.
We understand that commercial mortgages are a critical component of business growth and success. Whether you’re looking to purchase, refinance, or renovate a commercial property, our team of experienced professionals is here to help you navigate the complex world of commercial lending and find the right financing solution to meet your unique needs.
Our team has extensive experience and are very knowledgeable about commercial mortgages no matter how complex your deal may be. At HM Mortgages, we can find you the right mortgage product that works best for your business that will help it grow and advance.
Our Speciality
Industrial Spaces
Retail Buildings
Corporate Offices
Multi-unit Residentials
Retirement Homes
Vacant Land
Gas Stations
Mechanic Shops
Frequently Asked Commercial Mortgage Questions
How do I qualify for a commercial mortgage?
Qualification criteria include factors such as property value, cash flow, business financials, creditworthiness, and borrower experience.
What types of commercial properties can I finance with a commercial mortgage?
Commercial mortgages can be used to finance various properties, including office buildings, retail spaces, warehouses, multifamily buildings, and mixed-use developments.
What are the typical terms and interest rates for commercial mortgages?
Terms and rates vary depending on factors such as property type, loan amount, and borrower qualifications, with terms typically ranging from 5 to 25 years.
What is the maximum loan-to-value (LTV) ratio for commercial mortgages?
LTV ratios vary depending on the lender and property type but range from 70% to 85% for owner-occupied properties and 65% to 75% for investment properties.
Can I use a commercial mortgage to purchase investment properties?
Yes, commercial mortgages can be used to finance investment properties such as apartment buildings, retail centers, and industrial complexes.
What documents do I need to provide when applying for a commercial mortgage?
Commonly required documents include property financials, business financial statements, tax returns, rent rolls, and a business plan or property pro forma.
Do I need to personally guarantee a commercial mortgage?
Depending on the lender and the borrower’s financial strength, personal guarantees may be required, especially for small businesses or startups.
What are the repayment terms for a commercial mortgage?
Repayment terms vary but typically include monthly payments of principal and interest based on an amortization schedule over the loan term.
Can I get pre-approved for a commercial mortgage?
Yes, many lenders offer pre-approval for commercial mortgages, providing you with an estimate of the loan amount you qualify for based on your financials.
What are the closing costs associated with a commercial mortgage?
Closing costs for commercial mortgages may include appraisal fees, legal fees, loan origination fees, title insurance, and property insurance premiums.
What happens if I default on a commercial mortgage?
If you default on a commercial mortgage, the lender may initiate foreclosure proceedings to recover their investment, potentially leading to the sale of the property.