Commercial Mortgages in Edmonton
When it comes to commercial mortgages, there is no one-size-fits-all solution. Each property type has its own unique set of challenges that must be addressed in order to secure financing.
For example, office buildings typically require a higher loan-to-value ratio than other types of commercial properties due to the higher risks involved. Additionally, the lease terms for office space can be much shorter than for other types of commercial space, making it more difficult to secure long-term financing.
Retail properties, on the other hand, typically have longer lease terms and may be eligible for government-backed loans. However, the loan amount may be limited based on the value of the property.
Industrial properties can be difficult to finance due to the specialized nature of the space and the equipment required. However, there are a number of government-backed loan programs that can provide financing for these types of properties.
Multi-family properties may be eligible for a variety of different types of loans, depending on the size and location of the property. However, these loans are typically only available to experienced investors.
Each type of commercial property has its own unique set of challenges when it comes to securing financing. However, there are a number of different options available that can provide the financing you need. Work with a commercial mortgage broker in Edmonton to explore all of your options and find the best solution for your needs.
What Kinds of Properties Are Included?
There are many different types of commercial mortgages, and each one can be used for a different type of property. Some of the most common types of commercial mortgages include self-storage facilities, car washes, theme parks, bowling alleys, marinas, theaters, funeral homes, community centers, nursing homes, and churches.
Commercial mortgages can also be used for office buildings, industrial properties, multi-family homes, and mixed-use commercial properties. Raw land, including infill land, greenfield land, and brownfield land, can also be purchased with a commercial mortgage. Hotels and motels of all classes are considered commercial properties, so there is a wide range of possibilities when it comes to using a commercial mortgage.
Why Consider Commercial Mortgages in Edmonton?
Commercial mortgages in Edmonton can be a great way to finance the purchase or expansion of your business. Here are some things to consider when deciding if a commercial mortgage is right for you: