Benevolent Bancorp is proud to serve as Surrey’s mortgage broker. Our team of experts are here to help you build a solid financial foundation so that you can live the life you’ve always dreamed of. We can provide you with flexible solutions that can meet your individual financial needs.

What Is A Commercial Mortgage?

A commercial mortgage loan refers to a mortgage taken out on commercial real estate instead of residential real estate. Usually the borrower is a company or business instead of an individual.

The business can be either a partnership, limited company or incorporated. The business that applies for the mortgage will be the primary applicant. The subject property primarily has to qualify. If the subject property does not meet the debt ratio requirement, then the lender will look towards the business or the individual that is buying the commercial property.

Getting approved for a commercial mortgage can be an arduous process because checking the creditworthiness of a business is complex. Commercial mortgage rates are also a slightly higher than residential rates.

What Criteria Are Required To Be Approved For A Commercial Mortgage?

Just like individuals need to prove their creditworthiness, so do companies when applying for a commercial mortgage.

• Lenders will check your creditworthiness in the long term.
• If you are able to put down a big down payment for the purchase of the commercial property, then lenders will be more likely to approve you.
• You will also need evidence that your business is secure and profitable, or will be in the future. You should aim to provide your potential lender with evidence supporting your financial projections.

Your mortgage broker will allow you to compare rates more effectively than if you were on your own as these rates are not typically advertised and terms and conditions between lenders can vary greatly.

Any commercial mortgage broker will usually deal with office, industrial, retail and rental apartment properties, and they can connect you with lenders in the area of interest. They will also help you assess the risk associated with that individual property.

Contact Benevolent Bancorp today for more information about your commercial mortgage in Surrey.