Team Zanet - Mortgage Brokers Serving Windsor and Essex County

Mortgage

Everything You Need to Know About Commercial Mortgages

As a business owner, you have to be on top of many things. Hence, the last thing you need is to worry about the rising costs of renting your commercial property. Unfortunately, we see it all the time: busy professionals like yourself are growing their business and have no idea how to contend with the crazy costs of leasing a commercial space. 

If you find yourself in a similar situation, this article could serve as your guide on everything you need to know about commercial mortgages, how to qualify for them, and the biggest reasons why you need to hire a broker when applying for one. 

What Constitutes a Commercial Mortgage Property 

It’s tough to understand what a commercial mortgage is without first knowing which properties it can apply to. Commercial mortgages are a special type of loan that applies to office spaces, apartment buildings, multi-family residential complexes, and similar commercial properties. 

If you use your property mainly to conduct business, it’s highly likely that it can be considered a commercial property. Assuming you don’t occupy your building as a resident or for non-business purposes, it’s probably eligible for a commercial mortgage. Our experts at Axiom Mortgage Solutions can also help you confirm if your property is a commercial property and can advise you on whether a commercial mortgage is right for you.

How to Qualify for a Commercial Mortgage

One of the most common questions we get is whether a specific property qualifies for a commercial mortgage. There are a lot of considerations when it comes to commercial mortgages, and knowing whether or not your property qualifies for it can quickly become confusing. 

To start, consider how much space your business occupies in your commercial building. A good rule of thumb is that if your business occupies the majority — or at least 51% — of a commercial building’s floor area, it’s typically eligible to receive a commercial mortgage. Conversely, business owners who occupy less than the majority of the property space wherein they conduct business should instead look into options for investment property loans.

Why Hiring a Broker is Essential

Once you’re sure that your property qualifies for a commercial mortgage, it’s time to start your application process. Tons of lenders provide mortgages for commercial properties, and it’s imperative that you settle on one whose mortgage rates make sense for your needs and budget. That’s where hiring an experienced brokerage firm comes into play. 

When you work with an experienced mortgage broker, you don’t need to worry about relying on a sole lender or bank to navigate your approval process. After all, applying for commercial mortgages takes time, so it makes much more sense to team up with a mortgage broker who can help you apply to more than one bank or lender and maximize the odds of your loan getting approved. It’s essential to work with a broker who can help you obtain funding for your loan so that you walk away with the best possible deal for your budget.

Apply for a Commercial Mortgage Today

Figuring out whether you qualify for a commercial mortgage and navigating the application process can seem daunting, to say the least. However, with the expertise of mortgage professionals like our experienced team at Axiom Mortgage Solutions, you can feel confident that you’re getting the best deal possible for your property’s mortgage. 

If you’re doing business in Essex County, Tecumseh, Windsor, or Leamington and are searching for experienced, independent mortgage brokers who can do the mortgage shopping for you, our experts at Axiom Mortgage Solutions have you covered. 

Start your search for affordable and comprehensive commercial mortgages today by giving us a call at 519‑735‑1440 for our Tecumseh location, 519‑326‑4978 for our Leamington location, or by getting in touch with us on our online contact page.

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Call today to schedule your consultation: (519) 735-1440