Commercial & Industrial

A commercial mortgage is a loan taken out on commercial real estate (as opposed to residential) with the property as collateral. The borrower is generally a company or business as opposed to an individual and the business may be either a partnership, limited company or incorporated. Consequently, assessing credit history is more complicated with this type of mortgage. You can also expect commercial mortgage rates to be significantly higher than residential rates due to the increased risk.

Types of properties

There are a number of properties that can be classified as commercial properties. It is important to identify exactly what type of property you are looking to finance. Residential real estate can be financed under a commercial mortgage if it is purchased as an investment property. This can fall into one of these categories.

  • Residential apartment with 5 or more units
  • Residential Commercial Mixed units

There are a number of other properties that fall under a commercial mortgage. You would consider a commercial mortgage if you are looking to finance an office, retail or industrial property.

Expected time frame

Residential mortgages usually take around 90 days to close, but could close as soon as 2 to 3 weeks. On the other hand, commercial mortgages take much longer and could take anywhere from 60 days up to a year.

Types of Commercial Mortgages

  • Storefront with Apartments/ Residential Commercial (Mixed) Individuals
  • Multi-family residential (5 or more units)
  • Commercial plaza mortgage
  • Office mortgage
  • Industrial mortgage
  • Farm land mortgage

For commercial mortgages, it can be difficult to compare rates as lending criteria are not typically advertised and terms and conditions can differ greatly. At Amazon Mortgage Centre, we work with you to determine what type of mortgage product best suites your need. We work with a number of commercial lenders as such we’re able to device the best package to achieve your goals.

Office Buildings
Retail/Office Condominiums
Multi-Residential
Mixed Use
Industrial/Warehouse
Gas Station
Farm Land