Commercial Mortgages Abbotsford
Mortgage Brokers in Abbotsford, British Columbia
In Abbotsford, BC, Commercial mortgages let company owners borrow money required to buy property for their business. Similar to a residential mortgage, the money is borrowed from a bank or professional lender and repaid in monthly installments with interest. While business owners generally use commercial mortgages to possess the premises where their business is based. Investors can also use commercial mortgages to buy a property to lease to another company or a residential property owner who wants to purchase multiple properties and rent to tenants.
You can get a commercial mortgage from lenders that offer residential mortgages, such as trust companies, banks, and private lenders who give their money into mortgages. The interest rates for this type of mortgage are usually higher on this form of financing than this residential home mortgage. You have an option to get lower interest rates for commercial mortgages on first mortgages covered by a third-party mortgage insurance policy from a firm like the CMHC. CMHC specializes in mortgage insurance and does not offer other more conventional insurance such as life insurance or auto insurance.
Some of the benefits of a commercial mortgage:
- Commercial property mortgages have lower interest rates than other unsecured borrowings.
- Owning your commercial premises provides your business with stability.
- With a commercial mortgage, you get the flexibility.
- Substantial capital gain can be made when you buy a commercial property.
- You can rent out the surplus space to earn extra income if you have any additional space on your property.
How can we help?
Applying for a Commercial Mortgage requires more skill, time, and documentation than a residential mortgage. With the help of an experienced and skilled professional mortgage broker from Anchor Mortgages Canada LTD., looking for the right commercial mortgage can be simple. We will give you tailored mortgage solutions specially made to deliver to your requirements and goals. Our commercial brokers will be committed to providing you with the highest customer service and getting you approved for a commercial mortgage loan quickly and hassle-free.