Mortgage Prime Commercial Mortgages

Commercial Mortgages

Purchasing a commercial property is much more complicated than a residential property requiring a more extensive mortgage underwriting process.

Instead of using “Income” to approve a residential mortgage, in a commercial mortgage Lenders usually require a minimum debt service coverage ratio* which typically ranges from 1.1 to 1.4; the ratio is net cash flow (the income the property produces) over the debt service (mortgage payment).

However, if the borrower has a strong personal income , lenders can use that as well to qualify the mortgage application.

* debt service coverage ratio : The debt service coverage ratio (DSCR), also known as “debt coverage ratio,” (DCR) is the ratio of cash available for debt servicing to interest, principal and lease payments.

Again the four basic underwriting criteria are used to adjudicate a commercial loan as well.

Commercial Down Payment And Equity

Your Mortgage broker should be completely familiar with each lender’s underwriting guidelines to save you time, money and difficulties you may encounter to get your mortgage application approved and eventually funded. We get the best-priced and best-structured mortgage for our clients.

So rather than shopping at multiple financial institutions and negotiating with each financial institution and arm wrestling them to give you the best deal, it’s one phone call and we do the rest for you.

As your mortgage broker we have extensive knowledge of the lenders’ criteria , which could be very different for different lenders. We are closely in touch/connected with more than 50 lenders to find the best solutions for our clients.

By submitting your application to the right lender , we would get you the best mortgage in terms of rate, amount , term and amortization.

Online Application

Fill the application below

Mortgage Details

Purpose of Loan:*

Value of Home:

Mortgage Amount Required:

Approx Date Funds Required(MMDDYYYY):*

Personal Information - Applicant 1

Identification

Title:

First Name: * (required)

Last Name: * (required)

Initial

Date of Birth: * (required)

SIN#:

Home Ph.#*

Work Ph.#*

E-Mail Address: * (required)

Number:

Street Name:

Street Type:

Street Dir:

Unit:

City/Town:

Province:

Postal Code:

Residential Status:

Monthly Rent Payments:

Present Employer

Occupation Type:

Name of Employer:

Industry Sector:

Employer Address:

Number:

Street Name:

Street Type:

Street Dir:

Unit:

City/Town:

Province:

Postal Code:

Length of Employment(YYMM):

Years in Line of Bus:(YYMM):

Annual Income:

Type of Income:

Other Income Source:

Other Income Amount:

Notes for application 2:

Personal Information - Applicant 2

Identification

Title:

First Name:

Last Name:

Initial

Date of Birth:

SIN#:

Home Ph.#

Work Ph.#

E-Mail Address:

Current Living Address(Applicant 2)

Number:

Street Name:

Street Type:

Street Dir:

Unit:

City/Town:

Province:

Postal Code:

Present Employer(Applicant 2)

Occupation Type:

Name of Employer:

Industry Sector:

Employer Address:

Number:

Street Name:

Street Type:

Street Dir:

Unit:

City/Town:

Province:

Postal Code:

Length of Employment(YYMM):

Annual Income:

Type of Income:

Other Income Source:

Other Income Amount:

Notes for application 2:

Financial Information:

Assets

Type

Where/Financial Institution(s)

Amount/Value

Cash in bank

Deposit on property being purchased(if applicable)

Automobile: Present value

Value of present home(if owned)

Investment/vacation properties

Stocks, bonds, Mutual funds etc.

RRSP's.

Other Assets

Total

Liabilities

Type

Where/Financial Institution(s)

Balance Owing

Monthly Payment

Bank Loans

Credit Cards

Owing on Automobile

Amount owing on first mortgage

Amount owing on second mortgage

Mortgage number of first mortgage

Finance company loans and other debts

Alimony/child Support

Total

Net Worth(Total Assets - Total Liabilities = $

Note to broker: (Max 200)