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Commercial mortgage brokers Toronto: What you need to know

by Taylor Pipe on 08 Apr 2021

If you're looking to secure a mortgage for commercial property within Toronto, Ontario, seeking the advice of a commercial mortgage broker can help you navigate the complicated world of interest rates, financing, and the complex Canadian real estate market. It also allows you to gain a competitive edge over other prospective buyers looking to get their hands on the same commercial properties as you.

For those looking to invest in commercial real estate, working with a mortgage brokerage is crucial to getting the best commercial investment property for you, your business, and your goals.

Using a mortgage broker for real estate investments

A mortgage agent can help you navigate the tricky mortgage process in Canada. A mortgage broker can assess your unique needs and business goals to help find you a mortgage with low rates. Better yet, mortgage brokers work with a variety of lending partners across Canada to find the best commercial mortgages for investors.

They work with big banks, trust companies, and credit unions to provide clients with the best deal possible for their Canadian mortgage. In addition, mortgage brokers can help find you a mortgage with a lower interest rate than other major banks would be able to offer since they work with a variety of lenders.

Mortgage agents use their network of connections to help find investors the best mortgage rates for them. Depending on the type of mortgage loans you're looking for, these mortgage industry professionals are able to secure ideal financing options for your investment property.

mortgage broker for real estate

Finding the best brokers

If you're looking to find the best broker for you, here are some tips and things to research beforehand:

Researching your options

Doing a bit of research can go a long way when finding a reliable mortgage broker. It'll give you an idea of the level of customer service provided and the broker's ability to find mortgage solutions for their clients. All brokerage agents should have reliable reviews on their websites that can speak volumes about the service they provide and financing solutions offered.

In addition to researching mortgage brokers, take time to look up different rates from a variety of lenders to give yourself an idea of what to expect and if your broker is actually giving you the best deals possible.

Meeting with a broker

When you meet with a mortgage agent or broker in Canada, take advantage of the opportunity to ask questions that ensure their team is aligned with your goals. Talk to your agent about terms and conditions surrounding commercial properties and rate variables. Remember that they want to be the one to provide you with a perfect commercial mortgage and help you find the perfect income-producing investment property.

Broadening your search

It's important to speak with more than one mortgage broker as you want to find the best one to help you with your mortgages. There are a plethora of Canadian mortgage brokerages based in and around Toronto, and each one can do something different for you and your investment searches. At the end of the day, mortgage brokerages are businesses and have to sell themselves to their clients. Make the most of it and find agents that work best for you.

Finding the best brokers

Utilizing your commercial mortgage brokerage

Commercial mortgages work a little differently than residential mortgages. In Ontario, one of the key differences between commercial and residential mortgages is that your personal income isn't necessarily taken into consideration with a commercial mortgage. This means you can be the owner of a property that's geared toward business owners, but you may have to pay a higher down payment.

The role of a commercial mortgage brokerage is to provide you with the best opportunities. Since you're not looking to buy a home, the options are generally more plentiful. Mortgage brokers can also help you with filling out paperwork like page-long environmental reports and building condition reports. These reports are needed to ensure commercial buildings on the market are all up to standard before selling, but they can often be confusing, so it's best to have a broker explain every part of the paperwork to you before you sign the dotted line.

The other main perk of working with mortgage agents in Canada is that they know when land is being repurposed and structures are being built. They can help you come up with construction financing options that meet your needs. They really put effort into helping you find the perfect investment properties, whether they're fully erected buildings, or in the pre-construction phase.

Top mortgage brokerages in Toronto

If you're looking for top agents at a decent rate that can provide quality mortgage loans, excellent customer service, and find you great mortgage rates in Toronto, Ontario, look into some of these top brokerages:

Sherwood Mortgage Group

Sherwood Mortgage Group provides residents in Toronto (and across Canada) access to a team of professional commercial mortgage experts. They help clients with standard financing requests and specialized commercial mortgages for institutional properties. Even though they're leaders in Toronto, they're also equipped to offer mortgage solutions to the surrounding areas like Vaughan and the Greater Toronto Area. Give these agents a call to land a great deal on mortgages.

Mortgage Alliance Commercial Canada

These commercial mortgage specialists help find you income-producing properties with competitive mortgage rates. They provide financing up to $1 million and work to get clients a low interest rate they can feel 100% comfortable with. They work to provide commercial mortgages to potential business owners and investors across Ontario and Canada. Call this incredible firm to learn more about their commercial mortgages.

Clover Mortgage

Clover uses its network of brokerage professionals to make it easy for lenders to apply for and get approved for mortgage loans. They provide low mortgage rates to borrowers and convenient financing on your commercial property. This company focuses not only on commercial mortgage brokerage but also on residential mortgages for buyers who also want good deals on a home. In addition, Clover provides debt consolidation and other mortgage solutions. If you're interested in their services, give them a call.

Top mortgage brokerages in Toronto

Landing commercial mortgages

There are certain criteria a lender needs to meet in order for lending companies to provide loans. Lenders typically look for things like a good credit score, the current status of your business, and cash generation to cover loan payments in case your business doesn't work out. You may also be required to provide a down payment of up to 50% of your property. These are all contributing factors toward whether you're ready to take on the role of being a commercial property owner along with all of the debt and terms it entails.

As a business owner, it's important to find the right properties and land for your businesses to call home. To find the property that best suits your needs, consider zoning and any enhancements that need to be made, and also consider tax rates that depend on certain areas. One of the big things to remember is to allow room for future business growth!

Working with agents

When it comes to getting the best deals on commercial mortgages, at least consider consulting with professional mortgage agents. At the end of the day, they're working to get you a great commercial mortgage with low monthly rates so that you can focus on building your business. They help negotiate the terms of your mortgage and help you cut through red tape to figure out all the information you need about different buildings and financing. With the help of a mortgage brokerage, you could open up that coffee shop you've always dreamed about!

If you're looking for friendly customer service and deals on the best commercial mortgages then consider working with mortgage brokers for your next investment endeavours. It can only help to have professionals on your side with knowledge of the Canadian real estate landscape and all it has to offer. All brokers have a similar vision in mind - getting you the best deals. They want to see your business thrive as much as you do and will help you with finding the best options for your property in Toronto, Ontario, and across Canada.

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