Why You Need a Broker for Commercial Mortgages in Ontario

By : Radu Arvatescu

If you’re shopping for commercial mortgages in Ontario, you’ll have more success with professional representation. You don’t need to be a large corporation to leverage the legal, fiscal, and mortgage market skills of experts. A local broker can offer comprehensive services that save time, money, and headache.

With so many viable and user-friendly lending options in the residential market, the average person isn’t familiar with how brokers work. In a commercial transaction, you’ll find that a broker becomes one of your most valuable assets.

A broker should be considered essential when purchasing a commercial mortgage, and here’s why…

To Save Time on a Mortgage Application

Consider the steps that are involved when applying for commercial mortgages in Ontario. You would start by comparing different lenders and the packages that they offer. Most lenders don’t disclose rates or terms online, so each bank becomes a phone call. By the time you’ve compared just a handful of your options, you’ve spent at least a day of your time, and you haven’t even sent an application yet.

With a broker, you don’t search for lenders. Acting as a liaison, your broker will determine the best packages for your needs and present them to you. Based on your profile, the broker will know the best lenders to approach. They will gather terms, rates, fees, and you’ll get all your options in an easily digestible format.

When it comes to the application, your broker will tell you exactly what you need to provide, check your submission, and process it with the lender.

In these steps alone you’ll cut out some of the most difficult aspects of applying for a mortgage.

To Access the Best Rates on Commercial Mortgages in Ontario

Rates for commercial mortgages in Ontario can vary from lender to lender. Several factors will be used to determine the rate you are offered. Your business income, projected growth, market size, credit history, and assets will all be considered.

Your broker can go beyond finding you the best rates and fees. They can also work with you to make your application more attractive. This in itself could result in a lower cost of debt when compared to going direct to a lender.

Your broker will be honest with you and could recommend some steps that you might consider before proceeding with an application. If there are problems with your credit history or current finances, some short-term improvement might be in order. Paying down debt and clearing incorrect records from your history could result in a more favourable mortgage.

When you choose to work with a mortgage broker you will gain insights that aren’t otherwise available. This can dramatically increase your success rate when applying for commercial mortgages in Ontario.

Don’t Waste Time When Applying for a Commercial Mortgage

Whether you need commercial lending for a rental property, a location for your business, or even a whole new property development, a broker will always bring the greatest chance of success.

The mortgage marketplace can be complicated. Direct lending from large institutions is not designed to be simple for the average small business or even medium enterprises. Commercial mortgage brokers simplify, improve efficiency, and drive favourable outcomes.

Consider working with a broker as you plan your next project. The advantages outweigh any additional fees, which you will find is more than reasonable when compared to the alternative.

To book an appointment to discuss your needs and learn more about how Mortgage Capital Investment can help you, call +1 289-800-4840 or email info@mcinvest.ca.