Secure your business’s future with our Commercial First Mortgage solutions. Take advantage of our affordable interest rates, adaptable terms, and individualized approach to reach your full potential.
As the initial lienholder on a property, a first mortgage is a particular kind of loan. Therefore, the first mortgage would take precedence over any additional liens or mortgages in the case of a foreclosure or property sale. Real estate for homes and businesses both have to take this into consideration.
A loan used to finance commercial properties like office buildings, shopping malls, factories, or complexes housing multiple families is known as a commercial first mortgage in the context of commercial mortgages. Due to the fact that it was the first loan to be secured by the property, it is given priority over any ensuing liens or mortgages that might be put on it.
A first mortgage provides lenders with a higher level of security. By holding the first lien position, lenders have priority in recovering their investment if the borrower defaults or if the property goes into foreclosure. This assurance enables lenders to offer more favorable terms to borrowers, including lower interest rates.
Commercial first mortgages offer businesses attractive terms tailored to their specific needs. Loan amounts are typically based on a percentage of the property's appraised value, allowing borrowers to access the capital required for property acquisition or refinancing. The terms and interest rates are negotiable, ensuring a mutually beneficial agreement between the lender and the borrower.
Lenders carefully assess various factors when offering commercial first mortgages. They evaluate the borrower's creditworthiness, the value of the commercial property, and its income-generating potential. This comprehensive assessment helps determine the loan amount and the terms that align with the borrower's financial situation and the lender's risk tolerance.
Commercial properties serve as collateral for first mortgages. Borrowers pledge their commercial property to secure the loan, providing additional assurance to lenders. This collateralization allows lenders to mitigate the risk associated with the loan and provides a tangible asset that can be sold to recover the outstanding debt in the event of default or foreclosure.
Commercial properties may have junior or subordinate mortgages or liens in addition to the first mortgage. These subsequent mortgages or liens have a lower priority and are paid off after the first mortgage in the event of foreclosure or property sale. The order of priority is determined by the date the mortgage or lien was recorded, providing a structured framework for debt repayment.
Navigating the commercial mortgage landscape can be complex, but with Quick Funding Corp your side, you’ll have
2810509 Ontario Corp. O\A Canadian Capital Financial Services (CCFS), Lic#13367; Chief Executive Officer: John (Adam) Watson, Lic# M21001051; Principal
Broker: Peter F. Holgate, Lic# M08001212; Mortgage Originator: Rick Gandhi, Lic# M220000716; Each office is independently owned and operated.
Address: 10 Kingsbridge Garden Circle, Ste. 803 Mississauga, ON L5R 3K7
