Industrial mortgages are usually arranged on Industrial Malls, Industrial Condominiums, Warehouse Buildings, Plants and Industrial Parks.
The challenges as they relate to obtaining an industrial mortgage are because industrial mortgage financing calls attention to the nature of the property usage, zoning, environmental impact, and location. You can also visit pekoe.ca/ to get a low mortgage rate.
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Generally, when attempting to obtain an industrial mortgage in Toronto you will need:
- Property location and specifications
- Building appraisal and property survey
- Relevant industrial experience
- Credit history
- For an existing business, the previous two years of accounts
- For a new business, a comprehensive business plan detailing income projections
- Environmental reports
- Legal clearances
- Proof of tenants or tenant leases
If you cannot satisfy one or more of the above-noted requirements and you have a good Commercial Mortgage Broker you should be fine. Mortgage Brokers who specialize in industrial mortgages and commercial mortgage finance in Toronto generally have access to AAA lenders as well as private lenders who can be called upon in a situation where issues arise.
The key is to be prepared if you plan to seek out an industrial mortgage. Here are some steps you can take to ensure that you are successful:
1. Establish a relationship with an experienced Commercial Mortgage Broker (even if you are a general Mortgage Agent or Broker) – they will be able to apprise you of what will be needed to get your deal done and will ensure a smooth mortgage closing.
2. Make sure you have your ducks in a row. The more conditions that you satisfy in terms of what an AAA lender will be looking for, the higher the likelihood that you will get the most competitive deal.