What is a commercial mortgage?
Unlike traditional residential mortgages, commercial mortgages often come with more stringent requirements and unique terms. Banks may be more hesitant to lend for mixed-use properties, non-owner-occupied buildings, or properties without a long financial history.
At Graysbrook Capital, we understand these challenges. We offer flexible commercial mortgage funding up to $1 million, based on your experience, financial success, and the property’s history. Let us help you secure the financing you need.
About private commercial mortgages:
These loans offer quick access to capital for short-term projects, funding up to 65% of a property’s value and projects up to $1 million. While interest rates and fees are higher than traditional bank loans, they provide flexibility and speed that banks often cannot match. Our loans are fully open with no prepayment penalties, and even New Canadians with limited Canadian credit history may be eligible. Terms, costs, and conditions vary, and we work with your mortgage broker to find the option that works best for you.
Frequently Asked Questions for COMMERCIAL MORTGAGES
I got turned down by a traditional lender, can I still get approved with a private lender?
Private lenders can offer more flexibility, as they don’t need to follow the same strict requirements as a traditional lender. If you have equity (cash, investments, or property), you may qualify, even if turned down by a traditional lender.
What if I have bad credit?
Graysbrook Capital will assess your complete financial health including your home equity when processing your loan application. Credit is not the primary deciding factor leading to loan approval.
What kind of commercial projects have you funded in the past?
Examples of commercial projects include funding for an entrepreneur building a 12 unit apartment building, a developer building a 6 unit garden home complex for resale or rental, etc.
How do I apply for a commercial mortgage?
Contact us for mortgage broker partner recommendations in Atlantic Canada and Ontario to get started!
How much can I get with a commercial mortgage?
The amount you can borrow will depend on the property, your equity and credit history. We also consider your current financial situation when determining the amount you are eligible to borrow.
What happens if I can’t repay my loan?
If you are unable to repay your mortgage, you may be required to sell your collateral to repay the debt. This could put you at risk of losing your home or other assets. Before taking out a mortgage, be sure to consider all of the potential risks and disadvantages.