U Wealth Financial
Commercial Mortgages, Land Loans, Construction Mortgages, Business Loans
U Wealth Financial
Commercial Mortgages, Land Loans, Construction Mortgages, Business Loans
Commercial Mortgages
Commercial Mortgages
Land Loans & Construction Loans
Land Loans & Construction Loans
Purchase, Refinance, Renovation, Switch
Land Loans & Construction Loans
Land Loans & Construction Loans
Land Loans & Construction Loans
Acquisition/Assembly, Servicing, Construction, Conversion
Business Loans
Land Loans & Construction Loans
Business Loans
Acquisition, Operation, R&D, Expansion
Commercial Mortgage vs. Residential Mortgage
Differences that matter when applying for a commercial mortgage:
- The collateral for commercial real estate loans (commercial mortgages) is various types of commercial real estate; the collateral for home loans (residential mortgages) is residential real estate. However, residential real estate with more than 4 units is also considered commercial real estate, and the loans available for them can only be commercial mortgages.
- Applicants for residential mortgages are generally individuals and families; applicants for commercial mortgages are generally legal entities, i.e., companies or enterprises, and sometimes partnerships and trusts. For an individual to buy and/or hold commercial properties, it is recommended (oftentimes required) to register a holding company.
- The approval metrics of commercial mortgages are different from those for residential mortgages, and the turnaround time is relatively longer.
- Commercial mortgage rates are generally higher than those concurrent residential mortgage rates for the same period, but not always though.
- All the costs associated with commercial mortgage applications, even the lender's legal fee, are borne by the applicants, while applicants for residential mortgages generally only need to bear part of the costs.
- There are huge differences among commercial properties, and so are the application and approval of commercial mortgages secured by different types of commercial properties. For example, the loan approval for a hotel is completely different from that for an apartment building.
How to Get a Commercial Mortgage
Consultation
Consultation
Consultation
- Identify your mortgage needs & financial goals;
- Find out what you need to apply for a commercial mortgage, land loan, or construction mortgage
Preparation
Consultation
Consultation
- Offer to purchase or Cost budget for renovation;
- Set up a company & its ownership structure, if not already in place;
- Get ready corporate financial statements and other documents
Application
Consultation
Application
- Submit application;
- Provide documentation;
- Go through the approval process;
- Get a term sheet/LOI;
- Meet conditions such as appraisal;
- Get final approval
Commercial Mortgage Calculator
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U Wealth Financial Ltd.
#170-422 Richards Street, Vancouver, British Columbia V6B 2Z4, Canada
Hours
Monday - Friday: 9am - 5pm
Saturday: By appointment
Sunday: Closed
Commercial Mortgage, Construction Mortgage
Vancouver, Richmond, Burnaby, Surrey, Victoria, Kelowna, Kamloops, Maple Ridge, Langley, Coquitlam, Nanaimo, Sunshine Coast, and more
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