In order to secure funding for larger properties like manufacturing plants, factories, warehouses, storage units and workshops, an industrial mortgage is required.
Whether you are looking to buy into an existing business or looking for a new location for your current business, you can’t just buy an abandoned building or takeover one that’s in use.
Industrial mortgages provide funding specifically for the purpose of purchasing buildings such as:
Industrial mortgages are specially designed for larger spaces where products are manufactured, but not sold. Often, people confuse industrial mortgages with commercial ones but they do differ slightly.
Commercial mortgages can have housing units in them. For example, a corner store with apartments on top can be considered a commercial mortgage, whereas an industrial complex cannot have anyone living in it.
To get an industrial mortgage you will need to have the following items:
Luckily, the only broker you will need to meet with is a mortgage broker. An adept mortgage broker can find the right industrial mortgage for your particular property. The key is to finding the perfect lender to suit your needs.
An experienced mortgage broker will not only place you with the right lender, but they will help you get the most of out your mortgage. Lenders can be fussy when it comes to industrial mortgages because these buildings aren’t owner-occupied and typically require more funding than average mortgages. Moreover, not all lenders offer industrial mortgages, which is why you should meet with the broker instead of going door-to-door (so to speak) to different lenders to see what they offer. Working with a mortgage broker can save you time, money and headache.
Apply now to secure funding for your industrial property. The right mortgage is out there, and a good broker will find it for you without a fuss.Back
Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).
Everyone who is looking to purchase a home will need a mortgage. But, what is a mortgage exactly and why do you need it? Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.
There is a massive difference between mortgages and home equity loans. Read More
The Bank of Canada had hiked the interest rates on three separate occasions over the past eight months. Read More
Many first time home buyers have heard the term “mortgage insurance” but may not understand what it is and why it’s necessary to have. Read More
For new homeowners, or for those looking to renew a lease, rising interest rates will have an effect on your finances. Read More