As a licensed mortgage broker in Ontario I sometimes get involved in the financing of commercial properties. I usually do this as a convenience to my Martel clients rather than focus on financing as a main business line.

Point 1 : Talk to your bank first. Most clients have an existing banking relationship with a branch that knows them. Start there as they are likely to provide the best rate and terms.

Point 2 : Commercial mortgages generally use risk based pricing, no two loans are alike. Risk factors include borrower strength, track record, credit rating, location, condition of building, legal use of building, potential alternate uses of building, loan to value ratio, debt service coverage, etc.

Point 3 : If you use a mortgage broker be prepared to pay a brokerage fee on top of lender and other fees.

Point 4 : Generally loan to value will be below 75%, unlike many residential loans. Be prepared for downpayments of 30% or more.

Call me for a private consultation on your specific situation.