$9,000 almost cost a client their new construction home

It doesn’t happen often but sometimes we get to the last days of a deal when all of the pieces can be broken a part by one small unforeseen change. Recently we helped a client purchased a newly constructed townhouse with a well known builder who at the last moment had one of these unforeseen changes happen. The client needed a mortgage that was equal to 80% of the purchase price and had the remaining 20% in cash as their down payment. One of the items the bank had requested was an appraisal Continue reading “$9,000 almost cost a client their new construction home”

Minimum down payment for commercial mortgages

“How much is the minimum for a downpayment on a commercial purchase? 20% down?”

We get this question a lot. There are many different ways to answer this question. Generally speaking, if a borrower has a strong net worth statement and collateral security a bank or lender may be prepared to lend more than 80% of a property value Continue reading “Minimum down payment for commercial mortgages”

Where do I start?

It is not unusual for someone to contact us with the question: “Where do I start?” or “I need to know a few things about commercial mortgages”. Commercial mortgages come in all different shapes and sizes and unlike residential mortgages, each transaction is approved on its own merits and the interest rate and fee for the approval will be different for each mortgage as well. This can be frustrating for commercial mortgage clients. Some of the questions we get include:

– how much down payment do I need?
– what documents will I need to give to the bank?
– how much income do I need to prove?
– can I get a pre-approval?
– I want to buy a property but don’t know when to make the offer?
– what will the interest rate be?
– can fees be included in the mortgage?
– how long will it take?

To answer the questions above, someone has to look at what you have and provide you with direction so you know how to move forward. We have different services that assist clients with these challenges. We have a Bridge Capital MAP that will provide you with the basic outline of a commercial mortgage and what is required. If you have a deal you want to have someone review for you our Options Package might be your best option. For those borrowers that really don’t want to pay a broker a commission but need help presenting their deal to a bank or lender we have a Discussion Document service that will structure your transaction and put it in a format that will allow banks and lenders to understand what you are looking for.

Brokers are important but sometimes you don’t need a broker – you need information. Please visit www.bridgecap.cato learn more about how we can help.