Securing a mortgage can be one of the most difficult and time-consuming challenges a businessperson can face. Whether you're a veteran or just starting out, Aero Mortgages can be your best business resource, saving you both time and money.

At Aero Mortgages, we strive to make your borrowing experience as fast and easy as possible. With that in mind, we've compiled a list of the most commonly asked questions when shopping for a commercial mortgage. If you have other questions, email us and we will get you answers as soon as possible. When you're ready to apply for your mortgage, just click Apply Online Now! to start the no obligation, online application process.

1. What is a commercial mortgage?
2. What is the mortgage broker's role?
3. How is the mortgage broker paid and what are the fees?
4. With whom is the financing arranged?
5. How is the property valuation determined?
6. What information do I need to provide to apply for a commercial mortgage?
7. How long does it take to process the mortgage application?

1. What is a commercial mortgage?

A commercial mortgage is a mortgage on any non-residential property. Examples include office buildings, apartments, industrial warehouses, shopping centres, hotels, motels and restaurants.

2. What is the mortgage broker's role?

Raising money for commercial purposes can be a time-consuming and costly exercise. If you are looking to acquire new premises, purchase land or build your own commercial premises, Aero Mortgages can provide invaluable expertise and contacts in addition to being time- and cost-effective.


3. How is the mortgage broker paid and what are the fees?

The borrower pays all fees for commercial mortgages. Generally, a 50% deposit is required with the application while the remaining 50% is payable after the advance of funds.



4. With whom is the financing arranged?

The mortgage broker secures and negotiates all financial aspects of the deal. Aero has access to a large pool of conventional lenders (banks and trust companies), private lenders, pension funds, real estate syndicates, life insurance companies, and foreign banks.

5. How is the property valuation determined?

A mortgage underwriter or real property appraiser performs inspections and analysis of data.


6. What information do I need to provide to apply for a commercial mortgage?

   Every loan may require its own specific information, but usually will include:

• Borrower's name and address
• Property type
• Square footage
• Usage description
• Planning permits
• Stamped building plans
• Building contracts
• Rent roll
• Pro forma income and expense statement
• Financial statements
• Tax returns
  



7. How long does it take to process the mortgage application?

Aero takes pride in providing prompt mortgage processing. Commercial mortgage approvals take approximately one week from the time all pertinent information is received. Funding is usually available two weeks after approval.