A commercial mortgage starts with the building and its income. The lender wants the leases, the business context, occupancy, expenses, value, and your ability to pay if a tenant leaves.
Read the property income
Leases, expiry dates, rents, expenses, vacant space: that’s the first read on risk. A building with a single tenant isn’t read like a diversified one.
The lender may also ask for financial statements, tax returns and management history.
Expect more documents
Commercial appraisal, environmental reports, full leases, taxes, insurance, income statements. The file can get thick, and timelines usually run longer than on a residential file.
Property documents to request
| Property | Document | Risk checked |
|---|---|---|
| Condo | Syndicate and insurance documents | Fees, reserve and building risk. |
| Plex or rental | Leases and expenses | Income that can be used. |
| Cottage or commercial | Appraisal and property details | Use, access and lender comfort. |
In commercial lending, the rate comes after proof that the building can carry its debt.
Compare loan structure
Down payment, amortization, term, guarantees, fees, repayment clauses: all of it varies a lot. The right structure supports your business. It doesn’t just close the deal.
Where the file usually needs attention
These bars show which items deserve attention first; they are not a credit score or approval promise.
Clean documents reduce back-and-forth.
A realistic condition protects the offer.
Policy fit often matters as much as price.
- ✓Commercial leases
- ✓Income and expenses
- ✓Financial statements
- ✓Appraisal
- ✓Down payment
- ✓Requested guarantees