Commercial Loan Programs

VERICO Best Interest Mortgages Inc and Chad Robinson have over 200 commercial lenders awaiting your financing proposal. We can arrange a commercial mortgage quickly and conveniently. Why risk wasting time, potentially higher rate, or even worse a decline!

Commercial mortgages are available to clients who are searching for financing to cover costs for purchases, refinances, equity take outs and renewals of commercial buildings, multi-family units and apartment buildings, mobile home parks and rooming houses, just to name a few.

 As each commercial mortgage/loan is unique it is important to have a professional structure a deal that is right for you and your building. In Canada today, many building & business owners are fearful to approach lenders when they are looking to expand their business. Our consulting service is available to assist in refinancing your current commercial property for the purposes of renovations, franchising, expansion, company expenditures and better terms and conditions. We have loan programs available as low as $50,000 and up to $50,000,000.

VERICO Best Interest Mortgages Inc was opened in January 2007, after a specialized need for high quality commercial loans was identified. Robinson co-founded CENTUM Netwealth in 2000 and served as President and Mortgage Broker prior to the merger with CENTUM HEWMAC in 2004. Previous to founding CENTUM Netwealth, he was a successful Real Estate Broker with CENTURY 21 Action Power Team Ltd. from 1994 to 2000, serving both residential and commercial customers.  He earned a B.A. in Economics from Carleton University in Ottawa, Ontario with a focus in International Business, which included a year of study abroad. He has recently been elected to the board of Directors of the Independent Mortgage Brokers Association of Ontario.

Small Commercial Loan Program

(Under 1 Million)

With the average investor fearful of the stock market many have decided invest capital in the real estate market. This has created many problems along with some unique mortgage programs.

The lending community has responding by becoming niche players. This has caused some lenders to move completely out of this market while others have moved out of the larger.

Program Highlights

Multi-Family Residential

• 1-4 Units can be financed up to 90% with fully discounted rates. These rates are typically well  below bank posted. There is also very little cost to the client in terms of 3^rd party reports (Appraisals, environmental etc)
• 4-6 Units can be very tricky to finance as many lenders view these properties as a commercial mortgage. Typically these can be financed upto 75% (non-cmhc) at residential rates.
• 6-30+ Units are treated as a commercial mortgage requiring full appraisal, environmental and sometimes engineering reports. These can be financed upto 85% LTV. Rates will vary greatly depending on loan size from Posted to Discounted residential.
• Rooming houses are viewed by the lenders as a business. Typical LTV range from 50-65% with rates posted – posted plus 2%.

Mixed – Use (Store Front Apartment Buildings)

• Mixed use properties will vary on LTV and rate greatly with a maximum of 80% ltv.

Other Property Types

Mid Size Commercial Loan Programs

(1 Million to 5 Million)

The mid size commercial market allows for more unique mortgage solutions, including non resource financing. The table below should be used as a guide only, as each property and borrower unique the terms available may differ.

Construction / Interim financing

• Builder subdivision loans 2 units – 100 units
• 75% loan to value of land purchase price
• 100% hard costs!
• Builder inventory financing
• Prime +1, 75% loan to value
• Change of use
• Land servicing
• Up to 90% of costs.
• Residential Take out mortgages

No income Requirement Programs

($200,000 - $1,200,000)

This program is designed for the small business owner that cannot prove income in the typical way. The rates and terms offered are slightly more strict than a conventional lender, however it allows for borrowers to qualify that normally would not.

                Unlike most bank loans, this is a stated income/stated asset program. That means full document paperwork isn’t required – and you and your clients enjoy greater flexibility and faster turnaround times.

• No T1s, T4s or NOAs required
• No income verification
• Unrestricted equity take-out
• Loan amounts up to $1.2 million
• Secured on commercial properties like multifamily, mixed use, warehouse, office, retail, industrial, automotive, rooming houses and more
• Several affordable payment options
• 7 year terms
• 20 or 25 year amortization

Residential Programs

($50,000 and up)

• Fully discounted bank rates
• No fees
• Mortgages for self employed and commission sales people at fully discounted rates regardless of declared income
• Terms from 6 months to 25 years
• Up to 103% financing
• Fast Turn around most times less than 1 business day