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Considering Purchasing a Commercial Property?


Here’s some tips on putting the financing in place.
 
 
“Getting quick approvals on commercial mortgages can be tricky.   Lenders require extensive documentation in order to approve the financing”, says Rick Lebans, a Commercial Mortgage Specialist with One Link Mortgage & Financial in Winnipeg.  Lebans, an ex-bank manager with over 36 years experience in the banking industry, is a member of One Link’s Commercial Financing Team whose expertise is arranging commercial financing for their clients.  
 
For those who are considering purchasing a revenue-generating commercial property (like an apartment, retail strip mall) or a non-revenue generating property (like an office, warehouse or manufacturing building), Lebans offers some helpful tips:
 
“The first step is to find yourself a good, reputable and experienced Commercial Realtor.  A Commercial Realtor has access to all the financial information on the property that is required in order for a Commercial Mortgage Specialist to get a financing approval. That includes details like property taxes, heating costs, hydro, water, electrical, historical or potential revenues, data on existing tenant leases, etc.   An experienced Commercial Realtor can provide you with zoning information, property infringements and easements, property deficiencies, recent or imminent repairs, and other details that a lender will need in order to provide a financing approval.”
 
Buyers looking at commercial properties should also be aware of additional costs that are required to close the deal. A commercial appraisal of the property is usually mandatory and the cost (which usually runs between $1,500 to $2,000) is born by the potential purchaser. That, plus a non-refundable application fee of ¼% to ½% of the purchase value is paid to the lender upon the acceptance of a conditional approval.
 
“Interest rates can vary according to the risk of the project, quality of the property and the strength of the borrower”, says Lebans. If the purchaser is an individual, he or she should be prepared to provide personal information including a personal financial statement and most recent Notice of Assessment. A lender may be looking at the individual’s ability to guarantee payment should there be cash flow problems; or, if the purchaser is a business or corporation, a lender will ask for three years financial statements that support adequate cash flow to support the mortgage payments. Whether or not there are personal guarantees with the financing can also impact the interest rate.”
 
For those who are considering purchasing a commercial property, good advice would be to engage the services of a One Link Mortgage & Financial Commercial Mortgage Specialist. If the purchaser has gathered all the information needed – the service is free, as the commercial Mortgage Specialist is paid a finder’s fee by the lender upon mortgage funding. If there is a great deal of work required in order to provide the lender with an acceptable application package, a consulting fee may be applicable.
 
One Link’s Commercial Team consists of Rick Lebans, Ken Gilleshammer, Lorne Dreger, and Gerry Desrosiers – all veterans of traditional banks and lending institutions. Says Lebans, “By far, we have the most experienced commercial financing specialists in the (mortgage brokerage) industry in Winnipeg.   We know which lenders will finance certain properties, so we can save our clients a lot of time and money by matching the right lender with the right commercial property. And we are also experts on how to package the information so the lender make a quick decision.
 
But the number one reason that a purchaser of a commercial property should use our services, is that a meeting with a Commercial Mortgage Professional takes all the pressures of negotiating with a lender away from you. With our expert knowledge, we work on your behalf - and because we’re paid a finder’s fee for pre-qualifying the purchaser, we have a vested interest in obtaining a financing approval. We’re going to negotiate the best deal for our clients, including rate, security, terms and conditions.
 
 “If I’ve done my job properly”, says Lebans, “all the client needs to do is make an appointment to sign the mortgage documents.”