A Commercial Mortgage
Is Commonly Used For:
- Businesses investing in income-producing real estate properties greater than $500,000
- Financing multi-residential (minimum 7 rental units), industrial, office or retail property
- Financing properties that are readily marketable and located in an active resale and rental market
Eligibility Requirements:
- Mortgages require a current appraisal (AACI qualified, bank approved appraiser), a passing Environmental report (Phase I ESA), and may require a Building Condition Report
- Canada Mortgage and Housing Corporation (CMHC) requests, if required, must comply with CMHC guidelines
Key Benefits
- Competitive interest rates, terms and conditions
- Variable and fixed rate options are available, with the ability to convert from variable to fixed if interest rates fluctuate
- CMHC insurance is available when required
What Else Do You Need to Know?
Business Loan Insurance Plan* is available for commercial mortgages up to $1,000,000 (certain conditions may apply†).
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*
Business Loan Insurance Plan is underwritten by RBC Life Insurance Company.
†
The content of these pages is provided for informational purposes only and is not complete in detail. Coverage is optional and is governed by the terms and conditions of group creditor policies, 52000 for life and disability insurance and 53000 for critical illness insurance, underwritten by RBC Life Insurance Company and issued to Royal Bank of Canada. Please see the Business Loan Insurance Terms and Conditions and for Quebec residents, the Fact Sheet, Product Summary and Notice of Rescission.