Mortgage Rates on Commercial Properties
Anyone knows if mortgage rates for Commercial Properties are higher than residential properties?
Thanks
Thanks
Oct 3rd, 2005 1:27 pm
Oct 3rd, 2005 1:30 pm
Oct 3rd, 2005 1:42 pm
Oct 3rd, 2005 3:50 pm
Oct 4th, 2005 1:12 pm
Oct 5th, 2005 8:29 am
CMHC/SCHL (Don't know what SHDL is) will insure mortgages on apratment buildings allowing up to 85% Loan to Value (15% downpayment). The insurance premium for 85% financing is 4.5% of the value of the loan. The application fees are $150/Unit for the first 100 units and $100/unit for the remainder with a minimum application fee of $600 and maximum $50,000 per loan application. They also insure mortgages for nursing/retirement homes.HoTiCE_ wrote:I bought a 12 Unit building last year so i'll speak from my personal experience
anything higher then 4-5 units is considered a commercial property
the SHDL will not touch it so you will have to have at least 30-35% down payment
and YES interest rates are higher then residential
Last year, i took in 5.75% for 5 years on a closed-term deal when the going rate
for residential was something like 3.75-4%
Oct 6th, 2005 1:52 am
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