robie55ParticipantStatus: Small Business OwnerPosts: 1Joined: 03/27/2017
I need to buy a warehouse for the storage of our construction equipment. Our current rented space is small and congested.
We decided to buy a property on a loan. Apparently, from this online page, https://www.butlermortgage.ca/mortgages/purchase/residential-commercial-mortgages/commercial-mortgages/ I was able to understand that I can get a max loan to value of 75%. In that case, I hope I wouldn’t require a mortgage insurance.
Is it necessary to get a mortgage insurance? Please share your suggestions.
Thanks.March 27, 2017 at 2:31 am MST #41513CraigyParticipantStatus: SpousePosts: 1763Joined: 09/16/2016
Question is one for your lender.
You could shop multiple lenders and see what their policies are.
Commercial loans are their own ballgame.
LEVEL 1 WCI FORUM MEMBER.March 27, 2017 at 8:06 am MST #41534adventureParticipantStatus: SpousePosts: 1034Joined: 10/24/2016
Talk to many folks, both small local banks and credit unions, and large lenders.
Or a place online such as OnDeck (they sponsor Mike Rowe’s podcast).
Or maybe a line of credit if you just need the cash for a shorter timeline?March 27, 2017 at 11:08 am MST #41566