Commercial Mortgages Oakville, Mississauga | Commonly Requested Documents
List of information and documents that are commonly required to qualify for a commercial mortgage loan:
- Two pieces of id such as a drivers licence, social insurance card, passport, citizenship card, credit card, etc.
- A commercial real estate appraisal conducted by a reputable commercial appraisal service provider will be required in most cases
- In most cases a site inspection will be required where the lender or a member of their team will go on site and inspect your property.
- Current rent rolls and list of tenants
- Leasing agreements to account for declared revenues and income
- Income and expense statement or a list of expenses for the commercial property
- Property tax bill in the case of refinancing or a mortgage renewal
- Current mortgage statement in the case of refinancing or a mortgage renewal
- Notice of Assessments (NOA) or T1 Generals for the most recent 2 years
- Proof of down payment for new purchases only
- Proof of source of down payment (only applicable on new purchases). You need to account for where your down payment or deposit is coming from
- Proof of any additional assets
- Business licence or articles of incorporation
- If you own other properties then mortgage statements, tax bills, and leases or rental agreements for all other existing properties
- In certain cases, a phase 1 environmental survey may be needed
- Further surveys and documentation may be required depending on the content in other documents
- Sometimes you may be asked for information on the property management company, or the management team that is responsible for the day-to-day operations.
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