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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