The basic principles of a mortgage are the same regardless of the type of property involved. A borrower is looking to obtain a source of financing, while a lender, such as ASCEND MIC, is willing to provide that financing — all backed by the security of the property itself as collateral.
With commercial property, however, the obvious difference is that the property being used as collateral is commercial in nature: office buildings, industrial facilities, shopping malls, etc. So, for example, commercial builders will often use their commercial building assets, or properties, to secure financing for new commercial projects.
Various commercial solutions
Other types of commercial first mortgages involve apartment complexes (multi-family units), mixed residential commercial, construction projects, and more. At ASCEND MIC, we have the capacity to provide unique mortgage solutions for all these types of commercial properties, and more. We’ll work with you to provide the commercial-property financing that specifically meets your needs — each and every time.
That’s where ASCEND MIC comes in. Commercial mortgages can be somewhat more complex than their residential counterparts for a number of reasons. In general, commercial properties are larger and more complicated structures that require greater scrutiny, especially in the appraisal process.
Our expertise in commercial real estate helps facilitate this process so that borrowers have a ready source of financing backed by commercial property we have deemed as worthy of commercial first mortgage collateral. It’s just another part of the ASCEND MIC difference.
Another aspect of commercial first mortgages that differs from the residential sector is the risk involved. With commercial projects, the time between initial conception and completion is generally longer, the regulatory requirements are generally broader, and the variables grow as the venture proceeds.
At ASCEND MIC, we have the expertise and experience to work with you to assess the risks involves and provide financing solutions that compare favourably to what’s out there in the commercial mortgages market. We’re competitive because we take a fair approach to the value of the commercial property involved and provide terms that are equitable and manageable.
Speak with us today about a commercial first mortgage solution that meets your business needs. We look forward to working with you.