If your commercial mortgage is coming up for renewal, don’t hesitate in taking this time to choose the best commercial mortgage product available for you and your business. Our commercial lending team has access to a large network of commercial lenders to ensure we provide the best mortgage rates and products that best suits your commercial mortgage needs.
When the current term on a commercial mortgage ends, you will receive a renewal letter from the bank or lender that holds the mortgage. Usually, this letter arrives a month or two before the expiry of your term. Lenders know that their customers are busy so they hope that with the letter coming close to the expiration of the term, customers will take the easy route and renew their financing for another term at the offered rate. However, this may not always be the best option for you as the lenders first offer is never the best offer so taking the time to shop around will save you and your business money! The good news is, our team will do that for you!
Remember, the lenders usually do not proactively offer these better options to you, partly because they may not be aware of your improved business circumstances and partly because it may represent a potential loss to their income. If you want these types of savings, you are going to need to go out and get them. That is where we come in…
The process of switching commercial lenders can often take 90 days to complete smoothly given the complexity of commercial financing. Give yourself time to find the best mortgage product for your renewal. Failing to secure the best rates on your next commercial mortgage renewal could result in you paying thousands of extra dollars in interest payments over the course of your next multi-year term.
Start your mortgage renewal process no later than four months before your current term is due to expire. The notice of expiration from your current commercial mortgage provider will come within this time frame, or even closer to the renewal date, so be sure to stay aware of your renewal date so that we have time to secure the best product for you.
Remember you have the option to shop for the most competitive rate and terms available for your commercial mortgage at renewal so be sure to take advantage of this opportunity. Our team is here to walk you through the entire process and do all the leg work to ensure you get the best rate and terms possible!
Our experienced commercial mortgage team will walk you through all of the available offers from commercial lenders to show you offers of the best deals. We will assist you through every step of the process, from identification of information required by a lender, to preparation of the application, to negotiating on your behalf and a strategy for a lender presentation. We take care of everything for you to ensure you get the best deal available on the market so that you can focus on running your business!