Mortgages

This will depend on the type of building you’re buying and the type of business you’ll run, but these are the basic things you’ll need when applying for your commercial mortgage:

• financial statements for the last 3 years
• income tax returns for the last 3 years
• personal net worth statements for the loan guarantors. If it’s a corporation applying for the loan, its owners will often act as the guarantors
• a property appraisal
• business projections or a business plan
• environmental and engineering report may be required
• a credit check which will be done by your lender
• signed leases or rentals for all properties including rent roll

It’s always a good idea to double check what you need before you head to an appointment. Give our Contact Centre a call to make sure you have everything you need for your application.

The insurance needs on your commercial mortgage are the same as a residential mortgage. You need adequate fire insurance, and you need to list Pioneer Trust as the First Loss Payable. Life insurance for all the individuals or guarantors on your mortgage is also a really good idea.

This depends on the way your business is organized. With a corporation, it’s the business name that’ll appear as the borrower on the mortgage agreement. The owners will often be included as the guarantors for the loan. If your business is a partnership, on the other hand, mortgage documents will appear in your business’s name, but the names and signatures of the people with signing authority will also appear.

There’s a lot of different factors that determine whether or not your business will qualify for a commercial mortgage. The balance between your assets and your debts is one of them, but so is your business’s income, your expenses and the size of the mortgage loan you’re seeking. Basically, we need to do everything we can to make sure that the amount you borrow is the amount you can afford. If you have questions on qualifying for a commercial mortgage, call our Contact Centre.

Not necessarily. We always love a chance to meet with members but, thanks to e-signature, you don’t need to come see us in person to renew your mortgage. As long as you have an email address and a computer, mobile phone or tablet, you can use e-signature renewals. Life gets busy and this is one way to save yourself some time.

To renew your mortgage with e-signature, contact your Pioneer mortgage lender ahead of your renewal date or call our Contact Centre who will connect you with an Pioneer lender.