I run a business here in Toronto, As a part of expanding the business, I need a storage space to keep the goods in bulk. So, I was in search of a suitable building for that. I have found one last week and had a discussion with the owner! The price he is asking is somewhat greater than my expectations. But, if I buy the building now, it will be an asset to me and it would definitely help in my business.
So, I am planning to take a mortgage for that. I could find many professionals offering commercial mortgages and came across the commercial mortgage criteria in Canada.
Now, I would like to know the best scheme available and the risks of taking a commercial mortgage if any. If you are experienced, please let me know the details as soon as possible. Thanks in advance!
Hi – Great question!
A good resource to help is an article we wrote on self storage loans:
Feel free to give that a read and see if it answers your questions. You can also check out our article on commercial mortgages (https://fitsmallbusiness.com/financing-self-storage-loans/)
Hope this helps!
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