Commercial Mortgage

The Commercial Mortgage Loan provides up to 90% financing on commercial properties.

Commercial Mortgage

 

About This Loan

The Commercial Mortgage Loan offers members up to 90% financing on commercial properties. The maximum repayment time for the loan is 30 years but can vary with the member's age. The interest rate for repayment is 7.4%.

What You Need To Know

Up To

Unlimited

in Available Funds

30 Years

To Repay

Up To

3 - 5 Working Days

Avg. Approval Time

As Low As

7.4%

Interest Rate

Up To

 
 

Additional Information

Who is This Loan Primarily For?

Cornwall County businesses wishing to purchase property to create offices

Cornwall County businesses wishing to construct an office on purchased land

Cornwall County real estate investors wishing to add more property to their portfolio

Cornwall County startup real estate investors wishing to purchase their first property

Do I Need Collateral To Apply For This Loan?

No, the building will be used as collateral.

Minimum Amount Disbursed For This Loan?

No Minimum

What Are The Requirements To Apply For This Loan?

  • Copy of Registered Title

  • Signed Sales Agreement and Evidence of Deposit

  • Valuation Report not older than 2 years

  • Surveyor’s Report not older than 1 year

  • Verification of Income

  • Last 3 Months Pay Slips

  • Up-To-Date Property Tax Receipt

  • Proof of Age of Borrower & Co-Maker

  • Letter of Guarantor (where applicable)

  • NHT Referral Letter (where applicable

  • Discharge of Mortgage (where applicable)

  • Income and Expenditure statement and Cash Flow Projections (self employed)


Members who would need the loan for construction would aditionally need the following in order to qualify:


  • Approved Building Plan

  • Estimate for Work to be Done

  • Quantity Surveyor’s Report with Estimated Cost

  • Written Agreement with Contractor

 
Steps To Apply
1

Become a member of Gateway

Fill out all required forms and deposit the minimum opening balance of $3,300 to become a member of Gateway.

2

Fill out and submit a loan application form in branch

Visit any Gateway branch near you and ask about applying for a Mortgage loan.

3

Submit all required documents

To apply for a mortgage, various documentation is required. This includes:
- Copy of Registered Title
- Signed Sales Agreement and Evidence of Deposit
- Valuation Report not older than 2 years
- Su ... [Click To Read More]

4

Submit proof of ownership/proof of funds for collateral

No additional collateral is required for a mortgage. The mortgaged property would be viewed as the collateral.

5

Pay down payment fee

A down payment of 5% of the total mortgage loan is required for processing.

This consists of legal fees (dependent on lawyer), which is normally 3.5% of the loan amount, and the processing fee, which ... [Click To Read More]

6

Wait for loan to be processed

A mortgage loan will take approximately three months to be processed once required documents are submitted and down payment fee is paid.

7

Receive a call from a Gateway credit clerk

Once the loan is processed, a Gateway representative will call and let you know if the loan has been approved.

8

Sign relevant documents for disbursement

Visit the Gateway branch to sign relevant documents for loan disbursement.

Our Team Stands Ready

If you're interested in any of our loans, we'll pair you with our expert customer service representatives, who will work with you to understand how to bring you to the solution they need.

 

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STILL NOT SURE?

Deciding whether Gateway is the right partner for your loan? We know that this is a long-term decision, and we want to ensure that you are fully informed going into this commitment with us.

 

Learn more about this opportunity by chatting with our agent, or by visiting our Frequently Asked Questions.

 

Similar Opportunities

  • Commercial Motor Vehicle Loan (TTT)

    The Commercial Motor Vehicle loan offers members the opportunity to receive up to 90% financing on new motor vehicles and up to 80% financing on trucks, tractors and trailers

  • Small Business Loan

    The Small Business Loan provides funds to Micro and Small enterprises for any business-related purpose.

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To empower our members by providing excellent service and sound financial guidance to create partnerships that will result in prudent, progressive and competitive business decisions, yielding mutual success.

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