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
in Available Funds
3 - 5 Working Days
Avg. Approval Time
As Low As
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?
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