Commercial Mortgage
About This Loan
The Mortgage Loan offers members the opportunity to receive a maximum of up to 95% financing on residential areas and up to 90% on commercial property. The maximum repayment time for the loan is 30 years but can vary with the member's age. The interest rate for repayment is 8.49%.
What You Need To Know
Up To
90% of Property Cost
in Available Funds
30 Years
To Repay
Up To
Up to 2 Weeks
Avg. Approval Time
As Low As
7.4%
Interest Rate
Up To
Additional Information
Who is This Loan Primarily For?
Cornwall businesses wishing to purchase property to create offices
Cornwall businesses wishing to construct an office on purchased land
Cornwall residents wishing to purchase a home
Cornwall residents wishing to construct a home on purchased land
Cornwall tenants wishing to purchase a home for themselves
Cornwall real estate investors wishing to add more property to their portfolio
Cornwall 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?
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Copy of Registered Title
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Signed Sales Agreement and Evidence of Deposit
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Valuation Report not older than 2 years
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Surveyor’s Report not older than 1 year
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Verification of Income
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Last 3 Months Pay Slips
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Up-To-Date Property Tax Receipt
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Proof of Age of Borrower & Co-Maker
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Letter of Guarantor (where applicable)
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NHT Referral Letter (where applicable
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Discharge of Mortgage (where applicable)
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Income and Expenditure statement and Cash Flow Projections (self employed)
Members who would need the loan for construction would need the following in order to qualify:
-
Approved Building Plan
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Estimate for Work to be Done
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Quantity Surveyor’s Report with Estimated Cost
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Written Agreement with Contractor
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Relevant Requirements Noted Above
