If you are interested in purchasing a new property or interested in refinancing your existing mortgage, you’ll be pleased to know that PARAMA offers Mortgages and Lines of Credit on commercial/industrial and residential investment properties. We finance up to 65% LTV for strictly industrial/commercial properties and up to 75% on properties with a residential aspect to them. We only lend on real estate property, which means we don’t provide financing on the equipment, receivables or the value of the business. Properties used for commercial purposes generally involve more risk therefore the interest rates are slightly higher than on traditional residential properties purchased for personal use. However, we strive to keep rates as competitive and low as possible.
Other information you should keep in mind: The commercial process typically involves more expenses – we might require an AACI Appraisal or, depending on the property involved, an Environmental Assessment Report (Phase I and/or Phase II). There is also a fee for each application.
All that being said, due to the uniqueness of each deal, we recommend you contact a Commercial Mortgage Officer for further information regarding your specific request.
Business is all about maximizing profits and minimizing expenses so feel free to shop around and compare PARAMA to other financial institutions. However, after considering all of PARAMA’s benefits you’ll be hard pressed to find another institution that offers you so many great advantages!