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Bricks and Mortar Loan
Our Bricks and Mortar loan is designed for small businesses or investors that would like to purchase or refinance commercial real estate. As one of Canada's largest lenders for commercial property, we can tailor a financing solution to meet your financing needs.
How can this help my business?
- Bricks and Mortar Loans provide funding up to $1,000,000 for long-term financing of income producing properties
What else do I need to know?
- To qualify, the real estate must be a multi-purpose, industrial, office, commercial, retail, or a multi-residential (5+ units) property
- The property must be located in an active resale and rental market where current market rents exist for comparable properties, and where the property is readily marketable
- Properties must be less than 20 years old or restored through renovation
- Bricks and Mortar loans require a current appraisal (AACI-qualified, bank approved appraiser; CMHC guidelines apply for CMHC insured mortgages), a passing environmental report (phase 1 ESA) and may need a report on the building condition
- Loans are available at a fixed rate for a term of 1 to 5 years, guaranteed for up to 60 days
- Variable rate loans are available for 1-2 years and can be converted to fixed rate loan
- Multi-residential buildings, depending on the age and type of property, are amortized over a maximum of 25 years. Other types of property are amortized up to 20 years
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For more information contact a RBC Bricks and Mortar Mortgage Manager at (416) 974-4494 |
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