Commercial mortgage
What's a commercial mortgage?
A commercial mortgage helps businesses purchase or refinance properties like offices or warehouses.
What is it for?
Use your mortgage for:
- Multi-unit residences
- Industrial properties
- Other commercial properties
Our mortgage products
Variable rate mortgage
- Interest rate adjusts based on the Prime Rate BCU Prime RateThe BCU Prime Rate is the benchmark interest rate used by BCU Financial for variable-rate loans, adjusting with the Bank of Canada's rate changes. It's usually 1.5 to 2.5 percentage points higher than the lending rate set by the Bank of Canada.
- Payments may adjust every 3 months with rate changes
- Lower initial interest rates compared to fixed rates
- Potential for lower payments if rates decrease
- Payments increase if rates go up
- Flexible option for those who are comfortable with rate changes
Fixed rate mortgage
- Interest rate stays the same for the entire term
- Monthly payments are predictable and consistent
- No surprises, even if market rates change
- Secure a fixed rate for 1, 2, 3, 5 years, or more
- After the term ends, renew or refinance with a new rate
- Ideal for those who prefer stability and predictability
Open and closed mortgage: what's the difference?
| Closed mortgage | Open mortgage | |
|---|---|---|
| Best for | Those who don’t expect to pay off early | Those who want flexibility and plan to pay off faster |
| Prepayment flexibility | Limited to 20% of the original principal per year | No limits; repay any amount at any time |
| Penalty for early repayment | Yes, for amounts over the limit | No penalty for lump sum or accelerated payments |
| Payment increase | Can increase payments by 20% once per year | No restriction on payment increases |
Elevate your business to the next level
Enjoy competitive rates
Avoid hidden fees
Get expert business guidance
Your mortgage
application
made easy
Please note!
Complete the application
Fill out the mortgage application form with your employment details, income, assets, and debts. This information helps BCU assess your financial situation and determine your borrowing capacity.
Submit credit information
Provide consent for BCU to obtain your credit report. This report evaluates your creditworthiness and helps establish your mortgage terms, including interest rates.
Receive pre-approval
Get a pre-approved mortgage rate and amount for up to 60 days, simplifying your home search.
Finalize your mortgage
Once you find a property, complete the mortgage process by providing any additional documentation and closing on your new property.
Please note!
with BCU commercial mortgages
Questions? We got answers!
A commercial mortgage can be used for various types of properties, including office buildings, retail spaces, industrial facilities, and multi-unit residential properties. Whether you’re purchasing, refinancing, or expanding, the mortgage is tailored to suit your business needs. Specific eligibility depends on factors like property type, location, and financial standing.
The minimum down payment for a commercial mortgage depends on the type of property and your financial profile. Typically, you’ll need at least 25% to 35% of the property’s value as a down payment. Specific requirements may vary based on the loan structure and risk assessment.
Yes, you can refinance your commercial mortgage later, depending on your financial situation and the terms of your existing loan. Refinancing can help lower your interest rate, adjust your repayment terms, or access equity for business growth. Eligibility and options will depend on factors like property value, loan balance, and creditworthiness.
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