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Fixed and floating rate term commercial mortgages secured by income producing properties.
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PRODUCTS
Conventional and CMHC-insured fixed and floating rate commercial mortgages secured by income producing properties and CMHC-insured
floating rate construction financing.
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SERVICES
Commercial mortgage servicing for institutional investors.
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INVESTORS
ING Bank of Canada and other third party institutional investors.
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LENDING CRITERIA
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| Property Types: |
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Office, anchored retail, unanchored retail, industrial, conventional and insured multifamily, insured retirement and nursing,
mixed use with above property types. Strong “A” or “B” class properties.
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| Lending Area: |
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Major population centers primarily in British Columbia, Alberta, Ontario and Quebec. Primarily Victoria, Vancouver, Calgary,
Edmonton, Greater Toronto, London, Ottawa, Montreal, Quebec City, Halifax.
Other locations may be considered but are not preferred.
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| Loan Size: |
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Preferred $2 million - $15 million. Larger loans may be considered. |
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| Term: |
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2 – 10 years. |
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| Amortization: |
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Preferred up to 20 years, exceptions up to 25 years for non multifamily and 30 years for CMHC insured multifamily. |
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| Loan to Value (LTV) and Debt Service Coverage (DSC) Ratios: |
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Office |
Anchored Retail |
Unanchored Retail |
Industrial |
Multi-Family Conventional |
| Preferred Maximum LTV |
65% |
65% |
65% |
65% |
70% |
| Absolute Maximum LTV |
70% |
70% |
70% |
70% |
75% |
| Preferred Minimum DSC |
1.30 X |
1.30 X |
1.35 X |
1.30 X |
1.25 X |
| Absolute Minimum DSC |
1.25 X |
1.25 X |
1.30 X |
1.25 X |
1.20 X
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| For Insured Multifamily – as permitted by CMHC undertaking |
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| Pricing: |
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Fixed rate term loans at spread over Government of Canada bonds of matching remaining term. Floating rate term loans at spread
over bank prime or Bankers' Acceptances; all floating rate loans include a fixed rate trigger.
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| Recourse Requirements: |
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Full guarantees preferred. Limited recourse may be considered. Non recourse only for extremely strong borrowers and low Loan-to-Value. |
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| Other Considerations: |
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Tenant diversity preferred except for credit tenant loans. |
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Staggered lease maturity profile preferred. |
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| Restrictions and Exclusions: |
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Owner occupied properties, hotels, motels, self storage, mobile home parks, farms, banquet halls, health clubs, special use
clubs, churches, restaurants with non credit leases, mixed use store and apartment properties.
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Non-income producing properties, development properties. |
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Construction loans. |
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Single tenant properties with non-credit tenant lease. |
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Customized manufacturing facilities. |
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Second or subordinate mortgages. |
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Properties significantly underperforming market occupancy levels. |
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To apply, complete our standard application form and preliminary information checklist, available upon request.
For “IN THE BOX” properties that meet all our lending criteria, we offer extremely competitive financing rates.
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