Thanks for sharing your focus on industrial and commercial deals in Ontario. I appreciate your proactive approach in seeking out lenders with specific criteria. I have connections in the lending space and might know a few contacts who could meet your needs. Let's connect and discuss!
I am working on industrial and commercial deals in Ontario Canada and would like to connect with more lenders.
I am seeking lenders who can lend on DSCR at under 8% interest and around 75% LTV.
Please let me know if anyone knows someone I should speak to.
Serious inquiries only, please!
Hey Ben,
DSCR doesn't exist in Canada. Some local credit unions will do similar types of mortgages where they consider the rental income in your DTI but they won't lend against just the property. You would still need to qualify based off your corporation's DTI or your personal DTI if your corp is younger than 2 years.
I am working on industrial and commercial deals in Ontario Canada and would like to connect with more lenders.
I am seeking lenders who can lend on DSCR at under 8% interest and around 75% LTV.
Please let me know if anyone knows someone I should speak to.
Serious inquiries only, please!
Hey Ben,
DSCR doesn't exist in Canada. Some local credit unions will do similar types of mortgages where they consider the rental income in your DTI but they won't lend against just the property. You would still need to qualify based off your corporation's DTI or your personal DTI if your corp is younger than 2 years.
Hi Cody,
I am not sure if what you're saying is correct... Maybe the term DSCR is not common. Although I do know BDC will lend and look at DSCR as a major factor. Typically they want a minimum of 1.1-1.2%.
To add to this, I know they strongly base the loan off of the leases. They do not really consider personal or corporate finances to be a major role player in funding the loan. With this being said, I have not had them fund a deal for me yet. They move slowly it seems.
I am working on industrial and commercial deals in Ontario Canada and would like to connect with more lenders.
I am seeking lenders who can lend on DSCR at under 8% interest and around 75% LTV.
Please let me know if anyone knows someone I should speak to.
Serious inquiries only, please!
Hey Ben,
DSCR doesn't exist in Canada. Some local credit unions will do similar types of mortgages where they consider the rental income in your DTI but they won't lend against just the property. You would still need to qualify based off your corporation's DTI or your personal DTI if your corp is younger than 2 years.
Hi Cody,
I am not sure if what you're saying is correct... Maybe the term DSCR is not common. Although I do know BDC will lend and look at DSCR as a major factor. Typically they want a minimum of 1.1-1.2%.
To add to this, I know they strongly base the loan off of the leases. They do not really consider personal or corporate finances to be a major role player in funding the loan. With this being said, I have not had them fund a deal for me yet. They move slowly it seems.
Ah I see what you are looking at now. Okay, so if you are buying commercial/industrial as part of your business (ie space that you will operate out of) then I believe they can give you a loan based off other leasable space. However, I don't believe you can scale this and use this loan program to purchase multiple properties. It may have changed but thats what every lender I have ever worked with or talked too has explained it. If it works out for you I would definitely be interested in learning what you did! Maybe I'm missing something about your business model...