Commercial loan pre-approved?

[Amber C.]

I came along a multi-family property.  Someone else put an offer and got commercial loan approved but couldn't close the deal at the end.  The realtor told me if I were to buy the property, there is already 1M commercial mortgage approved by a major bank in Canada at a rate of 4%.  My question is, is this a good thing for me as a potential investor for this property? I have never applied any commercial loan before so I am new to this.