GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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76% - Very Often

Commercial Mortgage


Synonyms:business mortgage
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of commercial mortgage

commercial mortgage
1. A type mortgage used to purchase or refinance commercial property. In addition to purchasing and refinancing commercial, industrial, multi-purpose, and office buildings, Commercial mortgages can be used to finance renovations, franchising, expansion, and other company expenditures.


Related Terms and Acronyms:

  • application fee   What the lender charges to process the document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • blanket mortgage   A mortgage that covers more than one property owned by the same buyer.
  • bridge financing   A short-term, high interest loan that allows a seller to purchase a new property before selling an existing property.
  • business (busn)   A company, either for-profit or non-profit.
  • cooperative mortgage   A loan that allows the borrower to buy into a co-op project.
  • corporation   A legal entity that is legally separate from its owners and employees.
  • incorporated business   A company that exists as a corporation.
  • mortgage (mtg)   A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • non-recourse debt   A loan secured by collateral where the borrower is not personally liable.
  • sole proprietorship   A business owned by an individual where no legal distinction is made between the business and the owner.

More Related Terms and Acronyms

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