A little bit about us ...
Ranjjan Commercial Mortgage Brokers Ltd. offers commercial mortgage and construction loan sourcing for commercial real estate assets and new developments throughout Canada. We have worked on and continue to arrange financing for assets and projects in every real estate class: multi-family, office, retail and industrial. Our fees are lower than the competition and we structure every deal to maximize the gains to our clients.
Hotel and Warehouse Space
We can place financing for multi-tenanted industrial sites, single user industrial/office space, owner occupied and for build-to-suit construction purposes. Loan amounts are a function of the property type, age and condition, location, use, lease maturity profile, tenant covenants and sponsorship.
Specialty financing for a broad range of hotel properties is available in major markets, resort areas and other selected locations. Conventional loan amounts for proven operators are generally up to 50% – 65% of value, depending on flag, services, property condition and age, location, management and sponsorship.
Land Development Loans
For experienced developers, we can arrange acquisition and servicing loans to take raw land through the development agreement and subdivision process. Land bank loans are generally available up to 50% of cost, and servicing loans for both residential and commercial/industrial lots are funded on a cost-to-complete basis in the area of 60% – 85% of total cost, depending on the type and location of the lots, and the level of pre-sales relative to liquidation point.
Conventional Long Term Mortgages
Conventional mortgages are typically available up to 75% of the appraised value (higher in some cases), amortized up to 25 years (or longer) depending on building age, location, physical condition, lease profile, available debt service and building use. Key variables negotiated for each transaction can include fixed or floating rates, forward start arrangements, interest only or amortizing payment schedules, demand or committed facilities, duration of term (from under 5 years to 25 years or longer), financial covenants and form of recourse (if required).
Mezzanine or Subordinated Debt Financing
We have access to secondary funding on construction projects to bridge the gap between senior financing requirements and equity availability; this can increase “loan to cost” financing to as much as 90% or beyond.
For income producing (cash flowing) properties, investors can provide interest-only secondary mortgages co-terminus with the first mortgage to fund refurbishments, tenant inducements, leasing commissions and equity withdrawals.
Construction Loan Financing
Whether it is an office building, retail center, industrial/warehouse property or multi-unit residential development (rental or condominium), we can arrange financing for land or property acquisition, construction and inventory financing.
Interim construction loans are funded on a cost-to-complete basis in the area of 60% – 85% of total budgeted costs, and inventory loans are usually done at 55% – 75% of the completed value. Some of the myriad of critical factors negotiated for each transaction can include fixed or floating rates, interest only, duration of term, financial covenants and form of recourse. Equity requirements and loan pricing are directly related to levels of pre leasing and quality of tenant covenants for income properties, and pre-sales as a percentage of liquidation point for condominium projects.