Residential single family and and apartments up to 4 units:
No fee, lending institutions will usually pay the broker
a commission, in special cases a fee may occur (Open term mortgages, challenged credit or rural locations).
Commercial Mortgages
Lending
institutions will not pay the broker a commission for
commercial loans placed with them, therefore a fee of 1 - 2 %
of the loan amount will be charged.
Examples of commercial buildings: Apartment buildings 5 units plus,
retail plazas / shopping centers, hotels, golf courses, gas
stations, mixed use buildings, camp grounds, schools, farms.
Lender will also charge a fee based on the loan
amount.
$50k and under: 4 - 5% lender fee and 4 - 5%
broker fee
$50k and above: 2% lender fee and 2% broker fee.
Construction loans:
Fee of 2% - 5% of the loan amount depending on the type of project.
Note:
Commercial lending is a very long timely and
administratively intensive process. A $500.00 administration
retainer MAY be requested in order to start the administration of
a file. This $500.00 will be credited towards the broker fee. If
the file was cancelled and 50% of the work was completed by us,
this fee will
become non refundable.
If you have any questions or concerns with
regards to how we get paid, please feel free to
contact us.
