CMP 13.02 Commercial Lending Guide

LENDING GUIDE MORTGAGEBROKERNEWS.CA

COMMERCIAL LENDING Tackle the commercial space with expert advice and a guide to top lenders

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The Financing Hub Wants to See You Succeed Join us at thefinancinghub.com for programs to help you create your best commercial submissions yet: Hub Hints (ideas to enhance your commercial applications) delivered to your inbox.

Quarterly webinars to strengthen your industry knowledge.

Access to our new Application Guide that will analyze and optimize each of your applications.

Trending industry articles and presentations to give you the industry view as we see it.

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COMMERCIAL LENDING GUIDE

CONTENTS COMMERCIAL LENDER DIRECTORY

FEATURES

WHAT MAKES A GREAT COMMERCIAL SUBMISSION? Four lending experts share their top advice for putting together a winning commercial deal

10 Cross-Canada directory

Find out which lenders offer commercial financing in your province

02

11 Featured listings

Get more information on the products offered by select lenders

FEATURES

WHAT NEXT FOR CANADA’S COMMERCIAL LENDING SPACE? Trez Capital president Greg Vorwaller shares his outlook for the commercial market in 2018

06

eXPeRts

talk to the experts in private lending

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COMMERCIAL LENDING GUIDE

What makes a great commercial submission?

In the second part of The Financing Hub’s special commercial series, Paul McGill talks to other industry experts to find out the essential elements of a successful commercial file

WELCOME BACK to our series on commercial brokering. In this instalment, we will look at the essential ideas you should be capture in all your commercial applications before you send them off to lenders.

What should go into a commercial application is a broad topic filled with obvious (and not-so-obvious) points, such as the importance of capturing adequate borrower information or what to do when permits become a mandate within the submission.

To create a guide that could be captured in one article, we went out to four industry experts to get their views. They came back with some great benchmarks you need to meet before hitting that ‘submit’ button.

Remember, commercial placements tend to be a little more complex in nature than typical residential deals. Lenders see a lot of applications that may seem strong on the surface, but don’t go anywhere in the end because there just isn’t enough information to allow the lender to complete its due diligence. Because of this, lenders often need to make early decisions as to which appli-

cations will move forward and which will get declined. To ensure your clients have the best chance of funding, you need to make sure yours are the applications lenders are happy to commit their underwriting resources to.

Know what your client really wants Thom Henderson of Community Trust says that as a broker, you need to make sure you know what your client wants versus what their true needs really are. For a commercial transaction, leverage may be more important to the borrower than pricing; term may be more important than maximizing LTV. Unlike an individual looking to maximize their house purchase, your commercial borrowers may have any number of business considerations that impact their funding requirements, Henderson says. Those business requirements may dictate that one financing factor outweighs another. For example, when closing triggers a significant benefit for the borrower, pricing or term may be less of a factor.

Henderson stresses that as a broker, you need to know what your client’s key factors are so you can help them get what they really need. Structure your application to entrench those critical factors, and be aware of what can and can’t be negotiated if your lender comes back with an alternative offer.

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ANOTHER LENDER PERSPECTIVE My fellow commercial lending colleagues have made great points with regards to the submission process and ‘full picture’ of a commercial application. One other important factor is the need for an agent/ broker to convey to their clients the value of working with the commercial lender that is chosen.

Relationships play a large role in getting a transaction to the finish line. Working with a lender whose values mirror those of the client and agent/broker is one of the keys to success.

Efficient turnaround times, longevity in the industry, reputation and reliability are important attributes that need to be conveyed to a client.

That way it becomes easier to understand a client’s needs, as well as obtain all necessary information for a successful transaction. Communication forms trust, and trust can be a deciding factor between a client’s willingness to follow through on the submission process.

Andrew Ramdeholl VP of commercial origination MCAP Commercial Mortgages Group What is the lender being asked to lend against?

Curtis Power of KV Capital believes that to submit a strong application, you should provide a realistic assessment of the underlying property ‘as is’ as one of your starting points. This can be some combination of an

appraisal, borrower’s cost base or current NOI calculation supported by lease contracts, where available. If there are near-term renovations planned or required, Power says, those should be detailed in the as-is assessment, even if your current requested funding isn’t intended to cover those costs. Future plans

for revenue enhancements or expansion are important additions to your submission, but you need to ensure your lender gets a view upfront of where they are starting from.

Power also points out that many positive ‘as is’ factors are often not included in the early submission, either. Don’t neglect to

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COMMERCIAL LENDING GUIDE

Unlike an individual looking to maximize their house purchase, your commercial borrowers may have any number of business considerations that impact their funding requirements include a discussion about location if the property is in a prime location. If there are any large or long-term tenants, that can also add a favourable element to the lender’s analysis of the property’s revenues.

C is for character Darren Lorimer from Equitable Bank offers a reminder that the first ‘C’ in the five Cs of credit stands for character. In this case, that means each commercial submission must include a comprehensive view of the borrower(s), guarantors and company principals attached to the file. This comprehensive view extends not only to the borrower’s financial information, but also includes background on the borrower’s experience.

Unlike an owner-occupied residential property, Lorimer points out, commercial properties must be managed. Developers

build development projects; investors manage commercial buildings. Borrowers need to be skilled at what they do, and the lenders need to know what those skill levels are.

In addition, if the applicant is a corporation, most lenders are now mandated to capture Know Your Client information. This means extending your submission profiles to include a list of the company’s shareholders and background on the principals.

Failing to do this will stretch out your closing dates, or worse, result in your files failing to make it past a lender’s initial review.

in the process as possible so there is time to deal with them.

As a non-Tier 1 lender, Walters says one of biggest parts of his job is managing issues to help close a deal – a sentiment that was echoed by all the lenders we spoke to. While not every issue can be resolved, if brokers don’t identify a problem and allocate the time to try to work through it, that issue will remain unresolved, and your transaction will not get funded. If there are thirdparty experts needed, plan to have them brought in. Identify that in your initial application, and work with the interested lenders to get the work done.

Brokers are often frustrated by the time it takes to get a commercial deal through, but all of these lenders will tell you that a well crafted, well documented funding request will save you a great deal of time when looking to close your deal. Keep these essentials in mind so you can capture the information and inputs you need to meet them, and you will be well on your way to successfully closing more commercial submissions.

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Think one step ahead Our final expert, Steven Walters of First Source Capital, stresses the importance of making sure there are no unforeseen problems at closing. Wherever possible, he says, ensure all problems are identified as early

Paul McGill is president of The Financing Hub, which is dedicated to delivering effective digital solutions for commercial real estate financing.

OUR EXPERTS’ PARTING ADVICE Thom Henderson Community Trust Company “No two commercial properties are the same.

Send pictures of the exterior and interior of the underlying property upfront with your initial applications.”

Curtis Power KV Capital “Always include the exit strategy for the requested loan. For shorter-term loans, this becomes even more important.”

Darren Lorimer Equitable Bank “Whenever your primary borrower is a corporation, provide the details on the company principal so your lender can complete its Know Your Client information.”

Steven Walters First Source Mortgage “When completing a development project, additional documentation should include project costs to date, zoning certificates, an environmental site assessment and, if available, a planner’s report.”

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COMMERCIAL LENDING GUIDE

What next for Canada’s commercial lending space?

Trez Capital president Greg Vorwaller talks to CMP about the current opportunities and challenges for brokers in the commercial space

AS SPECULATION around the longevity of the current market cycle intensifies, some commercial real estate developers and investors have started to get the jitters. Recent sell-offs in the global stock markets have only added to the frenzy, and some ill-advised investors have allowed their emotions to prevail and

and crucially, interest rates and inflation are still historically low. All of these indicators point to two key probabilities: Savvy investors and developers will continue to pursue commercial projects in Canada, and brokers will continue to play an important role in ensuring those commercial clients get access

“There is still good momentum to the current cycle ... Opportunities do remain, although there is a need for a great deal of prudence” Greg Vorwaller, Trez Capital have exited promising positions.

Those hasty investors seem to have ignored some key facts. Despite all of the recent noise about a correction or recession, economic fundamentals still look strong, global growth continues to be synchronized,

to the financing needed to get those projects off the ground.

“There is still good momentum to the current cycle ... to use a baseball analogy, overall, we are in the sixth or seventh inning of a nine-inning game,” says Greg Vorwaller,

president of commercial lender Trez Capital.

“Therefore, opportunities do remain, although there is a need for a great deal of prudence. For commercial lenders, undertaking the right risk assessment for every opportunity is extremely important.”

Vorwaller continues to see ample opportunity in Vancouver and Toronto and, to a lesser extent, Montreal and Ottawa. In

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FAST FACTS: TREZ CAPITAL

Has funded more than $7 billion in mortgages in Canada since 1997

Offers loans between $1 million and $60 million

Loan terms range from six to 36 months

Interest rates range from 5% to 10%

Currently has more than $2.3 billion in assets under management

particular, he says, commercial investors and developers are taking advantage of opportunities in for-sale and for-rent residential, office redevelopment, industrial development and repositioning, and the neighbourhood retail sector. He has, however, detected some well founded caution about the traditional retail mall format, given the transformative impact of e-commerce and its

effect on consumer shopping behaviour.

The commercial space can be extremely lucrative for developers and investors, and Vorwaller believes it should be attractive to brokers, too. “That’s especially the case for mortgage brokers who have a strong network of deal sponsors within the community and can demonstrate to those clients and the capital

Achieved $1.4 billion in new loan originations last year

The firm’s US business received 60% of that financing; the other 40% was placed in Canada

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COMMERCIAL LENDING GUIDE

“We adopt an approach that seeks to cultivate relationships with both existing and emerging mortgage brokers who are eager to seek out new opportunities and grow their businesses” Greg Vorwaller, Trez Capital providers a real understanding of the unique attributes of any project they may bring to the market for consideration,” Vorwaller says.

“Being able to do that will enable a broker to distinguish themselves with their thoughtfulness and they will have the potential to do very well for themselves in this marketplace for the foreseeable future.”

Trez Capital is one of Canada’s largest private commercial mortgage lenders and specializes in short-term bridge, construction and development, and mezzanine financing.

The company is proud to play a leading role enabling Canadians to purchase, refinance, reposition or develop commercial properties.

The lender offers loans between $1 million and $60 million with terms from six to 36 months at interest rates ranging from 5% to

10%. Trez currently has assets under management totalling more than $2.3 billion and achieved a record $1.4 billion in new loan originations last year. Sixty per cent of that financing was directed to the firm’s burgeoning US business, while the other 40% was placed in large part because of strong deal flow support from commercial brokers in Canada.

“Our outlook for this year remains quite positive; we are looking at new loan originations of about $2 billion,” Vorwaller says.

“We have been able to distinguish ourselves by virtue of the speed and flexibility with which we operate relative to our contemporaries, both in the private space and more traditional lenders.”

The commercial space can be complex,

but Trez is not afraid to get creative in order to understand the underlying needs of the borrower and work with them to craft a customized solution. In most cases, once a mutual understanding is reached and due diligence on the opportunity and prospective borrower is complete, Trez can underwrite financing and finalize with dispatch.

Vorwaller describes Trez as being entrepreneurial on the outside and disciplined on the inside.

“We couple those two oxymoronic characteristics so that we are able to craft creative, flexible solutions that work for our borrowers and enable us to underwrite and close transactions in as short a time as is possible in the marketplace,” Vorwaller says. “Another distinguishing characteristic for us is that we are one of a few lenders with boots on the ground both in Canada and the US. We are able to accommodate the cross-border requirements of our borrower clients who operate in both countries.”

Since 1997, Trez Capital has funded more than $7 billion in mortgages and loans throughout Canada, and the company prides itself on establishing long-term repeat borrower relationships. Those partnerships have been made possible by the company’s commitment to creating strong relationships with mortgage brokers across Canada.

“Our business leaders in Vancouver and Toronto spend a good degree of time cultivating relationships with the active and well regarded brokers in the marketplace,” Vorwaller says. “We are here to work with them with respect to their interests and deliver on our commitment. We adopt an approach that seeks to cultivate relationships with both existing and emerging mortgage brokers who are eager to seek out new opportunities and grow their businesses.”

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COMMERCIAL LENDING GUIDE

Cross-Canada index Check out the commercial lending options in your province

Newfoundland Alberta MCAP Commercial Mortgages Group Romspen Investment Corporation

Manitoba

Ontario

MCAP Commercial Mortgages Group

Empirical Capital Corp.

Romspen Investment Corporation

First Source Mortgage Corporation

MCAP Commercial Mortgages Group Romspen Investment Corporation

MCAP Commercial Mortgages Group

New Brunswick MCAP Commercial Mortgages Group

Rathcliffe Capital Corp.

Romspen Investment Corporation

Romspen Investment Corporation

Prince Edward Island MCAP Commercial Mortgages Group Romspen Investment Corporation

British Columbia

Saskatchewan

MCAP Commercial Mortgages Group

MCAP Commercial Mortgages Group

Romspen Investment Corporation

Romspen Investment Corporation

Quebec

Nova Scotia

MCAP Commercial Mortgages Group

MCAP Commercial Mortgages Group

Romspen Investment Corporation

Romspen Investment Corporation

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EMPIRICAL CAPITAL CORP. empiricalcapital.ca

Lending markets: GTA

Minimum Beacon: None

416-840-6894

Niche/focus: Commercial land financing

Terms: Maximum two years Rate type: Simple interest

416-840-6896 ext. 202 Products: First mortgages Customer type: Experienced developers

Maximum amortization: N/A; interest-only

Property type: Land

Fees: Negotiable

Maximum LTV: 65%; can go up to 70% under exceptional circumstances

Preferred loan amount: $5 million to $20 million

FIRST SOURCE MORTGAGE CORPORATION firstsourcemortgage.ca 416-221-2238

Lending markets: Ontario – London to Ottawa; prefer population centres of 25,000+ Niche/focus: Non-bank commercial, multi-residential, development land, retail, industrial, gas stations, hospitality

Minimum Beacon: None Terms: One to two years; lender fee; closed six months, then open on one-month bonus Rate type: Fixed Maximum amortization: Interest-only

Products: First mortgages Fees: Varies; competitive Customer type: Experienced builders, developers, real estate investors, business owners

Preferred loan amount: $1 million to $10 million

Property type: Development land, industrial, commercial (including stores and apartments, plazas, flagged gas stations, flagged hotels) Purpose: Acquisitions, construction projects, renovations of existing properties, refinances, equity take-out or bridge financing against future development or future sales Maximum LTV: 75%

www.mortgagebrokernews.ca

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COMMERCIAL LENDING GUIDE

RATHCLIFFE CAPITAL CORP. rathcliffecapital.com

Lending markets: Southern Ontario, within 250km of the GTA

take-out, bridge financing Maximum LTV: 70%

416-787-1135 Niche/focus: Commercial loans, select residential loans

Minimum Beacon: None

Products: First and second mortgages

Terms: Up to five years; flexible terms

Customer type: Businesses, real estate investors, other commercial borrowers

Rate type: Competitive fixed rates

Property type: Industrial, retail, gas stations/automotive, office buildings, development land, multi-unit and high-end residential Purpose: Purchase, refinance, equity

Maximum amortization: Interest-only or flexible amortizations Fees: Minimum 1% lender’s fee Preferred loan amount: $1 million to $10 million

Creative Non-Bank Mortgage Solutions For Commercial Real Estate

When Your Commercial Deal Needs The Right Lender…

Who can provide you with the guidance, skill, knowledge, speed and creativity to over deliver on client needs and demands. We are that Lender. Call us on your next commercial mortgage transaction between $500,000 and $10 million and we’ll prove it!

Land • Land Servicing • Construction • Office • Industrial • Retail • Plaza • Special Purpose • Gas Station • Hotel • Bridge Loans • First Mortgages • Acquisition • Refinance

Call: 416-221-2238 • David Mandel x22 • Skip Walters x25 • Lisa Collis x33 • Paul Labelle x27 Principal Broker First Source Mortgage Corporation (License # 10434) Principal Administrator First Source Financial Management Inc. (License # 12594)

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ROMSPEN INVESTMENT CORPORATION romspen.com

Lending markets: Canada and the US

Minimum Beacon: None

416-966-1100

Niche/focus: Commercial mortgages

Terms: Up to five years

Products: Term, bridge, construction mortgages

Rate type: 7.75% and higher

Customer type: Commercial borrowers

Maximum amortization: Interest-only and flexible amortizations

Property type: Commercial, industrial, development, hospitality, special-purpose properties

Fees: Generally 2% of loan amount, plus lender’s legal fees and disbursements

Purpose: Purchase, refinance

Preferred loan amount: $4 million to $100 million

Maximum LTV: 75%

PRIVATE COMMERCIAL MORTGAGE LENDING COMPETITIVE • FLEXIBLE • QUICK • Southern Ontario

• $1,000,000 - $10,000,000+

Industrial • Retail • Office • Automotive/Gas Station • Development Land • Other Commercial

416-787-1135 capital@rathcliffe.com www.rathcliffe.com

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THE BIGGEST, MOST GLAMOROUS MORTGAGE INDUSTRY EVENT OF THE YEAR Be among over 600 industry luminaries when we crown the winners.

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“Winning a CMA is huge in the industry. It’s like the Oscars or Emmys of the mortgage world.

For us to be able to advertise that is huge—and I still advertise that; it’s in my email signature, on my Facebook page, my website, everything.”

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The gala is always a first-class event. It’s the highlight of the year.”

GORDON MCCALLUM Founder, President and CEO First Foundation

“[CMA] gives other people something to strive for and helps build professionalism in the industry.”

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SPECIAL THANKS TO OUR AWARD SPONSORS

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COMMERCIAL LENDING GUIDE

M F MCAP FINANCIAL – COMMERCIAL MORTGAGES GROUP (CMG) mcap.com/commercial-mortgages Adrian Ransome: 647-335-0496 Andrew Ramdeholl: 416-591-2712 Derek Read: 416-847-3525 George Mejury: 416-368-8837

Lending markets: National – major urban centres, primary and secondary markets across Canada

transaction and borrowers/guarantors

Products: Insured and uninsured (conventional) first and second mortgages

Rate type: Spread over applicable GOC

Customer type: Investor/owners, experienced property managers

Jacques Pelletier: 438-822-0265 Jordan Forfar: 647-884-9205 Leo St. Germain: 416-847-3870 Rock Wang: 416-591-5201 TJ Lee: 403-398-4691 Vito Campisi: 416-605-5763

Property type: Insured commercial lending for multi-family, retirement and student residences; conventional commercial lending for storefronts, multi-family, plaza commercial and industrial

Terms: One to 10 years, fixed or open

• • •

Maximum amortization: Up to 40 years Fees: No lender’s fee for insured commercial lending; up to 1% lender’s fee for conventional commercial lending Preferred loan amount: Greater than $2 million

Maximum LTV: Up to 85% for insured commercial lending; up to 85% (combined) for conventional commercial lending Minimum Beacon: N/A; MCAP will review entire strength of the

EMPIRICAL CAPITAL CORP. (“EMPIRICAL”) is a private commercial real estate lender that was founded by Mickey Baratz and Abby Strahl, having over 40 years related experience.

MICKEY BARATZ, C.A., AMP., CPMB BROKERAGE #12903 MORTGAGE BROKER LIC. #M08000714

EMPIRICAL CAPITAL CORP. 4950 YONGE STREET, SUITE 1706 TORONTO, ON M2N 6K1 T: 416-840-6892 C: 416-986-3688

www.empiricalcapital.ca

EMPIRICAL specializes in providing land financing for residential / commercial land acquisition and debt refinancing while awaiting development approval, with loan amounts ranging from $3M to $25M. EMPIRICAL is a lender of choice for small to medium sized developers.

By applying the right mix of innovative and creative lending practices, experience and in-depth knowledge of the industry, EMPIRICAL maximizes Borrowers’ needs while meeting the risk considerations of its investors.

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MCAP OFFERS THE FOLLOWING FINANCING SOLUTIONS: • Insured and Conventional Term Financing • Competitive Rates • Dependable Closing Process

• Customized Structures • Forward Fix of Rates • National Lending Program

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s. s, L of

Your Expert Partner™ MCAP is one of Canada’s leading independent mortgage financing companies, operating in two lines of business: residential mortgages and commercial mortgages & development finance. With over $65 billion in mortgages under administration, MCAP originates, securitizes, trades and services residential, construction and commercial assets across Canada.

www.mcap.com/commercial-mortgages

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Toll Free 1 800 387 4405

MCAP Financial Corporation | Ontario Mortgage Brokerage #10600

22/02/2018 1:49:52 AM

License # 10172

Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada and the United States. With over $2.2 billion under administration, we offer customized mortgage solutions for term, bridge and construction financing from $5M to $100M.

OPPORTUNITY IS OFTEN SIMPLY A MATTER OF SEEING IT FIRST. Blake Cassidy or Pierre Leonard 800 494 0389 | www.romspen.com

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