Bank of China (Canada) (BOCC) Commercial Mortgage

Amount:

$ 25,000,000.00

Type:

Loan

Description:

BOCC’s Commercial mortgage loan is a product that a bank provides funds for the customer and the enterprise to finance the purchase and or refinance of a commercial real estate property (retail, office and industrial buildings, etc.) and the secured property is served as the collateral. The loan will be a lump sum on closing but the repayments are amortized into equal monthly payments over a long period of time.

Comments on Funding:

1. Funding takes the form of a loan up to $25,000,000 Canadian dollars.
2. Loan amount can reach 70% of the lesser of the purchase price or appraisal value of the property (the appraised value of the property has to be appraised by the bank approved realty appraiser).
3. Loan term is flexible, the contract period varies from 1 year to 5 years, and the amortization period can be up to 25 years, it can be selected according to client’s liquidity position. Real estate loans are mostly long-term loans
4. Convenient repayment by equal monthly principal and interest repayment, it releases the pressure of one time lump sum repayment.

Deadline:

Continuous Intake

Eligibility:

Applicants must:
1. be corporate clients and or business enterprise who purchase or refinance the eligible commercial properties like office condominium unit, shopping plaza, retail condominium unit and others.
2. adhere to the following terms and conditions:
a) The borrower’s credit rating must qualify according to Bank of China (Canada)’s credit policy. The Bank will review the borrower’s loan profile periodically to determine its need and adjust its credit rating accordingly.
b) Borrowers should have sound business management background, qualified leadership and well management system in finance and its credit must in good condition, so it has the ability to repay the loan principal and interest.
c) Provide corporate guarantors or personal guarantors that approved by the Bank.
d) Borrowers should open business account with Bank of China (Canada).
e) Comply with the Bank of China (Canada) other relevant credit requirements.

Application Steps:

Applicants must submit their loan applications, along with the necessary requirements, to the Corporate Business Department of Bank of China (Canada).

Documentation Needed:

Applicants must submit the following:
1. Loan Request Application;
2. Article of Incorporation & Certificate of Shareholders, Directors and Officers;
3. The latest company incorporation documents;
4. Legal officer of the Corporate customer and the valid identification (passport, identity card; or driving license) and a tax card (except health care card);
5. Borrower’s most recent three years of audited financial statements and recent financial statements;
6. Notice of Assessment for the Company and its corporate taxation files;
7. Personal financial statements of the Personal Guarantor;
8. Other documents required by Bank of China (Canada).

Other Things to Note:

Maurice

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Canada to identify and maximize funding to grow their business.

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