How to Find the Best Commercial Mortgage Broker for Your Needs

Posted on 12th July 2023

Finding the right property is one of the most essential steps in running a new business. If you’re like most business owners, the most straightforward route to securing a property is taking out a commercial mortgage.

The problem with this approach is that not all lenders are willing to extend a mortgage on your terms. For this reason, many business owners work with commercial mortgage brokers in Toronto.

A commercial mortgage broker is the “middleman,” which connects you (the borrower) to the right lender. In this post, we’ll explain how you can find the best commercial mortgage broker that meets your standards.

Research Your Options

All commercial mortgage brokers in Toronto have different clientele they work with. Some mortgage brokers deal in certain areas in Toronto. Others may prefer to work with borrowers with good credit and suitable collateral.

For this reason, you should do your research to find a Toronto commercial mortgage broker that works with people like you. Here are some helpful tips to help you get started:

  • Visit a Mortgage Broker’s Website and Check Their About page. This page is where you’ll usually see information about the customers they work with.

  • Use Google Maps. This helpful tool will display some local commercial mortgage brokers in your area.

  • Check the Better Business Bureau (BBB). This online resource helps consumers filter through legitimate businesses and fraudulent establishments with horrible reviews.

Once you follow these tips, you can create a shortlist full of possible commercial mortgage brokers to contact.

Consider a Broker’s Relationships with Different Lenders

Successful commercial mortgage brokers in Toronto work with a wide range of lenders. This range ensures their customers have plenty of quality options when securing a favourable mortgage loan.

When meeting with a prospective commercial mortgage broker, ask them to give you a full rundown of the lenders they work with. A quality mortgage broker will have connections with prominent and local lenders to provide you with a broader list of options.

Always Collect and Verify References

A significant aspect of working with any business is ensuring they are who they claim to be. When contacting a prospective mortgage broker, ask for at least three professional references to elevate your peace of mind.

However, your job doesn’t just stop there. In addition to collecting references, you should also verify each contact by sending an email or calling a past customer on the phone. Verifying references generally takes less than an hour, which can ease your mind by knowing you’re working with a legitimate business.

Make Sure They Understand Your Target Area

The job of a commercial mortgage broker isn’t just to connect you with the right lender. Great commercial mortgage brokers in Toronto will research and understand the area you want to buy in. They’ll have a firm grasp of average sales prices, interest rates, and regional crime rates. When meeting a mortgage broker, look for a professional that does their due diligence.

Ask Plenty of Questions

Whether you speak to a representative over the phone or meet a mortgage broker in person, asking vital questions will help you determine the best fit. Here are some questions you can ask:

  • How long have you been working in this region?
  • How many clients have you helped secure a commercial mortgage?
  • What are your fees? Are you going to bill me or my lender?
  • Are there any other fees that I should know about?
  • What other services do you offer?
  • What do I need to provide to get started?

Asking these questions and recording their answers will help you compare each broker on your shortlist.

Meet the Broker in Person

Don’t underestimate the importance of an in-person meeting. Meeting a commercial mortgage broker in person gives you the opportunity to:

  • Ask follow-up questions that you forgot about comparing different brokers.
  • Get a great idea of what it’ll be like to work with them.
  • Ask about the additional services you may need in the future.
  • See how attentive the mortgage broker is to your concerns.

The best commercial mortgage brokers in Toronto are friendly and transparent. They won’t upsell you on other services to make a profit and will be honest about the lending process.

Determine Your Priorities

Before selecting a broker, deciding what matters most to you during your lending experience is always a great idea. If you want to pay the lowest rates possible, talk to a mortgage broker with a proven track record of securing the best deals for their customers.

If you’re a first-time buyer who requires a more hands-on approach during the lending process, find a friendly broker to accommodate you.

Finally, if you prefer to get through the lending process as soon as possible, choose an efficient broker known for expedited service.

Monitor Their Reputation

The final step in choosing an excellent commercial mortgage broker is gauging their online reputation. Mainly, what do their online reviews look like? Have you had any dissatisfied customers on Google Maps and other review websites?

Does the mortgage broker have an excellent reputation on social media platforms like Facebook and LinkedIn? It would help to answer these questions when monitoring a broker’s online reputation. A mortgage broker with a dirty online reputation on social media and review websites isn’t a provider you want to do business with.

Ready to Start a Commercial Mortgage?

As you can see, choosing one of the best commercial mortgage brokers in Toronto doesn’t have to be a complex process.

Performing your due diligence, asking essential questions, and scheduling an in-person meeting are some of the best ways to vet quality brokers. If you’re ready to discuss starting a new commercial mortgage, the friendly team at is here for you.

To learn more about our commercial mortgage solutions and financing options, call at 1-866-I CAN LEND or contact us here.

Awards & Recognitions