Know the many resources available to approach for a mortgage.
The first step in getting a mortgage is to decide who you want to approach. If you are working with a broker, he will be the one deciding which lenders to approach. If you have decided to handle the mortgage search on your own, you will have to do some fact checking to decide the most likely lenders.
There are several potential lenders you could approach, including:
Life Insurance Companies
Retirement and pension funds
Real estate investment and mortgage trusts
Vendors – the best source to facilitate a sale is by taking back a mortgage, which is called a Vendor Take-Back (VTB) or Purchase Money Mortgage.
“Pierre Boidon and Claude Boidon, Commercial Real Estate Investing in Canada, John Wiley & Sons Canada, Ltd., 2008, pg 256”