Commercial Mortgage

This mortgage is for you if:

  • You need funding to purchase assets or make improvements to your existing property.

Mortgage Features

Commercial mortgage can help you fund the purchase, expansion or renovations of a property for your business.

Commercial mortgages are available in fixed and variable rates with terms ranging from 1 to 5 years with the availability of lending up to 75 percent of the value of the property.

Additional Information

Flexible repayment options include monthly, semi-monthly, bi-weekly or weekly payments.

At any time during each year of the term of a mortgage, the borrower may prepay up to predetermined amount of the "original principal" amount of the mortgage without notice or bonus.

Once during each year of the term of the mortgage, the borrower may increase the principal and interest portion of the monthly payment by up to a predetermined amount of the principal and interest payment "originally" required by the terms of the mortgage.

Any amount prepaid in excess of the amount allowed, would be charged an interest bonus/penalty equivalent to the greater of:

  1. Three (3) months interest at the interest rate in effect on the Charge at the time of such prepayment, on the amount prepaid or;
  2. An interest differential adjustment, calculated on the amount prepaid, in an amount which is calculated in accordance with Sudbury Credit Union’s then usual procedures and is based on the difference between:
      1. the annual rate of interest determined by the Credit Union in its sole discretion to be the interest rate that would be in effect on the prepayment date if the Credit Union was at that time prepared to lend to the Borrower on the same terms (including prepayment terms) as the Loan Agreement for a term from the prepayment date to the balance due date and;
      2. the rate at which interest is then payable under the Charge.

What you need

Three years of financial statements prepared by a qualified accountant and/or three years of income tax returns along with the notice of assessment from Canada Revenue Agency.

Ready to apply? Applying for a mortgage with us is easy!


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*Rate is subject to change without notice and is available O.A.C. Rate is compounded semi-annually. Terms and conditions may apply. Mortgage funds must be advanced within 90 days of the application. This rate is discounted and cannot be combined with any other rate discounts, promotions or offers. Additional fees may apply. For specific Annual Percentage Rate (APR) rates, please contact your branch.