Help to get the best commercial mortgage

Hi, I have made all the plans to start a business with my friend but, our savings are not enough to even meet the needs of the initial investment. So, we are planning to take a joint mortgage. I am not much aware of the formalities for taking a mortgage as I don't have any previous experience. Can anyone help to choose the best mortgage to start a business? As we all know, a business needs some... [more]

Hi, I have made all the plans to start a business with my friend but, our savings are not enough to even meet the needs of the initial investment. So, we are planning to take a joint mortgage. I am not much aware of the formalities for taking a mortgage as I don't have any previous experience. Can anyone help to choose the best mortgage to start a business? As we all know, a business needs some time to get exposed and grow. So, I am concerned about the monthly payments if a mortgage is being secured! I have several queries related to this. Is it recommended taking a fixed rate mortgage as it won't have any risk of fluctuations in rate? What is the minimum down payment for commercial mortgages? What criteria is followed for dividing the payment amount between the partners? We will be consulting a commercial mortgage broker in Ontario soon (http://www.northwoodmortgage.com/central-ontario/ ). So, let us know the details at the earliest. Thank you. [less]