Will I have to get a mortgage insurance?

[robie55]

I need to buy a warehouse for the storage of our construction equipment. Our current rented space is small and congested.

We decided to buy a property on a loan. Apparently, from this online page, https://www.butlermortgage.ca/mortgages/purchase/residential-commercial-mortgages/commercial-mortgages/ I was able to understand that I can get a max loan to value of 75%. In that case, I hope I wouldn't require a mortgage insurance.

Is it necessary to get a mortgage insurance? Please share your suggestions.

Thanks.

[Craigy]

Question is one for your lender.

You could shop multiple lenders and see what their policies are.

Commercial loans are their own ballgame.

[adventure]

Talk to many folks, both small local banks and credit unions, and large lenders.

Or a place online such as OnDeck (they sponsor Mike Rowe's podcast).

Or maybe a line of credit if you just need the cash for a shorter timeline?