Thursday, 07 May 2020
By Leahs Mortgages
Shawn Stillman Quoted on The Financial Post – Some Canadian banks freeze new financing for commercial properties on COVID-19 concerns
Some owners who are unable to sell their properties are refinancing with alternative lenders at higher rates, adding to pressure on the struggling small to medium business sector. Mortgage Outlet broker Shawn Stillman said two clients who had letters of intent signed to refinance with Bank of Montreal were told the bank was no longer financing commercial rental properties. His clients, whose mortgages were up for renewal at private lenders, refinanced with another alternative lender, at three percentage points higher than BMO’s rate, he said.
