If you’re a Canadian small business owner or are considering starting a small business, you may wonder what the current RBC commercial mortgage rates are and how you can get the best rate. This blog post will give you an overview of RBC commercial mortgage rates and how to get the best rate for your small business.

RBC Commercial Mortgage Rates

The current RBC commercial mortgage rate is 5.30%. This is a fixed rate, which means that it will not change during the term of your mortgage. The term length for an RBC commercial mortgage is usually 25 years but can be anywhere from 1-25 years, depending on the loan amount.

How to Get the Best Rate

There are a few things that you can do to ensure that you get the best interest rate possible for your small business:

1.    Have a strong credit score:

This is one of the most important factors lenders will consider when considering your loan application. If you have a strong credit score, lenders will see you as a low-risk borrower and will be more likely to offer you a lower interest rate. You can check your credit score for free with Borrowell.

2.    Shop around:

Don’t just go with the first lender that you find. Instead, compare interest rates and terms from several different lenders before deciding. This way, you’ll be sure to get the best deal possible.

3.    Choose a longer-term length:

A longer-term length will usually result in a lower interest rate because you’ll repay your loan over a more extended period. However, remember that this also means you’ll pay more interest overall.

4.    Make a larger down payment:

Larger down payment will lower your loan-to-value ratio, which is the amount of your loan divided by the value of your property. This will make you less risky to lenders, who may offer you a better interest rate.

5.    Look for special offers:

Many banks and lending institutions offer special deals and discounts on commercial mortgages for new borrowers or those who meet specific criteria. Ask about any special offers when shopping around for a loan.

3 Tips for Getting the Best Rate on Your Commercial Mortgage

1.    Compare offers from multiple lenders:

Don’t just focus on RBC commercial mortgage rates. Compare offers from multiple lenders to get the best deal possible. Remember to compare things like interest rates, fees, and terms before making a decision.

2.    Negotiate:

Don’t hesitate to negotiate with your lender for a better rate or more favorable terms. Remember that lenders are often willing to negotiable to earn your business.

3.    Consider hiring a professional:

If you’re not experienced in securing commercial mortgages, consider hiring a professional to help you navigate the process and get the best deal possible. A professional can also help you if you run into any challenges during the application process. 

Conclusion:

RBC currently has an attractive commercial mortgage rate of 5.30% for small businesses in Canada. To get the best rate possible, make sure to have a strong credit score, shop around for different rates, choose a longer term length if possible, make a larger down payment, and look for special offers from banks and lending institutions. By following these tips, you can be sure to get the best deal on your RBC commercial mortgage.