Retail mortgages —
strip plazas to
anchored centres.
Strip plazas, single-tenant net-lease, anchored centres, mixed-use retail. Lender appetite varies dramatically by tenancy mix and lease covenants — we know which lenders price your specific tenant roster aggressively, and which pass.
Five structures for
retail real estate.
Retail underwriting is tenant-driven. The right structure depends on your tenant roster, lease terms, anchor stability, and renovation reserves needed.
Conventional term mortgage
Stabilized retail with A-bank or monoline. 65–75% LTV, 5–10 year terms, 20–25 year amortizations. Best pricing on WALT 5y+ centres with credit tenants.
Net-lease NNN term
Single-tenant investment-grade or strong-credit tenants. Up to 80% LTV with rate sheets pegged to tenant credit. Drive-thru, pharmacy, and bank pads.
Bridge and reposition debt
Vacancy lease-up, anchor replacement, façade renovation, COVID-era recovery. 65–75% LTV on 1–3 year terms. Refinanced to conventional once stabilized.
Refinance and equity take-out
Pull equity from a stabilized centre at a lower rate or longer amortization. Common after anchor renewal extends WALT and opens lower-cost debt.
Rent roll to funded —
six to ten weeks.
Retail underwriting is faster than CMHC multi-family but slower than residential. Most files close in 6–10 weeks once rent roll and tenant estoppels are in hand.
Asset and sponsor intake
T12, rent roll, leases, and sponsor profile. We assess WALT, anchor strength, and lease structure — then model DSCR before approaching a single lender.
Lender shortlist and term sheets
3–5 lenders sized by tenant credit and centre type. Indicative pricing in 5–10 business days. We know which lenders price anchor-renewal probability into the deal.
Conditions and funding
Appraisal, environmental Phase 1, structural, insurance, survey and title insurance — all coordinated by our team. Lawyer closes; funds disburse on schedule.
We match the asset
to its lender.
Tap any retail profile to see how we approach it.
If you own…You own a grocery-anchored plaza
You own a grocery-anchored plaza
National credit anchors (Loblaw, Sobeys, Metro, Walmart, Costco) unlock the deepest lender appetite in retail. We route your file to lenders who price anchor covenant — not just cap rate — and can reach 70–75% LTV on long-WALT anchored centres.
Price my anchored centreIf you own…Your strip plaza has rolling tenants or short WALT
Your strip plaza has rolling tenants or short WALT
WALT under 5 years narrows the lender list — but doesn't close it. We know which lenders will underwrite renewal probability on a well-occupied unanchored plaza and can structure short-WALT files that conventional banks would decline.
Explore short-WALT optionsIf you own…You're buying or refinancing a single-tenant pad site
You're buying or refinancing a single-tenant pad site
Drive-thru QSR, pharmacy, bank branch, or medical pad with a long NNN lease. Some lenders go to 80% LTV on investment-grade net-lease tenants. Rate is pegged to tenant credit, not just cap rate — which is exactly how we approach the pitch.
Price my pad siteIf you own…You're repositioning a partially vacant centre
You're repositioning a partially vacant centre
Bridge financing covers the gap between today's occupancy and stabilization. Typical structure is 65–75% LTV on a 1–3 year bridge with cash management and lease-up reserves, then refinanced to conventional. We underwrite both legs up front.
Model my repositionIf you own…You own a medical or professional service plaza
You own a medical or professional service plaza
Dental, walk-in clinic, specialist, and suburban professional tenants are strong from a covenant perspective. Many lenders treat medical plazas more favourably than general retail — we know which ones and get you to that lender list directly.
Finance my medical plazaIf you own…Your deal is mixed-use retail over residential
Your deal is mixed-use retail over residential
Mixed-use files need a lender who underwrites both the retail rent roll and the residential component. We structure the file to present the combined NOI cleanly — separating retail and residential income so neither component discounts the other.
Structure my mixed-use dealRetail wins are won
at the structuring table.
A 5-year WALT plaza with rolling tenants is a different lender appetite than a 10-year NNN deal. Knowing the difference is what we get paid for.
| Capability | Our approach | Traditional bank |
|---|---|---|
| Lenders shopped | 30+ retail-active lenders | 1 |
| Anchored vs. unanchored | Different lender lists for each asset profile | One blanket policy |
| WALT-aware pricing | Modelled before submission | Generic asset-class pricing |
| Tenant credit overlay | Investment-grade vs. non-IG modelled separately | One rate sheet |
| Bridge → conventional | Structured as one transaction | Two separate processes |
| Time to first quote | 5–10 business days | 3–6 weeks |
| Lease estoppel coordination | Done by our team | Sponsor's responsibility |
Common questions,
plain answers.
WALT, anchor strength, rates, guarantees, and documents — answered for retail specifically.
How does WALT (weighted-average lease term) affect my rate?
WALT directly drives lender appetite on retail. WALT 5+ years: best pricing; 3–5 years: bankable with strong tenants; under 3 years: often bridge. WALT 4–7y is solidly bankable. WALT under 4y typically requires a bridge structure or a lender willing to underwrite the renewal probability — which is where broker shopping pays off most.
What anchor tenants get the best pricing?
Investment-grade grocery (Loblaw, Sobeys, Metro, Walmart, Costco) and national-credit pharmacy (Shoppers, Rexall) anchor the deepest lender appetite. Strong regional anchors (Longo's, Farm Boy, Whole Foods, M&M) also price aggressively. Non-IG anchors require a more selective lender list.
Will lenders finance an unanchored strip plaza?
Yes — but the lender list narrows and pricing widens. A diversified unanchored plaza with strong WALT can still get conventional financing, typically around 65–70% LTV.
What about pad sites — single-tenant drive-thru, bank, pharmacy?
Single-tenant net-lease pad sites (NNN) with investment-grade tenants are some of the most lender-friendly retail assets in Canada. Some lenders go up to 80% LTV on long net leases to investment-grade tenants, subject to DSCR and location.
Can I finance a value-add reposition — vacancy lease-up, façade renovation?
Yes — through bridge financing. Typical structure is 65–75% LTV on a 1–3 year bridge with cash management and lease-up reserves, refinanced into conventional debt once stabilized. We model both legs of the transaction up front.
What's the typical retail mortgage rate?
Conventional retail term debt is usually priced as a spread over the Government of Canada bond yield for the same term, and the spread depends on WALT, anchor strength and LTV. As illustrative broker estimates reviewed October 2026 (not quotes): 5-year fixed conventional retail often prices around the 5-year GoC yield plus 1.75–2.75%; NNN with investment-grade credit prices tighter; and bridge debt costs materially more (roughly 8–11% senior, 12–15% mezzanine). We confirm live pricing on your file.
Do retail lenders require personal guarantees?
Most senior commercial lenders require at least partial personal guarantees from the principal sponsor(s). On larger deals ($10M+) with institutional sponsors, non-recourse beyond a bad-boy carve-out is achievable.
What documents will I need?
Asset: T12, rent roll, leases (or lease abstracts), CAM reconciliation, property tax bill, insurance, environmental Phase 1, appraisal (lender-ordered). Sponsor: T1, NoA, T2 financials, REO schedule, banking, government ID. Tenant estoppels at conditions stage.
We’ll try to beat your rate.
If we can’t, we pay you $500.¹
¹ Rate Beat: eligible Big-6 bank written offers only · same product, term & amount · $500 paid to you or your nominated charity at closing · conditions apply
Commercial mortgage specialists by city
Retail lending appetite varies by market. A grocery-anchored plaza in a major Ontario hub prices differently than the same asset in a secondary market — lender appetite, cap rate assumptions, and WALT thresholds all shift by geography. Our commercial desk serves every major Ontario market.