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Joint Mortgage for Business

Here is the place to discuss real estate crowdfunding.
Christo11
Posts: 1
Joined: Thu Nov 16, 2017 11:48 am

Joint Mortgage for Business

Postby Christo11 » Thu Nov 16, 2017 11:53 am

Hi,

I am planning to start a business with my friend. We have a small saving for that. But, that money won’t be enough even for the initial investment in the business. So, we are planning to take a joint mortgage. I don’t know more about a joint mortgage. And I have some doubts regarding the same.

What are all documents required to apply for a joint mortgage?

Who determines the monthly payment share among the partners? Is it determined according to the income of each of the partners or can we directly decide the percentage ourselves?

What are the risks of a joint mortgage and what if one fails to make his payments on time?

Which is the best commercial mortgage: adjustable or fixed rate mortgage? I think an open-end mortgage would be better as it helps us in borrowing more money later. In my search, I came across brokers offering hybrid mortgages in Canada. And they have mentioned that a hybrid mortgage has combined characteristics of both ARM and FRM.

If you know the details, please be kind to share it as soon as possible. Thank you.

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