Private commercial mortgages · Ontario

Deals the banks
send back.
Funded.

We are a boutique commercial mortgage brokerage and private lender. First and second mortgages from $1 million to $7.5 million, up to 65% loan-to-value, on commercial property across Ontario. You get a real answer from an underwriter, not a queue.

$1M–$7.5M
Loan size
65%
Max LTV
1st & 2nd
Positions
Office tower

Our box, stated plainly

If your deal fits here, we can usually tell you the same day. If it doesn't, we will tell you that too.

Loan amount
$1M–$0M

Single loans from $1 million. Larger positions considered with syndication.

Loan to value
0%

Against current appraised value. Lower on transitional land and specialty assets.

Term
0–18 mo

Interest only. Six months closed, then open. Renewal options available.

Pricing from
P+0.00%

First mortgages from Prime + 2.45%. Second mortgages from Prime + 5.50%.

Location

Ontario municipalities with a population of 50,000 or greater. Toronto, Hamilton, Ottawa, London, Windsor, Kitchener–Waterloo and more.

Why brokers call us

We underwrite the exit, and we protect your fee.

Every file is read by the people who decide it. We look first at how the loan gets repaid, then at the borrower and the asset. That is why we can commit quickly and why our answers hold.

01

Your fee is protected

We work with brokers and we do not go around them. Your commission is documented in the commitment.

02

Same-day read on the deal

Send the summary and we will tell you whether it fits before you spend a week assembling a package.

03

Structures banks cannot write

Interest reserves, staged advances, cap-ex holdbacks, inventory paydowns. The structure follows the plan.

Recent transactions

$7.5M Multi-family, 48 units Hamilton 62% LTV
$5.4M Self storage, stabilization London 61% LTV
$4.2M Industrial flex, owner-occupied Mississauga 58% LTV
$3.1M Mixed-use, 11 residential + 3 retail Ottawa 55% LTV

Check your deal against the guidelines, then send it.

Loan size, LTV, pricing, markets and the document list are all published. No guessing.

For mortgage brokers

Bring us the file. We protect your fee.

Cosman Mortgage works through brokers. Your commission is documented in the commitment and we never approach your client directly.

From email to commitment

Step 01

Send a one-page summary

Property, request, use of funds, other sources of funds, and the exit. That is enough to start.

Step 02

Same-day indication

You hear whether it fits, at what pricing, and what we would need. Usually within hours.

Step 03

Term sheet and diligence

Appraisal, environmental where required, site inspection, borrower review. We tell you the list up front.

Step 04

Commitment and funding

Instructions to counsel, your fee stated in the commitment, administration handled in house.

What makes a file easy to say yes to

A written exit: sale, refinance, or a defined repayment event inside the term
Real equity in the deal and a borrower who has done this before
A current appraisal, or an appraiser already engaged
Clean disclosure on existing charges, arrears and tax status
Ontario property, inside our markets, at or under 65% of value
Commercial property
Lending guidelines

What we lend on, at what price, and what we need to see.

Commercial
Primary focus
$1M–$7.5M
Loan amount
65%
Maximum LTV
Prime + 2.45%
1st starting at
Product types

Primarily commercial, with select residential

Our lending is predominantly commercial, with a limited allocation to high-end residential. Multi-family through mixed-use, office to hotels, gas stations to industrial. Stabilization loans to buy and improve existing real estate, condo inventory and self-storage to work returns, and residential construction. Specialty properties case by case.

Multi-family Stabilization loans Office buildings Hotels (branded) Gas stations Industrial Mixed-use Parking lots Condo inventory Self storage Specialty (case by case) High-end residential, $1M min
General pricing

Every mortgage is case by case. Here is the range.

First mortgages start at Prime + 2.45%. Lower pricing is available for high-end residential, income-generating commercial, or lower leverage. Modifiers apply to properties in transition, specialty assets, and higher LTV. Second mortgages start at Prime + 5.50%, with the same modifiers.

First mortgage, income producingPrime + 2.45%
Second mortgagePrime + 5.50%
Transitional or specialty assetsQuoted per file
Where we finance

Southern Ontario

Ontario municipalities with a population of 50,000 or greater. Some of the areas we lend in, and more on request.

Toronto Hamilton Oshawa Peterborough St. Catharines Niagara Brantford London Windsor Sarnia Kitchener–Waterloo Cambridge Barrie Belleville Kingston Brockville Cornwall Ottawa

Required documents

Plus such other information as the lender may reasonably require.

General

Application form Summary of what is being requested Other sources of funds Use of our funds

Corporations

Day-to-day business activities Articles of incorporation Shareholders with % ownership Two years of financial statements

Individuals

Two pieces of current government ID Credit report Net worth statement, within 30 days Two years of NOAs, T1s if necessary

Properties

Current appraisal Environmental report if commercial or land Property tax statement Existing mortgage details Site inspection APS if a purchase Leases if a rental Rent roll if more than two leases Building condition report if applicable
Mortgage investments

Capital preservation first. Returns second.

We are a non-bank commercial real estate lender. Investors participate in first and second mortgages on Ontario property, underwritten to a defined exit and administered in house.

Commercial real estate

Underwriting criteria

Minimum investment
$0K

Per mortgage, in first or second position.

Term
0–18 mo

Six months closed, then open. Generally with renewal options.

Target returns
8.00%+

By risk and priority position.

Distributions
Monthly

On every mortgage, for the life of the loan.

The exit comes first

We underwrite the source of repayment before anything else. Retail, commercial, industrial and land in major Southern Ontario markets, structured to repay inside one to three years.

Borrowers we can vouch for

Track record, reputation and character. Every property inspected, every background checked, creditworthiness assessed before a dollar advances.

Third parties on every file

Appraisers, environmental engineers, cost consultants, planners and revenue consultants as the file requires. Their work, not our opinion.

Ask for the current mortgage offerings and our reporting package.

Our team

The people who read your file are the people who decide it.

Jason Cosman

Jason Cosman

President & Co-Founder

An award-winning mortgage broker focused on commercial mortgages, nominated multiple times for the Canadian Mortgage Awards and named among the Top 10 Mortgage Brokers by Canadian Mortgage Professionals. Jason works across brokering, private lending, underwriting and the syndication of commercial mortgages.

Mark Cosman

Mark Cosman

Senior Vice President & Co-Founder

A former lawyer whose practice centred on commercial real estate, acting for the Bank of Montreal, TD Bank, the Greater Toronto Home Builders Association, and many major developers and private purchasers. Mark began syndicating mortgages in the 1980s and has made it his full-time occupation since 2017.

John Cochrane

John Cochrane

Vice President, Commercial Origination

Twenty years in commercial mortgages. John originated at GE Real Estate and Harbour Mortgage, then spent eight years as Director of Commercial Mortgage Development at one of Dominion Lending Centres' largest offices before returning to the lending side with Cosman Mortgage. He holds a Bachelor of Commerce from McMaster University.

Ana Carolina Assis

Ana Carolina Assis

Executive Office Manager & Mortgage Administrator

Ana runs the office and administers the mortgage book. She knows every part of the business, from daily operations through to servicing and investor reporting, and is usually the reason a file closes on time.

John Swan

John Swan

Director, Underwriting and Portfolio Management

A commercial real estate finance professional specializing in underwriting, portfolio management and mortgage lending. John came to Cosman Mortgage following roles in credit analysis, asset management and mortgage origination. His experience spans commercial real estate lending and investment management, with a focus on evaluating and managing real estate-backed credit opportunities.

Send your file to the people above.

Send us a message

Before you send

A one-page summary is enough for a first read: the property, what is being requested, the other sources of funds, the use of our funds, and how the loan gets repaid.

Loans from $1 million to $7.5 million Up to 65% loan-to-value Ontario commercial property Broker fees protected