Industrial mortgages — the most lender-favoured asset class in Canada.
Single-tenant industrial, multi-tenant flex, distribution, last-mile, cold storage, R&D, manufacturing. Industrial vacancy in major Canadian markets remains under 3% — lenders compete hard for these assets, and we know which ones price most aggressively for your specific use case.
Industrial is the strongest pricing in Canadian commercial right now — but banks underwrite to a single asset-class rate sheet that doesn't differentiate between a last-mile distribution facility with an investment-grade 3PL and a 1980s manufacturing conversion to flex space. Owner-occupied SBA-style programs sit at the same bank but on a different desk that the commercial team rarely calls. Environmental Phase 1 risk gets surfaced after the term sheet — too late to pivot. We pre-screen environmental and use-case before submission, route to the right lender desk from day one, and have placed enough industrial across 35+ lenders to know who actually competes for distribution vs cold storage vs heavy manufacturing.
Five financing structures for industrial real estate.
Owner-occupied vs investment. Single-tenant vs multi-tenant. Distribution vs manufacturing. Each profile has its own preferred lender list — and pricing varies by 50–100bps across them.
Owner-Occupied SBA-style
For business owners buying their own building. Up to 90% LTV. Effective cost of capital often beats leasing.
Investment Industrial
Single-tenant or multi-tenant investment property. 65–75% LTV, conventional A-bank or monoline. Long leases price tightest.
Bridge / Reposition
Vacant lease-up, manufacturing-to-distribution conversion, environmental remediation. 65–75% LTV, 1–3 yr term.
Build-to-Suit Construction
Pre-leased construction with single-tenant credit. Construction draws + permanent takeout structured together.
Refinance / Equity Take-Out
Pull equity from stabilized industrial at lower rate or longer am. Industrial cap rates have compressed — equity is sitting there.
Industrial sub-classes we finance.
Last-mile distribution prices differently from heavy manufacturing. Cold storage prices differently from flex. Environmental risk profile is the second factor; the first is appetite.
Why sponsors choose Mortgage Squad Advisors.
From offer to funded — six to ten weeks.
Industrial closes faster than CMHC multi-family. The pacing item on most files is the environmental Phase 1 (and Phase 2 if triggered) — we coordinate that workstream alongside underwriting.
Asset + sponsor intake
Building specs, tenant or use, T12 if investment, sponsor profile. We assess ceiling height, dock count, power, environmental flags.
Lender shortlist
3-5 lenders sized to use case (distribution vs manufacturing vs cold). Indicative pricing in 5-10 days.
Environmental
Phase 1 ESA ordered. If triggers, Phase 2 follow-up. We pre-flag environmental risk so the lender list is realistic from day 1.
Conditions
Appraisal, structural, insurance, ALTA, lawyer's opinion, tenant estoppels (investment files).
Funding
Lawyer closes. Funds disburse to vendor (acquisition), existing lender (refinance), or per draws (construction).
Industrial gets won by the lender who actually wants the deal.
Last-mile distribution to a 3PL prices differently than a 1980s-era manufacturing converted to flex. We know which lenders price aggressively on which use cases.
“We were buying a 110,000 sq ft last-mile distribution facility in Mississauga with a 7-year lease to a publicly-traded 3PL. Our existing banker quoted 70% LTV at GoC + 235. Mortgage Squad Advisors shopped six lenders, and we closed at 75% LTV at GoC + 195 — saved us about $4M of equity and $310k a year in interest. The whole thing took 9 weeks from intake.”
Industrial / Warehouse across major Canadian markets
We place commercial files coast to coast. Pick your market for local context and start a pre-qualification with your deal in mind.
Don’t see your city? Browse all Canadian markets — commercial coverage is national.
Why is industrial pricing so aggressive right now?
What LTV can I get on owner-occupied industrial?
Will environmental Phase 1 issues kill my deal?
Can you finance cold storage / refrigerated facilities?
What about manufacturing buildings — single-tenant heavy industrial?
Will lenders finance a multi-tenant flex building?
What's the typical industrial mortgage rate?
What documents will I need?
Editorial commitment
This industrial / warehouse page is an editorial profile written from our brokerage’s perspective by Mortgage Squad Advisors Editorial Team · Licensed Mortgage Advisors · Reviewed under the Principal Broker. We receive no compensation from any specific lender for this content. On most commercial files the lender pays our placement fee; we disclose compensation in writing on every deal. Program details and rates are reviewed quarterly; last reviewed May 13, 2026.