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.
Retail deals fail at the bank because tenant nuance never reaches the underwriter. A grocery-anchored plaza with rolling tenants gets the same questions as a single-tenant NNN with investment-grade credit. WALT shorter than 5 years gets penalised across the board even when the renewal probability is high. Anchor renewals get treated as black-box risk instead of a structurable event. We've placed retail across 30+ lenders — from A-banks to MICs — so we know which lender prices anchor-renewal probability into the deal, which one accepts WALT 3-5y with the right tenant covenants, and which one's underwriter will actually pick up the phone when your lease abstract has an unusual CAM clause.
Five financing structures for retail real estate.
Retail underwriting is tenant-driven. The right structure depends on your tenant roster, lease terms, anchor stability, and renovation/leasing-commission reserves needed.
Conventional Term
Stabilized retail, A-bank or monoline. 65–75% LTV, 5–10 year terms, 20–25 year amortizations. Best pricing on WALT 5y+ centres.
Net-Lease (NNN) Term
Single-tenant investment-grade or strong-credit tenants. Up to 80% LTV with rate sheets pegged to tenant credit.
Bridge / Reposition
Vacancy lease-up, anchor replacement, façade renovation, COVID-era recovery. 65–75% LTV, 1–3 year terms.
Construction / Expansion
New plaza builds or expansion of existing centres. Land + servicing + vertical draws with conventional takeout.
Refinance / Equity Take-Out
Pull equity from stabilized centres at lower rate or longer am. Common after a refinance window or anchor renewal.
Retail asset profiles we finance.
Each retail sub-class has its own lender list. Anchored grocery centres price differently from secondary-market strip plazas. We match the asset to its appetite-friendly lender.
Why sponsors choose Mortgage Squad Advisors.
From 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 the rent roll and tenant estoppels are in hand.
Asset + sponsor intake
T12, rent roll, leases, sponsor profile. We assess WALT, anchor strength, lease structure.
Lender shortlist
3-5 lenders sized by tenant credit and centre type. Indicative pricing in 5-10 days.
Tenant due diligence
Estoppel certificates, lease abstracts, anchor renewal probability. We coordinate with the listing/leasing brokerage.
Conditions
Appraisal, environmental Phase 1, structural, insurance, ALTA. Lawyer engaged.
Funding
Lawyer closes. Funds disburse to vendor (acquisition) or existing lender (refinance).
Retail 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.
“Our anchored plaza in Brampton was up for renewal at exactly the wrong moment — the existing lender wanted to drop us to 60% LTV after Loblaws renewed for only 5 years. Mortgage Squad Advisors placed it with a monoline that priced the renewal probability into the deal, kept us at 72% LTV, and saved roughly 80 bps on rate. They earned the placement fee three times over.”
Retail / Strip Plaza 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.
How does WALT (weighted-average lease term) affect my rate?
What anchor tenants get the best pricing?
Will lenders finance an unanchored strip plaza?
What about pad sites — single-tenant drive-thru, bank, pharmacy?
Can I finance a value-add reposition — vacancy lease-up, façade renovation?
What's the typical retail mortgage rate?
Do retail lenders require personal guarantees?
What documents will I need?
Editorial commitment
This retail / strip plaza 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.