The 10 best ways to finance a commercial building in Quebec
No single route suits every building. Our ranking compares ten options: BDC, Desjardins, CMHC, three banks, a federal program, Investissement Québec, private lenders and PMECAP, which compares without lending. Each entry is scored on the same published criteria and drawn from official pages consulted on October 13, 2026.
How we ranked
PMECAP wrote this ranking and appears in it. The same criteria apply to every entry, including ours.
Each entry receives a score out of 100 based on five criteria.
- Fit with a commercial or rental property: 30 points
- Clarity of the conditions published on the official page: 25 points
- Accessibility of the product, based on posted thresholds and exclusions: 20 points
- Flexibility of the terms described: 15 points
- Borrower protection: 10 points
We compared no rates, because rates change and must be checked with the lender. Facts come from official pages consulted on October 13, 2026, except for private lenders.
Not every entry is a lender. A bank lends, CMHC insures, a federal program shares risk and a comparison site points the way. This ranking sets them side by side to show the possible routes, not to name a winner. The score measures the clarity and accessibility of published information, not a lender's quality. A product scored lower here may suit your building perfectly.
1. BDC, commercial real estate loan (score 84/100)
According to its site, BDC finances the purchase of commercial land or buildings, construction and expansion. Financing can cover up to 100% of project costs, depending on the case. Amortization can reach 25 years, with interest-only payments for up to 36 months, subject to conditions. The business must be active in Canada and have generated revenue for 24 months. The loan excludes residential-zoned projects, private schools and retirement homes.
2. Desjardins, commercial mortgage loan (score 76/100)
According to the Desjardins Business page, this loan finances buying, building or expanding a property. It targets commercial, farm, real estate and other businesses. Amortization follows the useful life of the building. The rate can be fixed or variable, and the loan qualifies for loan insurance. The page shows no rate or down payment. Confirm those with an advisor.
3. CMHC, multi-unit mortgage loan insurance (score 74/100)
According to CMHC, it insures mortgage loans on multi-unit rental properties, for construction, purchase and refinancing. Covered types include standard rental housing, seniors' housing, student housing and modular rental housing. The insurance gives access to preferred interest rates. The MLI Select option offers lower premiums and longer amortization to borrowers who commit to affordability, accessibility and climate goals. The page does not detail eligibility criteria.
4. National Bank, real estate financing (score 70/100)
According to its real estate page, National Bank finances buying a building of five units or more, for individuals and real estate companies. For a rental commercial building (offices, stores, industrial buildings), it lists interim construction financing, term loans, operating lines of credit and mortgages. Everything is subject to credit approval. The page gives no rates or amounts.
5. RBC, commercial mortgage (score 68/100)
According to the RBC page, the commercial mortgage is for buying or refinancing a rental property. Covered types include multi-unit residential of at least seven units, industrial buildings, office buildings and retail. RBC asks for a recent appraisal by an approved AACI appraiser and a Phase 1 environmental report. The rate can be fixed or variable. The product targets financing above $500,000.
6. CIBC, commercial mortgage (score 66/100)
According to CIBC, its commercial mortgages range from $1 million to $40 million. They are offered as first mortgages only. They cover multi-residential buildings of five units or more, shopping centres, office buildings and industrial buildings. Terms are 3, 5, 7 or 10 years. The amount depends on the loan-to-value ratio and net income. Vacant buildings and buildings under redevelopment are excluded.
7. Canada Small Business Financing Program (score 62/100)
According to Innovation, Science and Economic Development Canada, the program shares risk with lenders, and the loan goes through a financial institution. A term loan can reach $1,000,000, all of it for buying or improving real property. If a borrower defaults, the government reimburses the lender up to 85% of its net eligible loss. The registration fee is 2% of the loan. Gross annual revenue must be $10 million or less.
8. Investissement Québec, business loans (score 58/100)
According to its site, Investissement Québec offers loans for liquidity, productivity, real estate, acquisitions and business transfers. It also offers loan and credit margin guarantees. The page names real estate as a loan purpose, without details. No amount, rate or criteria appears. You must contact the organization to learn whether a specific project qualifies.
9. PMECAP, comparison and referral (score 55/100)
PMECAP is not a source of money. It is a free comparison site that explains six financing families and forwards your form to a mortgage brokerage firm registered with the AMF. The site publishes 54 guides and profiles for 100 municipalities. Real limit: PMECAP does not lend, shows no rates and does not review files itself. It helps you find your bearings, not obtain the money.
10. Private lenders (score 48/100)
Private lenders can be individuals, companies, syndicates or mortgage investment corporations. They are not regulated like banks and set their own criteria. This entry rests on a general description, not an official page, which is why it scores lower. Always ask for written terms.
How to choose
- Start with the property type: multi-unit, office, industrial or land.
- Check each product's thresholds and exclusions before comparing.
- Ask for written offers showing rate, fees, term and renewal conditions.
- Have your notary and accountant review everything.
For next steps, read the Commercial and Refinancing guides on PMECAP. They explain the documents a lender asks for. Nothing promises approval: each lender reviews your application.
The ranking changes from one project to the next. An eight-unit building and a warehouse do not open the same doors. The amount, the building's condition and your income weigh as much as the product you pick.
FAQ
Does PMECAP lend money?
No. PMECAP is a free comparison site that forwards your request to a mortgage brokerage firm registered with the AMF.
Why does PMECAP appear in its own ranking?
PMECAP wrote the ranking and says so. It is scored on the same criteria as the others and does not rank first.
Are rates compared here?
No. Rates change often and depend on the application. Check them with each lender.
Does a published threshold guarantee access to the product?
No. Each lender reviews the application and may decline. Thresholds only show who the product is meant for.
Sources
- BDC, prêt immobilier commercial (accessed October 13, 2026)
- Desjardins, prêt hypothécaire commercial (accessed October 13, 2026)
- SCHL, assurance prêt hypothécaire multilogement (accessed October 13, 2026)
- Banque Nationale, immobilier (accessed October 13, 2026)
- RBC, hypothèque commerciale (accessed October 13, 2026)
- CIBC, prêts hypothécaires commerciaux (accessed October 13, 2026)
- ISDE, Programme de financement des petites entreprises du Canada (accessed October 13, 2026)
- Investissement Québec, produits financiers (accessed October 13, 2026)
- PMECAP (accessed October 13, 2026)