Commercial Mortgage Loan
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If you’re looking to start a business with a commercial property, then taking on a commercial mortgage loan is what you need. From its term alone, you would already have an idea of what a commercial mortgage loan is; it’s pretty self-explanatory.
But, for the benefit of everyone – including those who are just starting, here’s a simple definition of what a commercial mortgage loan is.
What is a Commercial Mortgage Loan?
Commercial mortgage loans are similar to what a regular mortgage loan is. The only difference is that you would use it for a commercial property, instead of using it for a residential property.
In a mortgage, you’d usually be given the cash to be able to purchase the land or to take care of the construction of the house; therefore, that’s how a regular commercial mortgage loan would work.
In-Depth Explanation of How a Commercial Mortgage Loan Works
To further understand it, imagine the situation where you’ll be applying for a commercial mortgage loan to set up and establish a restaurant. So, you apply for a commercial mortgage loan and you got approved. The repayment period of commercial mortgage loans is usually long (about 20 to 30 years). Meaning, you’ll only be paying for it in small amounts every interval.
Other Uses of a Commercial Mortgage
Starting or establishing a commercial property or a business isn’t the only purpose of taking out a commercial mortgage. As a matter of fact, many businesses use this type of mortgage to expand and develop their business, too!
You can use the money you’ll be lent to expand the current premises you own to be able to accommodate more customers, to do more business. More so, you can also consider using it as a form of consolidating other and smaller loans that you have so that you’ll not be confused which is which any longer!
Here are some of those benefits in detail…
Benefits of Commercial Mortgage Loans
More often than not, banks wouldn’t be able to provide you with enough funding you need for this type of loan. Therefore, you can only rely on private lenders and lending companies for it.
In case you’re starting to get the hang of commercial mortgage loans, here are some of the long-term benefits and the advantages of taking one out.
If you look at it long-term, you’ll realize that taking out a commercial mortgage loan is actually cheaper and much more valuable than renting or paying for a lease. Plus, when you purchase it, space/area is going to be yours! You wouldn’t be renting! Therefore, you can own the appreciation value. Another thing that your commercial mortgage loan can help you with is in consolidating small and current loans that you have. Taking a huge amount will absolutely take care of every little small loan you have had to start your business; therefore, you’ll never have to think about many loans – it’s just going to be one (1) loan altogether! In case you’re not sure/aware of how you can secure capital for the purchasing of land or equipment, you can consider these commercial mortgage loans as your gateway to do so. Commercial mortgage loans aren’t a joke, and in fact, they’ll always be larger than you think. So, you can use it to purchase a new small piece of land or to secure few pieces of equipment that your commercial establishment needs.
Cheaper Than Lease/Renting
Business Debt Consolidation
Purchasing of New Land/Equipment
Can Everyone Apply For a Commercial Mortgage Loan?
There isn’t a written rule that only business owners are the ones eligible for it. However, many lenders approve and consider applications if there are tons of security on the table. But, there are lenders that prefer land development projects to whom they’ll be lending.
While private lenders wouldn’t actually scrub you off of financial information, taking out a commercial mortgage loan would require a borrower quite a few requirements, such as:
- Bank statements
- Asset and liability documents
- Tax returns (Usually 3 years)
- Projections and budget caps
- Etc.
What you need will be depending on the private lender or the lending company you will be working with. They’ll be the ones to draft up the price, the loan terms, the period, etc.
Which Real Estate Loan Group Should You Work With?
If you want the best value for your loan, choose to work with us here at Florida Commercial Real Estate Loan Group. We are Florida’s top real estate loan group company, capable of giving out high loan amounts in the most considerate and the most valued interest rates and prices.
To lighten up your situation, we can give you the assurance that you’ll pay the amortization longer than the term of the loan. What this means is that you wouldn’t have to worry about paying a big amount in a lump sum; instead, we’ll let your business take over the loan repayment!
Why Choose to Work With Us?
Florida Commercial Real Estate Loan Group will always be open to negotiating the loan amount, repayment period, and other factors in the loan. If you think you wouldn’t be able to repay based on the given timeline, we’ll help you craft a contract where you’re comfortable.
Wherever you are in the state, you can always bank and count on us here at Florida Commercial Real Estate Loan Group to help you with the commercial real estate loan you need. Get a loan that can go as high as $1 million at a flexible and considerate repayment plan!
Contact us and get a quick computation of how your loan term will go – we’ll give it to you for free!
With us, you’ll be able to find a loan that you never imagined before! Get it in less than a week from the time and date of confirmation!
Know every dime and penny you’ll pay for interest before you sign an agreement, say no to surcharges and hidden fees with us here at Florida Commercial Real Estate Loan Group!
We service all counties and cities throughout South Florida. However, if you need any of these services in other cities throughout the state of Florida, please contact us. See what services we offer below:
