What is a Commercial Mortgage?
Let Us Help You Make a Smart Business Financing Move
Whether you are looking to buy a new building or release equity from your current one, a commercial mortgage could be the perfect answer. Setting up the business location is a unique way to multiply your existing assets. Every renovation, expansion or upgrade would add value to your property and that gives you the space you need in order to attract more customers.
Who is eligible for?
Because commercial mortgage is an asset-based financing option, the amount for a loan and cost of your commercial real estate mortgage will be highly based upon the credit and the property value you are keeping as collateral. If you are planning on property upgrades, your lender would obviously seek an update about that. For complete-scale property renovations, your lender would expect to evaluate the after-renovation value of the property.
How to apply for?
Make sure you have a complete plan in place for how you will use the mortgage prior to applying. A property related checklist you should consider while applying for commercial mortgage loan:
- Buy contract
- Property blueprints
- Market analysis for the land
- Scope of work and project budget
- Evaluation of the property’s current condition
While you are preparing these documents, why don’t you scroll down through various commercial mortgage options available? Use our online application to compare available from a huge lot of lenders. There is no such cost or obligation involved.
How does it help your business?
Have you been in business for a long time? Use your commercial mortgage financing option to add a second location or get money for upgrades. Whether you need office, retail, restaurant or a warehouse space a commercial mortgage will help you build a great office building. You can use a commercial mortgage for:
- Capitalize on this financing option to purchase that business location you have been eyeing on.
- If find trouble in finding the ideal place for your business, do create one. A commercial mortgage is capable to cover all your construction costs.
- When you have outgrown your current space, add more square footage because it is pretty obvious for your location to grow with your business.
- Renovate your older location in order to attract more customers and this works really magnificent for retailers and restaurants.
- Through refinancing with a commercial mortgage, extend your payment term and adjust your interest rate.
Commercial Mortgage Loan Calculator
Because you’re only as good as the tools you use. See how much your commercial mortgage loan will cost.