Your Guide to Getting a Mortgage for Commercial Real EstatE
Commercial real estate is typically a property in which people purchase it to use or remodel as an “owner-occupied” property. Often in purchasing commercial real estate, owners take out mortgages on the property. An “owner-occupied” commercial property is what’s known as a building where at least 51% is occupied by the business. Because of the hefty price point commercial properties sell at, mortgages are used to finance the property, which can be a major benefit to business owners.
There are 5 different kinds of commercial real estate loans that you can get depending on a few things. Here’s a list of the various types of loans you can get:
After you determine what loan you think is best for your commercial real estate plan, you should then look into lenders. This isn’t to say that you need to come to a decision on which loan to apply for as a bank or lending company can also help you come to a final decision on that.
Quality lenders walk you through the steps of the entire process, and make sure you are aware throughout the entire process. Lending companies are there to make getting a commercial real estate mortgages easier.
Banks and lending companies are there for you to get your loan. After you get approval for your loan, a lending company can also aid in the purchasing of the property. You want to look for a fast closure, low downpayment, and most importantly a company that cares about your business goals and is willing to walk you through the steps. Then you’re officially ready to make your purchase on your commercial real estate property!
This blog was originally published on the website of Leon Belov at LeonBelov.com
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