What You Need to Know About Commercial Mortgages

A commercial mortgage is a loan that is secured by a commercial building owner in order to purchase or acquire an additional property, or to be able to refinance or redevelop a current commercial property.

The main thing you need to know before looking into commercial mortgages is that you will benefit greatly from the professional guidance of a qualified real estate broker. Since there are many complex issues related to commercial mortgages, you need the right expertise on your side.

Here are some issues to keep in mind that relate to commercial mortgages:

Lenders usually check up on a business credit score before proceeding to give out a loan. Bad credit will hurt your chances of being given a commercial mortgage and if given the loan, it will usually entail higher interest rates.

Before taking a loan, it’s important to know all restrictions that the lenders will be imposing. Before signing on the dotted line, know the restrictions that the lender will impose on you. If they are unfavorable, do not hesitate to go somewhere else.

A good relationship with your bank’s commercial business manager can be very useful as they can get to provide you with various options that will fit your portfolio.

The importance of hiring a qualified real estate agent

Having the right expertise on your side will ensure that the above issues are dealt with in a proper fashion, getting you the best out of your transaction.

• We will appraise your property or any other property you would like to use as security therefore giving you an estimate of how much you can apply for.
• We also have access to a wide variety of lenders rates and good advice.
• You’ll receive the benefits that come with pre approval, such as favorable interest rates.

For more information, contact the experts at Kupina Mortgage Team: 1-888-955-9011.