Commercial Mortgages

Commercial Mortgages

A commercial mortgage is a loan taken out on commercial real estate (as opposed to residential) with the property as collateral. The borrower is generally a company or business as opposed to an individual and the business may be either a partnership, limited company or incorporated. Consequently, assessing credit history is more complicated with this type of mortgage. You can also expect commercial mortgage rates to be significantly higher than residential rates due to the increased risk.

 

When looking for a Commercial Mortgage, it’s important to know that the approval is based on quality of the Real estate, Location of the building and the Income that is generated.  Lenders want to see that a borrower looking for a Commercial Mortgage shows financial maturity by way of good credit and they must demonstrate that they have a strong down payment.  Lenders want to see that a borrower looking for a Commercial Mortgage shows financial maturity by way of good credit and they must demonstrate that they have a strong down payment.

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