Commercial loans are designed for individuals or business entities to finance the purchase or renovation of commercial properties. A commercial property would be anything from a hotel or apartment building (with 5+ units) to warehouses or retail spaces.

You can qualify for these loans through the business or personal tax returns of your business, or if the building is self sustaining, meaning that the income from the property covers the debt service. If neither of these options work, you may have to seek Hard Money in order to finance the project.

The qualification for each and every commercial property and it’s business uses vary greatly from lender to lender. There are no set standard guidelines for these types of purchases, but they usually require larger down payments and have shorter, usually adjustable rate, loan terms. A lot of these types of loans also have balloon payments at the end of the term which require the entire mortgage balance to be paid, unless refinanced.

It is best to contact us directly to discuss the specifics of your commercial property financing.