As your business expands and becomes more profitable, you may find yourself on the hunt for a commercial property. Acquiring a commercial mortgage can give you more leeway as a business owner to find a building or complex best suiting your trade.
A commercial mortgage, also known as a business mortgage, is a loan used to purchase property for the operation of a business.
A business property is often used to store inventory, as office space for retail operations and more. You can also use a commercial mortgage to refinance a commercial property you already own to make loan terms more agreeable.
A commercial loan is usually awarded to corporations, trusts and developers and terms usually fall between 5 and 20 years.
Residential mortgages are awarded to individual borrowers, often who are seeking residential properties (such as a house to live in), with a 30-year term being the most popular option.
To qualify for a commercial mortgage loan, the property being purchased or refinances should be occupied by no less than 51 percent of your business venture. After this is disclosed, lenders consider the location, profit, credit history and other financial factors to determine if giving you a loan is a good investment.
A residential mortgage is often associated with higher interest rates and fees, so it pays to shop around as a business owner. Working with a commercial mortgage lender, you can hunt down the best loan plans offering interest rates and terms to your liking.
I have been selling Real Estate in the Greater Boston Area since 1997. I am the Co-Founder & Current Broker/Owner of Realty Executives in Watertown. A lifelong resident of Watertown which I still reside with my Wife Debra and my Twins Emily & Christopher. I am a supporter of many local & national charities. One of my most rewarding fundraisers was as a rider in the PanMass Challenge in 2010,2011,2015 & 2016 raising over $50,000 over those 4 years for the Dana Farber Jimmy Fund. I am a 1988 Graduate of Bentley University in Waltham. I have extensive knowledge of all types of Real Estate participating in over 1000 transactions. I also have New Construction experience & specialize in condo conversions.
Purchasing a home is one of the single most important investments in a person's life. With my expertise and guidance in the home buying and selling process, I can help find the most appropriate home for you. You can be assured that an experienced Real Estate Professional is working with your interests in mind. Please contact me on my cell at 617-799-8948 or email [email protected] for a free consult if you are thinking of Buying or Selling your home.
