Commercial Mortgage Rates – Get the Best Commercial Mortgage Deal!
A good commercial mortgage rate can have a huge impact on the total interest to be paid on loan. Even a percent’s fraction can make a big difference and many hundreds or thousands of dollars can be saved. The actual amount depends upon the size of loan but the savings are huge.
It is frustrating and difficult for business owners to get an estimate of best rate for commercial mortgage. You can get an estimate of rate from any commercial mortgage bank but for that you have to provide very much information. The overall experience becomes very difficult but there are still some lenders who are ready to help borrowers in every possible way. One such financer is newcityfinancial.com which is well-known to provide commercial mortgage at lowest possible rates.
Moreover, a business can follow these steps to get best possible commercial mortgage rates:
Hire a professional to prepare your account
The procedure to get the best rates of commercial mortgage becomes a lot easier if a professional prepares the accounts of business. The professional will make sure that GAAP (Generally Accepted Accounting Principles) is followed. This is the easiest way to get the application of quotes. This also helps to save the cost and difficulty in updating past accounts when required to submit during loan application.
Determine the use of property
Most lenders prefer to give commercial mortgage on a property occupied by owner. A good rate will be offered if the property will be used for doing business activities instead of renting. Some lenders are flexible about rental or owner-occupied properties. But if you are planning to get rental income from a new property, you should approach a lender who specializes in the rental properties.
Type of Building/Business
The best rate for your commercial mortgage also depends upon the type of business you will be running in the building you aim to purchase. Some investments are marked as safe like office buildings, apartment complexes, warehouse expansion and manufacturing. If you are planning to start a gas station, restaurant, retail outlet, and any other high-risk business, then you will be asked to pay higher rates.