The Commercial Property Loan – Why Can’t You Find One?
Commercial property loans are acquired in order to make purchases or renovations to a commercial property. The commercial property is said to be owner occupied when the business has 51% ownership to the whole building. Thus, to finance such real estate properties that include office buildings, retail plazas or any multi-purpose building, commercial mortgages will be sought.
These are some of the crucial mandatory requirements that are verified and cross-checked before a commercial property loan is offered. New City Financial has been assisting hundreds of business and other individuals to attain these commercial property loans so that their work never gets disturbed.
Types of Commercial Property Loans
If you are not able to find a loan for yourself, it is also possible that you are seeking the wrong type. It is important for you to understand which type of loan would suit you the best before applying for one. Our representatives at New City Financial offer their best advisory services to individuals so that they make the right decision.
These different types include loans for commercial property, traditional or conventional commercial mortgage, short term commercial property loan or bridge loan and hard money loan.
These different types of commercial property loans have different interest rates and conditions depending on the purpose and length of loan application. It also depends on whether the loan would be used for renovation purposed or for purchasing and/or building of a property. Once you identify your need, New City Financial is there to aid you in customizing the loan terms so that it fits your requirements.
The Bottom Line
The rates of a commercial property loan is usually lower than that of other types that cater to business loans. This is because of a strong steady backing that comes with a commercial property loan application and the percentage of the business area in the particular building. Most business individuals are not aware of the terms and since they don’t find the right kind of representatives from the loan offering bodies they get frustrated and think that there is no available aid.