1 / 9

Commercial Loan Broker

Theu00a0commercial loanu00a0rate is based on the total cost of the property, less any existing loans against that property, the current value of the property and, if there is a debt against it, the unpaid balance of that debt.<br>

7285
Download Presentation

Commercial Loan Broker

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Commercial Loan Broker

  2. So you need to borrow some cash to purchase a commercial property you have been wanting for quite some time. But where do you start? In this article we will cover the two most popular financing alternatives for the commercial property: commercial real estate loans and residential mortgage loans. A commercial loan, also known as a business loan, is basically a loan meant specifically for business-related purposes. It often involves the formation of an unsecured debt, which is to be paid back with additional interest in future months.. The commercial loans rate is based on the total cost of the property, less any existing loans against that property, the current value of the property and, if there is a debt against it, the unpaid balance of that debt.

  3. Here are the top seven community banks that provide commercial loan interest rates: Chase Manhattan Bank, Citibank, Bank of America, Wells Fargo Bank, National Association of Home Builders, Wachovia Bank, Capital One and MBNA America. Types of commercial loans There are two primary types of commercial loans: residential loans and commercial mortgage loans. Residential loan A residential loan can be used to purchase real estate property. These types of loans generally come from one of two sources: mortgage banking and title insurance financing.

  4. Mortgage banking refers to borrowing mortgage funds that are used to pay off the outstanding balance on a mortgage. Whereas, Title insurance financing is a slightly different type of commercial loan, in that the funds are used to pay off the debt of a specific business property. Types of residential loans There are two types of residential loans: secured and unsecured. Secured commercial loans require collateral security - usually a valuable piece of real property. Typically, this is used as a second mortgage on a residential property, with the promise to repay the loan should the borrower default (or fail to make monthly payments).

  5. Unsecured commercial loans do not require collateral security. Because of this, they are often used to provide financing to small amounts for start-up ventures or expansions. Commercial mortgage loans Commercial mortgage loans are used for purchasing property, and are a great option for purchasing or repairing existing property that has a lien on it. There are several other types of commercial loans available. Some of the more popular options include: business line of credit (also known as a BOP), commercial vehicle financing and a variety of specialty loans.

  6. BOP BOPs are very popular among small businesses, as they give the business owner quick access to a ready pool of capital. If you are interested in acquiring any of the above mentioned commercial loans, you will have to work with a commercial loan broker business. Commercial loan brokers Commercial loan brokers have access to multiple lenders that are willing to approve these specific types of loans. As the business owner, you will have many details to consider before approving the loan. You will need to make sure that the interest rate offered to you is affordable, as well as finding out if there are any prepayment penalties associated with the loan. Having a reputable loan broker to work with can help to make the entire process easier to handle.

  7. Cost of buying commercial property The cost of purchasing commercial property is dependent upon two factors: the amount you are willing to invest and the total number of years until the property will earn its income. While there is one other aspect to consider, such as financing an education facility in a tax-deferred manner through commercial loans, we feel it's important to get the technical details out of the way now. A specialised commercial loan can be used for a wide range of purposes such as making improvements to an existing building or adding a business space.

  8. These days, the majority of commercial loans are taken on commercial lines, i.e., on the creditworthiness of the borrowers. For availing short-term loans, they often check your creditworthiness or credit report, in order to ascertain your financial capability to payback the borrowed amount on time. In order to learn more about commercial lending from a professional who is licensed, you can contact various online websites like https://www.cambridgehomeloan.com. .

  9. Contact Us: • Website: https://www.cambridgehomeloan.com • Contact: 800-826-5077 • Address : 4830 West Kennedy Blvd. Suite 600

More Related