Commercial Mortgage in Orleans
Borrowing Made Simple provides access to the most competitive mortgage rates in Orleans. Our team of highly qualified mortgage brokers is happy to introduce you to trusted commercial mortgage lenders in the local and surrounding area. Regardless of your current financial standing or your credit history, we can assist you in locating the perfect mortgage for your situation.
Schedule an appointment with our brokers today. Our in-depth industry knowledge, professional recommendations, and exceptional customer care are sure to ease the mortgage process and take the stress off your shoulders.
What Does a Commercial Mortgage Mean?
Commercial mortgages are loans typically taken out by incorporated businesses for income properties. They are considered high-risk loans to the lender, so getting approved for one is often more difficult than a residential mortgage. Having a broker help your business apply for a commercial mortgage is essential. Ensure you qualify for a commercial mortgage on your terms—contact us today.
How Does Commercial Mortgage Work?
A commercial mortgage functions much like a residential mortgage as it is a loan secured by real estate. In the event where a borrower can no longer make their mortgage repayments, the commercial property is seized as collateral. For this reason, it is essential for the lender to make sure the borrower is creditworthy before they grant the mortgage loan.
Qualification Criteria
When you apply for a commercial mortgage, the lender will assess the following:
- Profitability of your industry
- Current financial standing
- Future financial projections
- Personal and corporate credit history
- Property type
- Maximum deposit
What Deposit is Needed for a Commercial Mortgage?
Generally, the borrower is required to put down a more significant deposit when it comes to a commercial mortgage. Since a commercial loan is risky business for the lender, they usually need reassurance that you can pay this kind of money upfront.
On average, the deposit for a commercial mortgage is 25% to 40% of the overall market value of your investment. Our commercial mortgage brokers will be sure to discuss the advantages of paying a bigger deposit, and they’ll help you calculate the maximum down payment you’re capable of paying.
How Many Years Is a Commercial Mortgage?
Although the commercial loan term you may be granted can vary greatly, a good rule of thumb is between 3 to 20 years. The average is 10 years or less, but it depends a lot on your qualifications and how sure the lender is that you’ll be able to make your payments on time and in full.
How to Get a Commercial Mortgage?
Our brokerage firm can help you get a commercial mortgage for the most competitive, sought-after rates and terms. From the initial consultation to the final selection of a lender, we’re glad to help every step of the way.
Get in Touch with Orleans’s Commercial Mortgage Brokers
Let’s start browsing your commercial mortgages options. We’ll help your company find out what you qualify for, and we’ll answer any questions you may have along the way.
Call Borrowing Made Simple now at (343) 763-2019 for more information.
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