Commercial mortgage loans can be used to buy property that can be used for business, to expand an existing business, to make any kind of residential or commercial investment, or to build new property.
The difference between home loans and business loans
A home loan is what you need if you want to buy a property with four units or less. A commercial loan, on the other hand, is for a building with five or more units. Commercial mortgage loans have variable interest rates that are different from those of home loans.
Mortgage rates for businesses
Commercial loans have much higher interest rates than residential loans. This is pretty clear, since many banks see commercial loans as risky because the ability to pay back the loan depends on how well the business does. So, the lender won't charge you an interest rate until he or she has carefully looked over your business plan. If your business has a good reputation and has been stable over the years, getting a commercial mortgage loan shouldn't be too hard. With a home as collateral, you can get a commercial mortgage loan for a standard period of 25 years. It can also be paid off in as little as ten years.
If you want to buy a business property or grow your current business, you can get help from a broker like I Loan Resource. We can help you meet all of your needs and find you the best commercial mortgage loan.
I Loan Resource only works with the best lenders from all over the world to help you solve your loan problems. We have already checked out these companies and made it a rule that they must tell you everything you need to know about your loan and not hide any costs. I Loan Resource can help you find the right lender if you want to refinance your home, get a new home loan, or just use your equity to pay off your debts.
If you're worried about your credit, fill out our online form and a specialist lender will call you to talk about how to get the loan that works best for you.
