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Non Residential Property (Commercial)

Non Residential Propery (Commercial)

A commercial loan is a type of financing used by businesses. It is secured by property, such as land or a building, and is generally available from banks, credit unions, and insurance companies.

If you’re looking to buy a commercial property or develop a plot of land, a commercial mortgage is the most common way to finance this. Lenders usually offer loans to cover up to 70% of the total value of the property.

Unlike residential mortgages, commercial mortgages require more stringent underwriting processes and take a longer time to process. They also entail higher costs and interest rates.

The business owner’s creditworthiness is a key factor in commercial mortgage approval. To evaluate the borrower’s creditworthiness, lenders will check his or her business and personal financial statements. They will also assess his or her global cash flow and check the company’s income based on the goals set by the business owner.

Business Credit Scores - Most commercial lenders require business credit scores to be in the range of 660 to 680. A high credit score can help you secure better commercial loan terms.

Renewable Loans - A few banks or other financial institutions offer renewable commercial loans that can be renewed indefinitely. These types of loans can be useful for a business when they are in need of extra funds to keep up with seasonal demand or for other reasons.

Shop Around for Different Commercial Loans – If you’re trying to secure a commercial loan, be sure to contact at least three different lenders. Having more options can make the lending process a little less confusing, and help you find the best possible deal.

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