Straight forward business loans to fuel your business real estate purchasing needs. Do you need funds for purchasing, renovating, investing, or planning for new construction? We can help.
Business Real Estate Loans
We’re in the business of helping you grow your business.
As a business owner, your top priority is to grow your business. Purchasing real estate, renovating a property you already own, or refinancing real estate debt can be a great way to do that. If you’re considering a business real estate loan, here’s a few things to consider before you apply.
How Commercial Real Estate Loans work:
Commercial real estate loans are designed to help businesses purchase or renovate income-producing properties or refinance real estate debt on a property you already own. They’re mortgage loans secured by liens on the commercial real estate you’re purchasing, instead of on residential property.
When you take out a commercial real estate loan, you should expect to have a lien put on your business property. You should also be prepared to make a downpayment on your commercial real estate loan. We’ll typically require a downpayment between 20-30% of the property purchase price.
The Application Process:
Commercial mortgages tend to have a more rigorous underwriting process than residential loans do. With commercial real estate loans, having a clear and detailed business plan is helpful. We’ll look at your financial information and carefully consider the property you intend to buy and your plans for using it.
Depending on the size of the commercial loan, you’ll also need to provide documentation on your personal and business financial strength. Be prepared to submit 3 to 5 years of financial documents, like your asset statements, tax returns, corporate accounting reports, and any other relevant information. You’ll also need to provide your personal financial statement and we will review your personal credit history.