Tips and suggestions if you are looking for a
- Keep in mind that it will take a longer time to get a Commercial Mortgage approved then a residential mortgage
- For Income Properties you may use up to 100% of the income of the property that you are purchasing to help you get approve for a Commercial Mortgage.
- Usually a larger down payment is requested then residential mortgage to get approved for a commercial mortgage, however depending on the property sometime you could have different options available to lower your down payment when getting a commercial mortgage.
- Location of the property may restrict the number of lenders interested in providing you with a commercial mortgage
- In mixed use properties the percentage of residential compare to the percentage of retails or commercial space could make a difference in getting a commercial mortgage approved.
- A phase 1 report maybe required for a commercial space beside an appraisal
- It’s a good idea when purchasing an apartment building to get tenants acknowledgments to verify the amount of rent paid
If you have any questions in regards to commercial mortgages please contact us.