The purpose
of a commercial
mortgage
loan is
to finance
or develop
a commercial
property/business.
A mortgage
lender will
provide
you with
the necessary
funds to
complete
the transaction.
You
will then
need to
pay off
the loan,
along with
the interest
which amounts
to the price
of the service.
In addition,
the business/property
can be taken
as collateral
during the
life of
the loan.
There
are several
different
types of
mortgage
lenders
which will
offer you
their services:
commercial
banks, mortgage
companies
and credit
unions are
the three
major ones.
Each of
these institutions
will offer
you a variety
of loan
options,
and all
might quote
you different
prices.
It is advisable
to contact
several
different
lenders
in order
to find
the most
favorable
and convenient
rate/loan
type.
This
guide exists
to answer
some basic
questions
and hopefully
make the
commercial
lending
process
a little
less confusing.
Inside you
will find
information
about the
mortgage
process,
different
mortgage
loan options,
pricing,
choosing
a broker
and much
more!