Commercial Mortgages are secured loans on an income generating property. Commercial Mortgages are ways for businesses to purchase properties such as office buildings, apartment complexes, shopping centers and more. Commercial Mortgages are used as a means to own a property or a building that can be used as collateral. This type of loan is considered a long-term loan, when the loan lapses over a minimum 20-year span. Mortgage loans are available in different forms with the most common being a fixed rate mortgage; this includes fixed monthly loan and interest rates for the entire span of the loan. With an Adjustable loan, rates offer a low introductory period and fluctuate depending on the market trends. A Balloon Mortgage allows the borrowing business to assume responsibilities for only the interest amount each month as well as pay the entire loan at the end of term; thus, resulting in many borrowers refinancing. The mortgage experts at Hunt can best advise the right commercial mortgage for your business.
Hunt Mortgage Group Factors to Consider For Your Commercial Mortgage
Commercial Mortgage loans are seldom backed by a government entity such as Fannie Mae. Most commercial lenders will charge a higher rate than a typical home mortgage loan. When qualifying for a commercial mortgage loan, business borrowers should assume stricter guidelines and regulations from lenders. This is because the lender decides whether or not to investigate and examine the commercial property to ensure it is in good standing to use as collateral. Business borrowers are also subject to business investigations as a precaution before lending.
Depending on which Commercial Mortgage you are offered, a feature of a non-recourse loan can be beneficial in certain situations. For example non-recourse loans can provide an element of safety; if the money owed is greater than the property is worth, then the business owner is not require to pay that lump sum nor can the bank garnish one’s personal assets.
With over 40 years industry experience, Hunt Mortgage Group can advise the best commercial mortgage for your business. Hunt provides service nationwide with offices in cities such as Dallas/Fort Worth, TX, Arcadia, CA, Miami, FL, Atlanta, GA, Las Vegas, NV, Hollywood, FL, New York, NY and more. For a trusting advisor and quality service contact us at Hunt today!
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Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. While every effort is made to include accurate, up-to-date information, HMG does not guarantee the accuracy of the results obtained from this calculator and is not responsible for any errors, omissions, or misrepresentations in such results.
This calculator does not have the ability to pre-qualify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. All information such as interest rates, taxes, insurance, etc. are estimates and should be used for comparison only. HMG does not guarantee any of the information obtained by this calculator. Please contact your HMG originator or servicer for more details.