Mortgages For Commercial Property
Commercial Mortgages are for debtors looking to obtain property, aide with a construction loan, or used for a borrowed loan to build commercial property. Such commercial properties for obtaining a mortgage include: office buildings, industrial complexes, apartment complexes, shopping centers, hotels, resorts, parking garages and any other commercial property. When seeking a mortgage for commercial property creditors will use this property as collateral.
Obtaining A Mortgage For Commercial Property
The experts at Hunt Mortgage Group can help simplify the mortgage process and help clients better understand the financial factors that ultimately determine a lenders decision.
- Credit Check- Commercial properties are typically more expensive; therefore strict guidelines apply including documentation of income and assets and detailed credit history. In order to claim property for the owner’s business, borrowers will need to show proof of profitability.
- Property Appraisal- This is used to determine the market of each property and property value, thus businesses must inform the lender of the correct amount of money to loan.
- Down Payment- Contrary to a residential loan, commercial properties require a minimum down payment of 20%, with an average down payment of 30-45% of the price.
- Debt Service Coverage Ratio- This is the amount creditors determine the debtor can pay on their loan each month. A typical ratio is between a 1:1 and 1.4.
Hunt Mortgage Group provides quality standard and precision in lending mortgages for commercial property loans throughout the U.S. including cities such as Los Angeles, CA, Fort Lauderdale, FL, Cleveland, OH, San Raphael, CA, Tyson’s Corner, VA, Seattle, WA among more. Having more than 40 years of industry insight, the experts at Hunt harness the know how to best advise clients throughout the entire commercial mortgage process. Contact Hunt today regarding a commercial mortgage!
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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.