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Tips For Getting A Commercial Mortgage

Aug 17, 2007
Many of us know what it is like to want to open a business. It can be a very hard process and it is definitely a very long one. Many people spend their lives dreaming of a piece of land they want to buy for farming purposes, a building that they wanted to buy for use as a studio or office block, or an office for or other space for their dream day spa. There are definitely more dreams out there than there are businesses, as dreams are more likely to be destroyed when we enter the rat race.

However, there is an easier way to start your dream company. There is no longer the need to save for years and years, all you need to do now is get a commercial loan or commercial mortgage, and it is as easy as that. A commercial mortgage is much like the personal loan or personal home loan, the only difference is that you are eligible for a much bigger loan, so you can pay for you new company, the other thing about a commercial mortgage, is that it is strictly used for commercial or business purposes.

When you plan to apply for a commercial mortgage you need to make sure of a few things. First you need to check and do your research to find out what the best bank for a commercial mortgage is. You need to look at the interest rate, and what the balloon period is. A balloon period is simply the term of the loan. The term refers to the number of years you have to pay the loan back. Most personal home loan require the lender to have paid in full amount of the loan in about 30 years, where with a commercial mortgage the lender is required to pay the total amount in as little as 10 years. This is because a company is supposed to generate a much bigger income than a dual income home owner.

So, before you go off applying for a commercial mortgage, take care of the finer details, look for the best bank, with the cheapest interest rates, you do not want to end up paying 50 million for a 10 million loan, which happens often in the industry. You do not want a bank that does not back you up and that will force for liquidation as soon as the ten year period is up, you must be allowed to refinance the loan, which allows you a few more years to pay back the sum.
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