Shop Commercial Mortgage offers commercial hard money loans in as little as two weeks once we obtain your documentation. We use your equity in a free and clear or very low balance mortgaged commercial property. We charge no upfront or site visit fees; the only fee you may need to pay is from your property appraiser.
Loan Size — $50K to $10 M
Down Payment — 50% required for new commercial property purchase
Rates — 9-12% for Florida loans
Terms — 1/3/5/7 years
LTV — 55% for straight commercial loans
Brokers — Can make 1-2 points
Timing — Commitment in 72 hours, typically financing in another 7 days
Photographs of the property
Copy of franchise agreement if applicable
Copy of leases or rental agreements for income-producing properties
12 months of bank statements
Copy of a purchase contract if a new property
Copy of your articles of incorporation if applicable
Copy of a survey
If cashing out, explain the purpose
Property tax information
A summary of your credit and any outstanding liens/judgments
Private investors must show your license
Shop Commercial Mortgage will work hard to make your commercial loan process as painless and efficient as possible. If you have a critical need for fast financing please let us know and we will expedite our underwriting. For more information on our commercial loans in Florida please call or text 813-368-9919.
"I just closed a commercial loan in St. Petersburg. A 16 unit apartment complex for $100,000 at 11.5% interest. It was a free and clear equity driven low documentation refi with no appraisal so it closed fast!"
Mikle / Broker