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What You Need to Know About Commercial Mortgage Refinance

Owners of commercial properties should consider refinancing with Shop Commercial Mortgage as interest rates remain at relatively low levels this year. If you have an older mortgage with a higher interest rate, you can refinance and save money. You can also refinance to a higher level to obtain needed cash for your business while you enjoy the lower interest rate. It might also be a good time to refinance so you can eliminate a variable-rate loan that may have a pending higher interest rate.

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Shop Commercial Mortgage can be a better choice than a conventional lender if you have significant equity in the property but don’t have an excellent credit rating or have previous financial difficulties in your history. You will need and should have an appraisal of the property to determine that adequate equity exists to support a refinancing. Also, keep in mind that you will be responsible for closing costs to secure a new mortgage.

The advantage of using Shop Commercial Mortgage is rapid underwriting for your new loan, as you can expect to close in 21 days or less. This can be an advantage if you are refinancing to obtain cash since you won’t need to wait for weeks to obtain the money you need to support the business. Shop Commercial Mortgage is also a good source for refinancing a commercial mortgage if you are self-employed but can show regular income from the property.

Now is the time to take advantage of low-interest rates, and also the time to take advantage of Shop Commercial Mortgage if you have been turned down by conventional lenders. Get the money you need to support your business; talk with Shop Commercial Mortgage today.

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"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

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