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Purchase or Refinance Commercial Mortgage

Orlando Commercial Mortgage | Florida Hard Money Investor

Purchasing or refinancing commercial mortgage is most certainly not for the faint of heart. Since the downturn of the economy, many Investors have tightened their belts, imposing stricter Investing criteria. For many business owners, owning a property is key to the security and success of the business. We gathered together some helpful information for commercial mortgage shoppers to help make that elusive American dream a reality.

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If you are purchasing a commercial mortgage for the first time, you may be unsure of just what to expect. The commercial loan process is vastly different form the residential home mortgage process you may be familiar with. Most commercial Investors will meticulously scrutinize the borrower’s business and charge much higher interest rates than would typically be seen with a home loan. Research the Investing process thoroughly beforehand. Ask yourself how you will meet the loan repayment terms. If you’re applying for a bank loan, know that most banks will require the borrower to repay the loan much earlier than its due date. Typically known as balloon repayment, the borrower pays interest and principal at a fixed rate for anywhere from 3 to 10 years, then repays the entire remainder in one balloon payment. If you’re working with a non-bank Investor, you’ll often be able to avoid more stringent loan terms in exchange for a slightly increased interest rate.

When looking to refinance an existing commercial mortgage, it is best to take certain steps to determine your business’s needs and goals. There are a great many reasons to refinance, including lowering long-term interest rates or avoiding a large balloon payment. Refinancing while interest rates are low can save you quite a bit of money over the life of your loan. Prepare the necessary documentation ahead of time, including tax returns, balance sheets, projected cash flow, and an organized business plan. Be aware of your property value and make projections as to how you will cover the revised mortgage payments. Take your existing credit into consideration, as well as any upfront fees associated with the revised loan. Our Miami Private Investors will often work with you to decide how much of the initial cost can be rolled into the loan, and how much will be paid out-of-pocket.

Whatever your needs for commercial mortgage coverage, working with an experienced and reputable financing firm can often make all the difference. Commercial mortgage isn’t an obstacle you have to go through alone. Turn to a knowledgeable financing expert who can help manage the process every step of the way. Don’t forget to ask about “How to: Cash out refinance using the equity in my home”!

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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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