Who Can Borrow Commercial Mortgage Loans?

Commercial mortgages, or what is commonly referred to as business mortgages, offer businesses both large and small the opportunity to purchase commercial real estate. These loans operate like a conventional mortgage loan, but rather than using the money to purchase residential property, you would need to purchase land or commercial spaces (office buildings, warehouses, shopping centers, etc.)

Commercial loans may also be used to develop the new or existing commercial property and can extend current premises. 

Banks, hard money lenders, government-sponsored enterprises, and life insurance companies all offer hard money lenders Florida. However, not all commercial mortgages work the same. Requirements will vary from lender to lender. 

Typically, you will need the following documentation to apply (though again, keep in mind requirements will vary depending on the lender):

  • Business tax returns
  • Personal tax returns
  • Business financial records
  • Business bank statements
  • Personal bank statements
  • Asset and liability statements

Commercial mortgage loan lenders will determine pre-qualification potential, where your documents will be analyzed to see if you qualify. Some lenders take longer to complete the process than others, but Monroe Funding Corp can typically offer pre-approval status within the hour. 

When commercial mortgage approval is based upon property value instead of borrower creditworthiness, rates may vary. Loan terms typically last between 5 and 25 years, with rates remaining fixed for the first five years. 

Commercial mortgages can be a great option, but how do you know if it is right for your business, and how do you know which lender to choose? First, determine how fast you will need funding. When inquiring about borrowing, be sure to include how long funding typically happens on your list of questions. If you need a loan quickly, Monroe Funding Corp is a great option for you. Our team can offer Orlando hard money lending and pre-approval within the hour. 

To get started with a commercial mortgage loan, call one of our loan advisors at 954.419.3539.