Rent hikes from year to year during a lease cause businesses to effectively lose money every month. One of the risks of leasing commercial property is that tenants have no guarantee that their lease will be renewed when it inevitably expires. SteveKnowsLoans provides a means for company owners to buy a commercial apartment and avoid paying ever-increasing rent. Learn more about our Commercial Condo Loans Program.
The Benefits of a Commercial Condominium Investment
Mortgage brokers for commercial properties can help business owners locate the most favorable financing arrangements. This opens up a lot of opportunities for companies to benefit from buying a commercial apartment. Obtaining a mortgage to finance a business purchase offers many advantages.
- A little down payment is required.
- Mortgages with fixed monthly payments provide security.
- Long-term tenancy is assured.
- Owning commercial property improves a company’s bottom line.
The following are just a few of the numerous possible applications for commercial condominiums:
- Offices of Health Professions
- Storage and warehousing
- Places of commercial sale
- Simple production
There are no restrictions on the type of business that can operate out of a commercial unit other than those imposed by the condominium owners association.
Obtaining a Mortgage for a Condominium for Commercial Use
A commercial condo can be purchased or refinanced with the help of a loan secured by a mortgage, which acts as a lien on the property. Borrowers can choose from loan terms with amortization periods ranging from three to thirty years, depending on their needs.
We can assist firms in securing balloon loans, which have smaller monthly payments than amortized loans. The monthly payments on these loans are cheaper since they are based on a repayment schedule that extends over a longer period of time (25-30 years) than the actual repayment term (5-7 years).
We provide Small Business Administration 504 Loans.
SteveKnowsLoans’s expert loan originators may help clients who are eligible for Small Business Administration loans. Borrowers can finance up to 90% of the cost of a commercial unit using the SBA’s 504 loan program. A maximum loan-to-value ratio of 85% is permitted for refinancing purposes under this program.
Learn how SteveKnowsLoans can aid your situation.
SteveKnowsLoans has a program that will work for businesses whether they are looking to purchase or refinance a commercial unit. Contact us for our Commercial Condo Loans Program now!
Call Steven Jackson at 813-616-9411 now!
