Where to get a business mortgage

Jul 21, 2011

Getting a business mortgage is different in many ways than getting a private or individual mortgage. When you get business mortgages, the business must have sufficient credit and/or assets in order to be a good enough credit risk. Commercial loans can also be judged based on expected income of the property, as opposed to current value of the property. The value of business property loans may also be higher than residential mortgages. So, where do you go to get these special loans?

Brokers

One option when looking for a business mortgage is to work with brokers who specialise in commercial mortgage loans. They can provide you with helpful guidance and information about which loan is most advantageous for your business. They can also shop your loan around to different commercial lenders and mortgage provider sources to get you the best possible interest rate and loan terms for your business.

Larger banks

Another option for getting the best business loans is to approach larger banks who handle commercial accounts and commercial properties. You should do a comparison of several different banks that offer these types of loans in order to get the best business loan rates. It is also important to have clear evidence for why the bank should give you the loan. This may include a business plan, or a profit/loss statement that indicates how your company makes money and how your company intends to put the loan and newly acquired property or assets to use in order to make more money. The bank must be convinced that the loan is a wise investment and they will be convinced only if you can prove to them that the chances of them losing their money are small due to your solid plan to produce income.

Other options

There may also be other options for mortgages and business loan rates if you are willing to look around and if you have a solid business model. Some organisations like the Small Business Administration exist solely to lend to businesses. Investors may also be willing to provide a loan if they believe that there is a potential for profit and growth.

How to acquire a self employed mortgage

If you are self employed, there are chances that you are struggling to get a mortgage. most banks and mortgage providers will ask that you have three years on your accounts and even then, it can be difficult to prove that you currently earn enough to afford the mortgage. with a little hard work, you could find getting a mortgage is made possible.

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