Get Funds The Easy Way Through A Commercial Mortgage Broker

By Author: Andrew Gomes
Total Articles: 2
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Commercial mortgages are offered by a number financial institutes like banks, mortgage companies and private lenders. It is similar to residential mortgage in many ways but there are certain differences between the two. When you apply for a commercial mortgage, you should be prepared with some documents to submit to your lender such as,
A completed loan application
The purpose or usage of the loan
Detailed description of your commercial property
Your repayment plan
Your financial projections containing balance sheets etc.
Future financial projections
Your past loan records (both personal and business)
Your commercial property is a big factor that determines your loan terms. The location of your property, the area occupied by your business and the type of your commercial property are all determinants of your mortgage terms. All these factors have big roles to play in your commercial mortgage application. What kind of a commercial property are you owning and for how long? If it's restaurant at a prime location of the city - you'll get a handsome amount of loan and ...
... good terms whereas, if you own a saloon bar at the countryside, you might not get as good an amount. How much space your business occupies has to be calculated in terms of percentage. If it's more than 50%, it'll be considered as owner occupied and thus, will fetch you good terms.
The time taken to close the deal may have an unpleasant impact on the borrower but basically he is the one who can lessen this time by providing proper and timely data as and when required.
If you opt for an independent commercial mortgages broker instead of the traditional method of applying for commercial mortgage, you would gain yourself a lot of benefits, like; the broker can provide a wide array of options for you, he can show you several offers made by different individual commercial lenders. Among those offers, you get to choose the one that fits your requirements and convenience. The broker will assist you in your deal selection process because unless he does that, he won't earn any money.
Commercial remortgage is obtained by business owners for the same the reason as the commercial mortgage- for raising capital. In this method, the business owner re-uses the commercial property he has earlier mortgaged for unlocking the equity or capital that has been developed in the property during the loan period.

Andrew Gomes is a financial advisor who has real good knowledge on commercial remortgage and commercial mortgages. He recommends you to visit http://www.dynamicbiz.co.uk/