How to Get a Commercial Mortgage
Many business establishments are interested in owning their own properties to cut on costs and add assets that are very valuable for them. It is not a bad idea for businesses that are at their early stages and have enough income to afford their own premises.
The process is quite simple and can be done without much trouble. One must follow the right process though to ensure that all the requisite steps are followed so that there are no problems or delays.
Instructions
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1
Meet Your Bank
Pay a visit to your bank and see what kind of terms are on offer, should you be getting their services in order to mortgage a commercial property. They will be able to guide you about the process and the type of terms they can offer you on the mortgage. -
2
Find a Property
There are many properties out there and you will have a lot to choose from. You will have an idea of how much you can afford so keep that figure in mind. Make sure that you pick one that is commercially sound and does serve all your purposes.
It is not a bad idea to engage a real estate agent whom you can trust in order to have some guidance which property should make a good investment for the business. This can be of great help in the longer run. -
3
Commercial Mortgage Lender
Although you are already in touch with the bank, you should shop around and see what commercial mortgage lenders are offering. Sometimes they can offer you great prices. Remain in touch with your bank as well and see which option suits you the most. Understand the pros and cons of both before you make a decision. -
4
Make an Offer
The next step is to make on offer of the property you are looking to buy. You will most likely need to negotiate and come up with a price that works for you as well as the seller. Remember that until you sign a formal contract, the deal is not finalised. -
5
Keep Checking
The process of mortgage finalisation takes time. Keep in touch with your bank or the commercial mortgage lender for updates on a regular basis. Make sure that you stay in the loop. Once you get the property deal closed, you can throw a nice party for friends and family.
