A Commercial Mortgage is a loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.
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If you are looking to purchase, renovate or refinance your commercial real estate a commercial loan might be the answer. Using a specialist who has the contacts and market knowledge is highly recommended to get you the best deal. While residential mortgages are typically made to individual borrowers, commercial real estate loans are often made to business entities.
The terms of commercial loans typically range from five years or less to 20 years, and the amortization period is often longer than the term of the loan. Using a mortgage calculator can help you develop a good estimate of your total cost.
