Commercial Mortgage – Funds for your Business Needs
Looking out to expand your new business or revamp an old one
. Finance is the backbone of your business and if you are facing difficulties to acquire it approach online mortgage experts. With sound advice, you will be in a better position to make a wise choice. Understanding your financial needs is of prime concern to an expert or a broker. Based on your financial needs the most suitable mortgage option is suggested to you.
Securing commercial finance will no more be an uphill struggle if you choose to use non conventional methods of applying for loan. Online application is a quick process as it requires you to fill in a short application form. It is devoid of any paper work or other lengthy documentation.
Remember that you will have to pledge your commercial property as a security to get the loan approval. If you fail to honour the terms of loan, then you face the wrath of the lender. Consequence of your breach of loan term is: Missed payments may increase your EMI for the subsequent months and frequent loan defaults will lead to confiscation of your property pledged.
Criteria to qualify for business loan:
Location of your commercial enterprise
If your property or enterprise is placed in a prime location, it offers more weightage to the lender. He feels that an enterprise placed in a good location will grow exponentially. Hence, you will pay your mortgage payments on time.
Sound collateral with higher value pledged
If there is a sound collateral of higher value pledged then the lender offers you better mortgage rates. Make use of a collateral with high value and get better loan rates. When you put up property to secure the loan, the lender will be looking at the equity value of the property first and the total value of the property second. They will also look at the payment history of any property that has not been paid for outright. When the lender has finished looking at the property you have, they will look at your account receivables.