Get your business on the road to success with a commercial
mortgage
Get your business on the road to success with a commercial
mortgage
Has it always been your dream to get your name enlisted among
Fortune 500's top business people? Do you have the acumen and
the passion for your business and of course that perfect
business plan, which is so crucial to any business' success?
Yes? Then, what are you waiting for? Get started! Oops! There is
one hitch. You don't have the money to buy the commercial
property that you have your eyes set on.
Guess what! There is a solution to this and the name of the
solution is commercial mortgage. A commercial mortgage is
quite similar to a residential mortgage. It implies
drawing out a loan to purchase a property for commercial
purposes. The property may be a piece of land that you want
to carry out constructions on later, or a factory, a retail
store, or even an eating joint. But there is a catch. Whatever
property you may buy, you have to pledge it as security for your
mortgage. This gives your lender a legal claim on
your property until you pay back the loan.
A commercial mortgage can not only be used to
finance the purchase of buildings or land for commercial
purposes but may also be used for buying business assets like
plant or machinery.
A commercial mortgage may be availed for anywhere between
12 months to 25 years. You also have the option of choosing
between fixed rate and variable rate mortgages. A fixed rate
mortgage affixes your monthly installments, while a
variable rate mortgage varies the amount that you have to
pay on monthly basis.
A commercial mortgage proves to be a much favourable alternative
than an unsecured business loan. The reason behind this
is that commercial mortgages carry a lower rate of
interest because of the security they bring along. But of
course your own credit worthiness has a far deeper impact
on the interest rate. An exceptionally good credit record is
rewarded with a low interest rate while a poor credit score
will make you suffer the repercussion of an exorbitant rate of
interest.
Commercial mortgage seekers who have a poor credit score
can take heart in the fact that there is an ever-budding market
of sub prime lenders who exclusively deal in the business of
lending to people who aren't blessed with exemplary credit
scores. What's more there are a lot of online sites that allow
you to apply online for an adverse credit commercial
mortgage.
So, don't delay your dreams anymore. Avail a commercial
mortgage and get your hands on that ever-elusive capital.