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.