|
||
How to Get Business Real Estate LoanWhether you're opening a shop, expanding your building, or moving your business from the basement to a real building, chances are you'll eventually need to get a business real estate loan. Also called commercial loans, business loans differ from residential loans in that they usually have higher interest rates and a much shorter term. They are also more difficult to obtain, as certain banks prefer specific types of property for lending money. In addition, business real estate loans take much more into consideration than just credit history - factors such as the industry of your company, how profitable it is, how long you've owned the company, and your experience with business or entrepreneurship will be some of the deciding factors as well.
In order to secure a business real estate loan, consider the following tips: - Hire a broker. A mortgage broker is almost guaranteed to get you the best interest rate and payment plan, as opposed to doing it yourself. He or she has better connections and the experience required to get you the best deal and can walk you through the process of obtaining a loan, including help with filling out applications and paperwork and offering advice. In addition, a good broker can provide you with a list of reputable lenders that can offer you the most for your money. Most businesses, especially as they become more successful, will need to apply for a business real estate loan. By keeping the above points in mind, you increase your chances of securing a loan.
,
|
||
Copyright 2003-2020 by BusinessKnowledgeSource.com - All Rights Reserved
Privacy Policy, Terms of Use |