Owner Occupied Commercial Loans
Examples of a typical borrower looking for an owner occupied commercial loan:
- Business owner looking to purchase a commercial building for his/her business.
- Business owner looking to purchase a commercial building where his/her business.
- Will occupy at least 51% and the remaining portion will be leased to tenants.
A commercial loan to purchase an owner occupied property can be used for almost any type of property that is not specifically investor related such as an apartment building.Additionally, farms, mining and other types of agricultural properties are not generally permitted under a traditional commercial loan.Structure
Owner occupied commercial loans are generally written with 5, 7, 10, 15, 20, 25 and 30 year terms with or without balloons.In general for a purchase a borrower will be expected to put down 20% plus closing costs (SBA and USDA loans are usually only 10% which we offer).Paperwork
For this type of commercial loan expect to provide full documentation including tax returns for the guarantor(s) and the business that will occupy the space as well as personal financial statements on the guarantor(s).Additionally, credit will be pulled on the guarantor(s) as well as a D&B report on the business.Fees
Commercial loans generally come with fees for things like appraisal, title work, environmental reports and points.
Most of our commercial loans do not require the borrower to use their house as collateral.There may be a rare instance where this is necessary such as a shortfall of collateral or as a credit enhancement to improve the strength of your commercial mortgage request.
We have commercial loan products that can help people with significantly impaired credit, these have higher commercial loan rates, and we also have commercial loan programs for people with great credit that deserve the best rates we have to offer.