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US Commercial Mortgage Basics

by Commercial Lifeline

Commercial mortgage loans are used when purchasing structures such as office buildings, apartment complexes, health care facilities and retail outlets. Whether it’s a hi-rise tower or a family-owned restaurant, buyers typically need additional funding to complete the transaction. Commercial mortgages are what they pursue.

Similar in many ways to residential loans, commercial mortgages require far more paperwork. Both types of loan require that the properties being purchased undergo a thorough appraisal. Both require collateral to secure the loan and protect the lender against default.

Like residential mortgages, commercial mortgages can be refinanced to take advantage of more favorable terms, or they can be re-mortgaged to establish a line of credit to use for running the business. And like residential mortgages, the lender will hold the deed to the property until such time that the loan is repaid in full.

During that time, the lender makes money off the interest on the loan. If the borrower fails to make payments on the commercial loan, the lender has the right to initiate foreclosure proceedings and take the property. Remember, the property likely is what will be used as collateral. The interest paid on the commercial mortgage usually is tax deductible; just be sure to consult with a professional first.

When you apply for a commercial mortgage, you will typically be offered two different types of loans: fixed rate loans and variable rate loans. These work the same as they do for residential mortgages.

On a fixed rate commercial mortgage, the interest rate that is negotiated and agreed to remains in effect until the loan is fully amortized. If you’re obtaining a commercial mortgage and interest rates are heading higher, a fixed rate likely is a better option. You can always refinance your mortgage should interest rates go lower than your fixed rate.

With a variable rate commercial mortgage, the interest rate will fluctuate during the payback period. Interest rates are determined by the US Federal government. Make sure you understand how variable rates are determined. Also, find out from the lender how often the rate on a variable rate mortgage will change. It’s fine as long as the interest rate is decreasing; it’s the increases that you need to worry about. Make sure, too, that should the interest rates increase, you can still afford the monthly payments. With some variable rate loans, the rate is fixed for the first few years, and then converts to a variable rate loan.

When applying for a commercial mortgage, also ask about the Early Redemption Charge (ERC). Remember, lenders make money off the interest on the loan. When the loan is repaid in full sooner than anticipated, the lender loses money. To avoid losing money, lenders often include an ERC which can amount to a substantial, one-time sum. If you discover an ERC in the fine print, try to negotiate it away. If you’re not successful, take your business elsewhere.

Applying for a commercial mortgage means that you’re about to make a serious investment. Be sure you know exactly what you’re signing before you sign the documents. You have a right to ask questions, renegotiate more favorable terms and do whatever else you feel is necessary. It’s your money and your future. Good luck!

About the Author

Commercial Lifeline are Commercial Mortgage and Bridging Finance specialists.

Download our free Commercial Mortgage guides by visiting our Commercial Mortgage Guide page.

This article comes with reprint rights. Feel free to reprint and distribute as you like. All that we ask is that you do not make any changes, that this resource text is include, and that the link above is intact.



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Mortgage Rate Calculator - Google News
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Severe debt can cause depression and even suicide - CreditCards.com
8 Sep 2008 at 6:57am

CreditCards.com

Severe debt can cause depression and even suicide
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When the bills pile up, the mortgage rate adjusts, the credit card balance grows, or you are l...



How To Find The Cheapest Mortgage - Motley Fool UK
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How To Find The Cheapest Mortgage
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When you look at any advertised mortgage rate it is probably quoted at the lowest LTV ratio, which will be between 50% and 7...



Counseling on Student Loans Now May Ease Pain Later - New York Times
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Qualifying for a mortgage with credit problems - kjrh.com
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Qualifying for a mortgage with credit problems
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5 Sep 2008 at 5:00am

Irish Independent

Home economics: We need to cut costs
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Rate1st Adds Mortgage and Loan Related News Service - PRarticle.com (press re...
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Mortgage Rate Calculator - Google Blog Search
Google Blog Search Results: 85,510 results for Mortgage Rate Calculator - showing 1 through 10

?Fixed Rate Mortgage Rate Quotes in 24 Hours
7 Sep 2008 at 3:20pm
Unfortunately, it cost money to borrow money; so the interest rate will never be as low as you might like it to be, but you can negotiate for the lowest rate possible. The Internet is full of websites...

charcol mortgages
8 Sep 2008 at 12:27pm
Mortgage calculator - Charcol Our UK online mortgage calculators are designed to help you work out how much you can borrow, and to consider different monthly mortgage payments. ? http://www.charcol.co...

Finding Mortgage Rates Website
6 Sep 2008 at 3:46am
There are numerous mortgage companies willing to present a ready report of mortgage rate calculator. These companies offer refinancing that involves obtaining a new mortgage loan on a property already...

California Mortgage Refinance Loan
8 Sep 2008 at 8:39am
A mortgage calculator gives you an idea as to how much a borrower has to pay every month for a home loan. Information required for using the mortgage calculator are the amount of the loan, the expecte...

Loan Refinancing Xxasdf Mortgage Rate Calculator
3 Sep 2008 at 12:23am
ads by ask com rates calculator home equity rate refinance loans.. of the best banks lenders compete?

?Use an Online Mortgage Calculator to Understand ARMs
4 Sep 2008 at 4:23pm
There isn?t just one type of adjustable rate mortgage, so you will need to understand the product you are investigating before you plug any numbers into a mortgage calculator. You will need to know ho...

Refinance Mortgage Rate Calculator
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There are actually several reasons why people want to take a refinance mortgage. This is also why refinance mortgage rate calculators are important. Refinance mortgage rate calculators help consumers ...

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6 Sep 2008 at 9:51pm
Mortgage Payments p is the principal a is the payment per month r is the interest rate per month n is the number of months ln is the natural log function * is multiply Repayment amount for a set princ...

Bad Credit Interest Mortgage Rate Calculator
24 Aug 2008 at 3:43pm
That box arrived a Bad Credit Interest Mortgage Rate Calculator a step forward, his and despair. She was his wife even now, and let staring for the longest her emotions. I clasped her to drying her fa...

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