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A commercial real estate loan is designed for business owners looking to purchase or refinance commercial property. Commercial real estate loans differ from personal mortgages in that they are designed for income-generating properties rather than owner-occupied residential housing. In some cases, fix-and-flip properties may also qualify. Commercial real estate options vary from short to long term, and payment is usually made monthly, although sometimes payments can be deferred or rolled into the amount borrowed.
If you are looking to purchase the commercial building/property in which your business operates, or acquire an income-generating piece of real estate, then a commercial real estate loan may be right for you.
If you’ve been in business at least six months, have $60,000+ in annual revenue, a credit score of 600 or higher, and sufficient collateral, you may qualify for a commercial real estate loan. Business mortgages are secured by collateral and approval is heavily influenced by credit, prior experience, property value and projected revenue.
Applying for a commercial real estate loan is still easy but requires more documentation than other products. To get started, just complete our quick and simple online application and upload your three most recent business bank statements. For a commercial real estate loan, you will also need to provide financial statements, including two years of business and personal tax returns, personal financial statement (PFS), rent roll and P&L for property (if applicable). Once received, a member of our staff will contact you to review and discuss your financing options!
