As businesses grow, they inevitably need to grow their space. Large and small businesses alike need to be on the hunt for the right space that will support their current and future operations. If a business decides to purchase a commercial space, they will need Florida commercial mortgages.
Commercial mortgages, which can be referred to as a business mortgage, allow business owners to borrow for much-needed property or land. They operate like residential mortgages, borrowing money from lenders and paid back in monthly payments that accrue interest.
Businesses are not the only ones who use commercial mortgages. They may also be used by investors looking to purchase property and lease to another business (and even investors who wish to become residential property owners, IE landlords).
Buying property has its advantages. You undoubtedly have more control over the building and premise, along with the liberty to decide how the property may be used. Something to consider – you will have to keep up building costs such as repairs and maintenance. However, the long-term benefits can outweigh these recurring costs. Interest paid on commercial mortgages is tax-deductible, so as a business owner, this is another way in which you can capitalize your expenses.
Monroe Funding Corp offers no-documentation commercial real estate loans for borrowers who do not fit the traditional bank model. This means no income verification, no tax returns, a 30-year amortization with no balloons, up to 75% loan-to-value, and rates as low as 6.
Our full-doc loan programs can benefit borrowers who want to explore low commercial mortgage loan interest rates. You can find rates that state 4.25% percent, a 25-year amortization, and up to 75 LTV.
If you wish to take out a commercial mortgage, Monroe Funding Corp can help you with warehouses, office buildings, condos, automotive buildings, self-storage facilities, apartment buildings, mixed-use buildings, and single-family homes.