A commercial mortgage is a mortgage loan granted to different type of businesses secured by commercial property. Commercial loans are available for both owner-occupied and investor properties, including office building, shopping center, industrial warehouse, or apartment complex. Borrowers can have up to 90% commercial financing and unlimited cash out options. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.
When getting a commercial mortgage consider nonrecourse vs. recourse loan. Nonrecourse commercial mortgage can become very beneficial in certain situations. Such as in the event of default with a nonrecourse loan, the bank can only take back the property. If you still owe more money than the property is worth, you will not have to pay any more.
There are many different types of commercial loans available for them. Here are some of the various kinds and what they are used for.
Fixed Rate Mortgage (FRM)
Adjustable Rate Mortgage (ARM)
Balloon Mortgage
Interest Only Mortgage
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