Commercial Mortgage
A mortgage loan to purchase or refinance a building used for business purposes. This could include warehouses, office buildings, stores or multi-family properties (5 or more families). These are monthly payment loans and interest may be either fixed or variable.

Features:
This mortgage is intended for properties to be used for business purposes. It is available in payout terms up to 25 years. Loans may be fixed rate, adjustable or with a balloon payment at maturity. Commercial mortgages require a 25% down payment or equivalent equity in the subject property. Additional liens may be taken on furniture, fixtures, rent or leases. Personal guarantees of borrower or company principals are required.

Rates:
Rates and fees are negotiable. Borrowers are responsible for appraisal costs and closing attorney review fees. Points may be charged on the loan (a point is a premium or fee equal to 1% of the amount of the loan).