How Summit Lending can help YOU
Commercial loans are an essential tool for businesses and investors to purchase and refinance commercial properties. As experienced commercial real estate lenders, the Summit Lending team provides expert guidance to get the perfect commercial loan for your needs.
Differences between commercial and residential loans
Commercial real estate loans tend to be larger in size and have more stringent underwriting requirements than residential loans. This is because commercial properties are typically more expensive than residential properties, and generate income. Commercial mortgage brokers at Summit Lending can help you navigate these differences with ease.
What kind of commercial real estate loans are there?
The most common types of commercial loan financing options are the traditional commercial mortgage and the bridge loan. Traditional commercial mortgages require a down payment, while bridge loans offer short-term financing between the purchase of a new property and the sale of an existing property. At Summit Lending, we offer a variety of products to suit your needs.
How do I qualify for a commercial loan?
In the underwriting process, commercial mortgage lenders consider the borrower's creditworthiness, including credit score, income, and debt-to-income ratio. They also evaluate the property's income potential, as well as its location, condition, and market trends. Cash flow is crucial as commercial real estate lenders may require a detailed financial analysis of the property, including the income and expenses to ensure that the property is generating enough income to cover the loan payments.
Our team of commercial mortgage brokers is ready to assist you with preparing this information. Contact Summit Lending today so we can help you secure the financing needed for your business or investment goals.
