Florida commercial property

There are numerous commercial mortgage programs to choose from in the state of Florida. And since there are different reasons for taking out a mortgage, there are also appropriate programs designed to cater to each need. Here are examples of programs to help you choose the most suitable one for you:

Conventional

These are the traditional commercial mortgage programs that have options of 15, 25 or 30-year amortization. It has choices of fixed, adjustable, or balloon payments. This type of financing is open to borrowers who have good credit history. The loan to value ratio could be from seventy-five to eighty percent on commercial properties.

Non-Recourse financing

This kind of mortgage is perfect for corporate investing because it allows the borrower to enjoy the financial benefits without the personal liability.

Hard money loans

When your credit is unsatisfactory and you could not be approved for a loan, this is your best recourse. Regardless of your credit history, you can avail of hard money loans secured against your property and assets. You could get a loan-to-value ratio as high as eighty percent, but be prepared for higher interest rates. Hard money lenders could also purchase private secured loans, accounts receivables, and settlements for immediate cash.

SBA loans

This is targeted towards small businesses that are unable to acquire financing. Up to 90 percent financing is available to help you boost your business.

Some requirements

Because most financing and lending companies review your credit file, here are some things that you may need to prepare in order to secure a loan: credit authorization form, amount and purpose of loan, resumes for each principal, current financial statement, tax returns for a period of three years, color photos, current profit and loss statement, proforma for a five-year period, copy of leases and rent roll, cost breakdown, partnership agreements or articles of incorporation, corporate resolution, and other pertinent data that could help in determining the feasibility.

Florida Mortgages provides detailed information on Florida Mortgages, Florida Home Mortgages, Florida Interest Only Mortgages, Florida Mortgage Brokers and more. Florida Mortgages is affiliated with Florida Mortgage Interest Rates.

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