Commercial Property Loans
For those looking to purchase a commercial property, MMTC can offer easy to qualify loans that range from $250,000-$4,000,000 in 12 to 36 month terms. Based on your needs, our team will help walk you through the process, provide insight into what documents are needed and what terms need to be met along with any other additional support you might need before you apply.
How Do Commercial Property Loans Work:
To start, here are the use cases of a commercial property loan.
Loan Use Examples:
- New construction
- Rehabilitation of existing space
- Bridge funding prior to permanent financing
The types of commercial properties that often need our type of interim financing are ones that can be purchased under market, but do not currently meet traditional commercial financing. Some reasons for this include: the property was mismanaged by the former owner and has high vacancies, under market rents, or high expenses.
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Example Merchant Mortgaging Clients:
- An owner who is look to get new tenants and lowers expenses to bring the project to market value and then refinance into their long-term commercial financing.
- Someone who knows the property needs repairs first before a long-term commercial lender will consider financing it.
- A borrower who needs to show some commercial real estate experience through our interim loan before a long-term commercial lender will consider financing for them.
General Terms:
- 1 to 3 year balloon loans with interest-only payments
- 9% to 12% fixed interest rate
- 2-3% origination fee
- First mortgages only
- Up to 75% LTV (loan-to-cost ratios may also apply)
- Generally looking for borrowers with credit scores of at least 620 or higher with no recent bks, foreclosures, etc.
Property Types Covered Under A Commercial Property Loan:
- Multi-Family Residential
- Small Shopping Centers
- Industrial
- Office
- Warehouse
- Other commercial
Have a few more questions or want to discuss your particular situation with a lender? Contact us. Where here to help walk you through the process and guide you towards your best possible opportunity.
What You Should Expect From Us:
- Personal relationship with our local loan officers.
- Flexible underwriting allows you to seize investment opportunities.
- Rapid credit decisions and quick closings.
