Although there are a number of reasons why you may be thinking about refinancing your commercial property, before anything it’s a wise move to consult with a mortgage broker who is experienced with commercial mortgage refinancing. The important thing to do is educate yourself on all available options so you don’t just jump at the first one that comes your way simply because you’re in a rush.
When you refinance any mortgage product you will have to pay a penalty fee. However, when you refinance into a better product, with a lower interest rate and more flexible terms you will save thousands. A specialized commercial mortgage expert know what mortgage products can work best for your circumstances.
Refinancing - When to Consider It?
A mortgage broker can determine when and how you should go about the refinance of your commercial mortgage. Here are some common determinants:
Current rates offered are much lower than the rates you are currently paying on your mortgage
You have restrictive terms of your current mortgage; but you require a product that is more flexible
You are considering expanding or repairing your commercial operation, buying new equipment or machinery, or simply need money for other uses. would like to utilize some of the equity you have built on your property towards other endeavours; to expand your current operations or to purchase machinery, make repairs or put toward other beneficial uses and you’d like to utilize your built up equity
You want to refinance to consolidate other commercial loans or high interest debts, so that you have one, easy payment with a lower interest rate
You can apply now to refinance your commercial mortgage here.
What you will Need to Refinance your Commercial Mortgage
Before you can apply for to refinance your commercial mortgage loan, you as the borrower will need to get in touch with your mortgage broker so that you can provide information to your lender about why you are requesting the refinancing option in the first place. The information you provide will determine the viability of the request. A new appraisal may also be needed to determine the present commercial property value.
Get the Most Benefit During Your Commercial Refinancing Transaction
Your mortgage broker will help you every step of the way throughout the entire process, using their years of experience and expertise to make sure that you reap the best optimal benefit during your refinancing transaction.
When we say Yes! We stand behind our promise.