Whether you are contemplating purchasing a new property for your business or community organization or planning to buy a rental property, one of your first steps that you will have to take is to get a commercial mortgage. Some people simply choose to go down to their local bank in order to do this, but this may not be the best option.
Commercial mortgage brokers have specialized knowledge of how commercial mortgages work, and they have connections with a wide range of lenders. This means that they can often get their clients a commercial mortgage for a lower interest rate – as well as one with terms that are more suitable to their specific client.
If you are in the market to purchase a piece of commercial real estate, here are a few reasons why you might want to work with a commercial mortgage broker:
1. Better rates – Because commercial mortgage brokers work with a wide range of lenders, they can shop around on your behalf. If you only go to a single lender (such as a bank or credit union), that lender has very little incentive to offer their best rate. When lenders work with a broker however, they know there is competition for their business, and they are more likely to offer a better rate.
2. Specialized knowledge – Commercial mortgages can be quite a bit more complex than residential mortgages and the qualification process can be more difficult. When you work with a commercial mortgage broker it means that you have someone on your side that can help you navigate the complexities and advise you on how to improve your chances of being approved.
3. Financing options – when you purchase a piece of commercial real estate the amount that you will need for a down payment is substantially larger than what you would need for a residential property. By working with a qualified commercial mortgage broker, you can learn strategies and financing options to ensure that you are able to make your down payment.
4. Stop renting – perhaps until now, you have been renting commercial space for your business or organization. By working with a commercial mortgage broker, you can finally have a property of your own – something that is likely to appreciate in value meaning that you’ll have equity in the future that your business can borrow from.
Contact AKAL Mortgages today
Would you like to speak to a commercial mortgage broker to see what kind of a mortgage you can qualify for? If so, contact AKAL Mortgages today.
When we say YES! We stand behind our promise®™