FL Commercial Mortgage | Florida Private Money
Commercial mortgages are often needed by property owners for either purchasing additional properties or renovating to keep the existing property in top condition for their rental clients. In many cases, the owner has a business on the property along with tenants, which is referred to as an owner-occupied commercial loan.
Commercial hard money mortgages are not the same as a conventional bank mortgage. Shop Commercial Mortgage investors are equity-driven and looking for loan periods of seven years or less. The advantage to borrowers is that most hard money mortgages are interest-only payments until the loan ends. Other advantages include:
- Lower credit scores are not necessarily a barrier
- Self-employment can be acceptable to investors
- Little or no prepayment penalties
- No site visit or upfront fees (you will be responsible for appraisal and commercial insurance)
- Terms from 1-7 years
What you as the owner needs is a property with a free and clear title or a low mortgage balance. We can get the money you need in two weeks or less. Our mortgage process is streamlined and efficient:
- Fill out an application
- Have photographs of the property
- Copies of all leases that produce income
- Twelve months of bank statements for your business
- Copy of a purchase contract if buying an additional property
- Copy of the survey, articles of incorporation if relevant, and property taxes
- Information about your credit and any outstanding liens or judgements
- A business reference
- Property appraisal information
We can normally provide a loan commitment in 72 hours, with financing available in about seven days. Shop Commercial Mortgage prides itself on our experience and integrity to get you the commercial mortgage you need without a lot of upfront fees or expenses. If you are a Florida property owner looking to renovate or expand your business, come to Shop Commercial Mortgage and put our investors to work for you.