Shop Commercial Mortgage can normally provide money to approved borrowers in two weeks. To get a better understanding of our loan criteria and terms, they are summarized below:
Loan Size — We provide loans from $50K to $10M
Collateral — The property equity is the collateral, therefore we require a free and clear property or a very small mortgage. Commercial loans require a 50% minimum down payment
Rates — Our Florida commercial loan rates run 9-12%
Term of the Loan — We offer terms of 1,3, 5, or 7 years
Required Documentation — Current equity, bank statements, rental agreements, other documents as needed
Loan-To-Value (LTV) — Hard money and private investment commercial loans is 55%
Fees — No upfront fees. Borrower may pay appraisal fee and commercial insurance. No site visit or due diligence fees. Points can be 2-3, with brokers making 1-2 points.
Shop Commercial Mortgage will issue your commitment in 72 hours or less. Once all paperwork is received we can get your money to you in about seven days. We are available to all customers in Florida and have a particular interest in the metropolitan areas of Orlando, Jacksonville, Ft. Myers, Miami, Tampa, Sarasota, Daytona, Boca Raton, and so forth.
For a full understanding of our criteria and terms, visit our Commercial Loans criteria and terms page. That page will also describe in detail our closing process and more information about documentation we may request of you. You can always call us at 813-368-9919 for more information, or leave an online request. If you need to close a commercial mortgage fast, contact Shop Commercial Mortgage today!