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Commercial Mortgage: Know Your Options

Any entrepreneur who owns a business and is in need of a commercial mortgage has several options to choose from when looking for financial assistance. Many business owners may look to a traditional big bank, private lenders or independent brokers for financing and mortgages. Although each option can provide a commercial mortgage, many businesses choose to work with an independent commercial mortgage broker to get the financing package that most specifically matches the requirements and criteria of that business and its owner. The following are some aspects to consider when searching for a commercial mortgage.

Type of Loan

Typically, there are two types of loans a business owner can consider. The first involves a standard loan from a traditional bank. The second involves an exotic loan that include options such as an interest-only loan. This is where a bank versus an independent broker differ: brokers are able to provide more options to their clients, where banks can only offer their own products.

Private Lenders

Independent commercial brokers have the contacts necessary to be able to look at the various loan rates and mortgage packages that many different lenders have to offer. Commercial brokers who are able to look across a myriad of lenders for the best package for their client are better able to find the plan that best suits the business. In addition, a mortgage broker has more negotiating power when it comes to fighting for lower interest rates.

Specialization

Commercial brokers will have the expertise and knowledge specific to the world of commercial lending. These types of brokers will be able to provide their business clients with great service, as they will know the exact type of lender to approach for the particular loan a business owner needs.   The business owner only needs to fill out one application and their commercial mortgage can be shopped across many Canadian lenders.

Getting in touch with a commercial mortgage broker with extensive experience in the realm of business loans and lending procedures will surely be beneficial for the serious entrepreneur.  If you are looking for a commercial loan, call John Kincaid of Best Mortgage at (403) 593-4010 or visit: www.bestmortgageloan.ca.