Commercial loan or Home loan? - Posted by Tom

Real Estate Investing Real Estate Financing
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Posted by James Strange on July 13, 2003 at 18:47:42:

A local would give you the best rate.

As for down this will depend a lot upon deal size. But you could get a 60% loan from an equity lender and get a seller caryback. Depending upon the lender you would have to put down from 0 to 10%. But the rates will be kind of high. Depending upon credit they could be very high.

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Commercial loan or Home loan?? - Posted by Tom

Posted by Tom on July 12, 2003 at 22:44:27:

Please can anyone answer my question??? I found a property with a house and a bar on it and I need advice on how to go about financing it…Should I try getting a commercial loan or a home loan? The county it is in, has no zoning laws…

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Re: Commercial loan or Home loan?? - Posted by James Strange

Posted by James Strange on July 13, 2003 at 13:28:31:

It is a mixed use property. You have to find a lender who has a product that will allow mixed use.

Most residential products do not allow any commercial use.

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Thanks James… - Posted by Tom

Posted by Tom on July 13, 2003 at 17:54:42:

Thanks for the info…Now, should I go to a bank or a mortgage broker, or another source…remember…I have only a small amount for down payment

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Choosing between a commercial loan and a home loan depends on your specific financial needs and the purpose of the loan. Here are some key differences and considerations for each type of loan:

  1. Commercial Loan:
  • Purpose: Commercial loans are designed for business-related purposes such as starting a new business, expanding an existing business, purchasing commercial real estate, or funding operational expenses.
  • Interest Rates: Commercial loans typically have higher interest rates compared to home loans due to the higher risk associated with business ventures.
  • Loan Terms: Commercial loans often have shorter loan terms, typically ranging from 5 to 20 years, depending on the specific purpose and lender requirements.
  • Collateral: Commercial loans usually require commercial assets or real estate as collateral to secure the loan.
  • Application Process: The application process for commercial loans is generally more extensive and involves providing detailed business plans, financial statements, and other documentation.
  1. Home Loan (Mortgage):
  • Purpose: Home loans, also known as mortgages, are used to purchase or refinance residential properties, including houses, condos, or apartments.
  • Interest Rates: Home loan interest rates are typically lower compared to commercial loans since residential properties are considered less risky for lenders.
  • Loan Terms: Home loans often have longer repayment terms, typically ranging from 15 to 30 years, allowing borrowers to spread their repayments over a more extended period.
  • Collateral: The property being purchased or refinanced acts as collateral for the home loan.
  • Application Process: The application process for home loans usually requires providing personal financial information, such as income, credit history, and employment details, along with property-related documentation.

In summary, if you are seeking financing for business-related purposes, such as starting or expanding a business or purchasing commercial property, a commercial loan would be more appropriate. On the other hand, if you intend to buy or refinance a residential property, a home loan (mortgage) would be the suitable option. It’s crucial to consult with private money lenders or financial advisors to determine the best choice based on your specific circumstances and financial goals.

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