Commercial Finance: What Do I Need to Know?
Commercial finance is another way to describe business loans. In general, commercial finance supports higher loan amounts that reach into the millions. For example, real estate professionals use commercial finance to fund the purchase of high-value multi-unit buildings. Companies also use it to fund equipment investments and business growth.
The application process for commercial finance is shorter than for mortgages. However, it requires just as much financial documentation. Applicants must provide their plans for the funds. It falls into the financial background check stage. Doing business has a lot of risks. Even corporations have financial issues. Therefore, lenders have to take a measured look at the market forecasts.
When you apply for your company, ensure that the application is complete. Then, attach recent bank statements, tax returns, and balance sheet. Treat the application process as if you’re preparing another business plan. If lenders have confidence in your plans for the funds, they will more likely lend them to you. Keep in mind that commercial finance remains a short-term solution. Therefore, lenders will search for terms that they believe you can repay promptly. That’s why your market forecasts must have accuracy.
Mortgage House clients receive access to our commercial finance options and discounted rates. Those interested in purchasing a home can also explore our home loan rates.
Mortgage House Commercial Finance Conclusion
To apply for commercial finance through Mortgage House, fill out the online application or contact our lending specialists today.