We Provide Many Kinds of Commercial Loans
Commercial Loan Options
Palm Island Financial LLC offers various commercial loan options to fit most commercial real estate and small balance property types.
Non Recourse Loans
A non-recourse (debt) loan is when a loan is secured by collateral, which is usually property. If the borrower defaults, the lender can seize the collateral, but cannot go after the borrower for any further compensation, even if the collateral does not cover the full value of the defaulted loan amount.
A recourse debt holds the borrower personally liable. In general, recourse debt (loans) allows lenders to collect what is owed for the debt even after they’ve taken collateral (home, business, credit cards). Lenders have the right to garnish wages or levy accounts in order to collect what is owed.
Commercial Purchase Loan
Commercial purchase loans are made to individuals, sole proprietors, corporations, limited liability corporations for commercial and industrial property and business acquisition, for professional purposes.
A refinance occurs when a business or person revises a payment schedule for repaying debt. Mechanically, the old loan is paid off and replaced with a new loan offering different terms. When a company refinances, it typically extends the maturity date. Companies or individuals refinancing loans may have to pay a penalty or fee. When the terms of the loan are revised in a way that changes the payments associated with the loan, the loan has been refinanced
Mixed Use properties contain at least one commercial unit (retail store front, office, etc.) and at least one residential unit. A mixed use property has a retail shop or an office on the ground floor and an apartment(s) above it. The primary use of the property must be for residential purposes in order for it to be considered mixed-use. This means the borrower must be a tenant in the apartment.
Office buildings are designed for general commercial occupancy and are usually subdivided into smaller units. Office use means general business only (retail, manufacturing or warehouse type) businesses are excluded.
Retail buildings are created for retail sales and have a display front. Retail sales may include, but not limited to markets, convenience stores, drugstores, department stores, big box retailers, barber shops, laundromats etc.
Includes, mini storage or mini warehouses are warehouses that are subdivided into a mixture of cubicles of generally small sizes. Their primary use is to be rented for storage of small or noncommercial items. Some may include a small living space.
A building or complex of offices whose units and the common areas (such as grounds, and building structure) are owned jointly by the owners of each unit.
A building used for public worship and can be traditional or non-traditional.
An establishment that serves meals and alcoholic beverages.
A structure containing fitted equipment for automatically washing cars.
Convenience Store (No Gas)
A small retail store that is open long hours sometimes 24 hours and sells small amounts of basic groceries, snacks and clothing.
A place where the dead are prepared whether it