Why Refinance Your Commercial Property?
- To Lower Your Current Rate and/or Term. When you obtained your current mortgage, rates at that time may have been higher than what they currently are, or perhaps your credit or overall financial portfolio, was not at par interest rates for you to get the lowest rate possible. If you fall into this category, whenever rates are better and/or your financial portfolio has turned around, it’s a great opportunity to seek a refinance. Whether you are looking to lower your rate, lower your monthly payment or tap into your property’s equity. It can help put more money back into your pocket.
- If you are currently in a bridge loan. Commercial bridge loans are short term interim loans for up to 3 years usually. It’s a short term solution to remedy an issue quickly, involving your commercial property such as interim financing until permanent financing is obtained or until you are at the next level of financing. Once the new permanent financing is found, the monies from the new loan will pay off the old temporary loan.
- Do you have or are nearing your balloon note date? In commercial financing it’s common for the loan amount to include a balloon payment. A balloon mortgage is when a commercial mortgage doesn’t fully amortized over the term of a note, therefore leaving a balance due called the Balloon Payment. Refinancing into a fully amortized loan can remedy this problem.
These are a few reasons why you would need a refinance. Please do not hesitate to Contact Us with any questions.
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- Complete our Commercial Loan Quick App and one of our commercial loan advisers will contact you today.
- After speaking with one of our commercial loan advisers about your Quick App, you will receive a full loan package. Complete & submit the packet along with all pertinent documentation. Upon receipt and qualifying review, a loan proposal with rate and term conditions and fees will be issued to you by us and/or the lender.
- You will then select the best option for you and your business, confirm and we will move forward towards closing.