An office building property is one that has multiple tenants where the primary purpose is to provide a workplace and working environment primarily for administrative and managerial workers. An office building can accommodate as little as one tenant or multiple tenants depending upon the size and building layout. The most common example of an office building would be a property with multiple floors and multiple tenants.
The types of tenants and rent paid by them are an important factor considered in underwriting. A property that has the majority of rent paid by the residential tenants can be viewed and underwritten more like an apartment loan. Likewise a property that has the majority of the rent paid by the commercial tenants can be viewed and underwritten more like an office or retail building. A mixed use property can be owner occupied or non owner occupied. The borrower can either have a business in a commercial space or they can live in the building however if they live in the building it can possibly have an impact on the type of loan that can be offered.
A commercial loan to purchase an owner occupied property can be used for almost any type of property that is not specifically investor related such as an apartment building. Additionally, farms, mining and other types of agricultural properties are not generally permitted under a traditional commercial loan.
One advantage of Commercial Hard Money Lenders over Commercial Lenders is flexibility of loans. For example, if the purpose of commercial loan or mortgages is to finance investment such as gas stations, dry cleaners, assisted living facilities, the conventional banks do not approve such loan. However, hard money mortgages are available to the rescue.
Sources that furnishes with the commercial real estate loans are: Bank, Financial Institutions and Large Building Societies. The most unsurpassed way to acquire commercial real estate loans is through internet.
Loan 2 Loan UK is a great option in case of Commercial Loan, However, a great advancement has come into effect in the financial market and the fraternities have turned up with several lucrative offers for the Debt Consolidation.
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