What is a Commercial Loan?

Commercial loans are debt-based financing used to fund business expenses like purchasing equipment or real estate. They come in a variety of types including short-term working capital, lines of credit, term loans, and commercial real estate.

What properties are eligible for Commercial Loans?

• Multi-Family (2+)
• Retail
• Owner Occupied Office
• Warehouse/Light Industrial
• Daycare Center
• Mobile Home Park
• Self-Storage
• Automotive
• Restaurant/Bar
• Hotel/Motel
• Investment Office
• Condominiums
• Funeral Home

What is required for a Commercial Loan?

Commercial loans are not backed by any government entities like Fannie Mae or Freddie Mac therefore a more in-depth document submission process may be required to ensure applicants can fully qualify for this type of loan. Here are a few things to take into consideration if you are looking to apply for a commercial loan.

1. Credit of the borrower/guarantor
2. Cash flow of the commercial real estate property
3. Collateral of the commercial real estate property

The list of items needed in order to qualify for commercial loans may vary but income tax returns and 1 to 2 years of financial statements are usually required. Some additional documents may include:

• Annual/Quarterly income statements
• Corporate documents
• Asset statements
• Leases
• Personal financial record(s) of the business owner

Available Loan Programs

Below are the programs that we currently offer at Trustworthy Mortgage Corporation

• 25-Year Fixed Laon
• 10-Year Fixed Loan
• 5-Year Adjustable-Rate Mortgage Loan (ARMs)

Have questions?  Give us a call!  One of our mortgage specialists would be happy to answer all of your questions.