How to get a Loan for a Business Property

1
HOW TO GET A LOAN FOR A BUSINESS PROPERTY 

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2
Financing Commercial Property

• Financing a commercial property with a loan can
  be difficult, so most people prefer to pay for
  their property in cash or through other financing
  options. That being said, a commercial loan is an
  option and a completely legal way to purchase
  your property. Before applying, individuals
  should be aware of some aspects of this type of
  loan.  

3
BUSINESS LOAN RATES ARE HIGHLY VARIABLE.

• While commercial property interest rates are
  generally higher than those on typical loans,
  they are also highly dependent on the client's
  personal circumstances as well as the property on
  which they wish to secure a loan. 
• Individuals should also be aware that there may
  be significant prepayment penalties if you repay
  your commercial property loan before the end of
  its term. As a result, careful consideration
  should be given to developing reasonable
  timeframes for loan repayment, taking into
  account both high interest rates and prepayment
  penalties.  
• Certain factors that may be considered include
  the property developer, the age of the property,
  and whether the property will be used as an
  investment or for the client's business. The loan
  to value rate should also be considered, as they
  can be very low for commercial properties, with
  most banks requiring a 40 down payment.  

4
RESEARCH THE MARKET

• Individuals should thoroughly research the market
  before deciding to purchase a commercial
  property. To begin, you should determine the type
  of property you desire. Commercial property
  includes a wide range of building and property
  types, such as office space, warehouses, retail
  units, and even purpose-built properties like
  schools or hospitals. Potential buyers should
  carefully consider why they want to buy a
  commercial property. Will you be the end user or
  will you use the property as an investment
  opportunity?  
• It is also critical to conduct research on
  various locations and compare average prices.
  This can be accomplished by reviewing commercial
  real estate market reports or speaking with a
  commercial property specialist. Before beginning
  any finance application, you should decide how
  much you are willing to pay and how much you are
  willing or able to part with in loan repayments.
  This may also help you decide what kind of
  property and areas are available for purchase.  

5
LOOK FOR A BROKER WITH COMMERCIAL REAL ESTATE
EXPERIENCE. 

• A commercial real estate broker will assist their
  client in evaluating their various options,
  making an informed decision about what they
  should purchase, and applying for a pre-approval
  with the bank on their behalf. An experienced
  broker will not only ensure a faster application
  process with the bank but will also have far more
  negotiating and bargaining power when discussing
  loan terms. 

6
INFORM YOUR CHOICE OF BANK

• Once you have obtained pre-approval from your
  mortgage broker and decided on a property, the
  bank will conduct a valuation of the property to
  determine whether it is worth the price you have
  agreed upon. If the bank approves, you will
  receive an offer letter to accept the loan and
  proceed with the purchase of your commercial
  property.  
• If you have any further questions or concerns
  about obtaining a commercial loan, please contact
  one of our expert advisors, who will be able to
  walk you through the entire process and make it
  as simple and straightforward as possible. 

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02/22/how-to-get-a-loan-for-a-business-property/
7
Contact Us

• Mail on info_at_cozmomortgages.com
• Address 803, Silver Tower, Business Bay, Dubai,
  P.O.Box 238065
• Contact Number 97145587195
• Visit https//www.cozmomortgages.com/