Current Commercial Mortgage Rates

Current Commercial Mortgage Rates

Commercial Mortgage Loans

Commercial Mortgage Loans are specially tailored for purchasing property that can be used for commercial use, the expansion for current business premises, and any residential and commercial investment as well for property development.

Difference between residential loans and Commercial loans

If you are considering buying a property of four units or less, it is considered as a home loan. However a property of five units or more is considered as a commercial loan. Commercial mortgage loans can be obtained at different variable interest rates as compared to residential loans.

Commercial Mortgage rates

The interest rate of commercial loans is much higher as compared to the residential loans. This is quite obvious as commercial loans are considered risky by many bank lenders, as the ability to meet the repayments is dependant on the performance of the business. Therefore the rate of interest is charged after the lender has carried out a thorough assessment of your business proposal. If your business has a good standing and has shown stability over the years then you shouldn’t have much problem in securing a commercial mortgage loan. You can obtain a commercial mortgage loan for a standard period of 25 years with domestic property. It can also be as short as a ten year repayment term.

If you are considering buying a business property or expanding your current business you can take assistance of a broker like I Loan Resource, we can help you meet all your requirements and provide you a commercial mortgage loan that best suits you.

I Loan Resource use only the best lenders from worldwide to help you with your loan problems. We have pre-qualified these companies and set strict standards that they must educate you on your loan and not conceal any costs that you will incur. If you are looking to refinance your home, get a new home loan or just using your equity to consolidate your debt then I Loan Resource can help you find the right lender.
If you are worried that your credit is bad then please fill out our online form and we will have a specialty lender contact you and explain how you can get the loan that best suits you.

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what are current rates on late fees and interest on commercial mortgages?

I sold my building to someone 4 years ago. I gave him a 30 fixed mortgage at 7% interest with a 5% late fee and 5% interest on late payments. He now wants to refinance. But he was late on every payment during the 4 years. Sometimes 2, 3, up to 8 months late on his payments. I have no problems refinancing with him at 5.25%. But i wanted to know if i can charge him a higher late fee and a higher interest rate on the late payments? And what are the legal rates to charge based on his past history?

The “agreement” that you have is not a legal one.

Lending laws (even if he/she signed it) does not allow you to collect BOTH a late fee and then double-dip on the interest rate for real estate property.

The interest gets calculated into the outstanding balance…so by charging him an extra 5%..you are double dipping…lending laws do not permit such a practice and a 5% late fee can also be possibly illegal depending on what you are basing that 5% late fee on.

You can charge up to the state maximum on the rate, but you cannot attach a separate interest rate for the outstanding balance. All you can charge is the 7% of whatever the outstanding balance is and amortize accordingly.

You need to consult with an attorney…a licensed attorney MUST draft a note attached to real estate…it is NOT LEGAL if you do it yourself…this is what makes real estate law different from other types of property law.

If you write it yourself, it won’t be worth the paper it’s written on b/c that is practicing law without a license.

Again, you need to consult with an attorney to know the maximum rate you can charge in your state and to draw up the new contract.

You cannot change the current contract without his signature and the note must be publicly recorded.

Commercial Mortgage Loans in DENVER, COLORADO