Lending for Strip Mall Commercial Properties
The market of commercial loans for strip malls has become a billion dollar industry today. There are probably hundreds of loan companies on an average in a city offering commercial loans at favorable interest rates to their customers. However the loans for strip malls tend to be riskier than other commercial loans and hence fetch large yields for the loan companies. One of the best advantages of commercial loans for strip malls is that the companies offer competitive fixed and adjustable rate mortgage terms. An application form needs to be filled in one time and once the loan is sanctioned there is no problem of filling in more applications and indulging in unnecessary paper work. The loans are customized to meet the specific requirements of the customers. The commercial loans can be purchased to purchase land and to finance construction activities.
Today loans can be easily acquired for newly constructed strip malls, provided all the documents are in order. This is because the malls are frequented by customers in thousands every single day and they have become very popular with the customers. The commercial loan market for strip malls has become the most favored category in the retail sector today. Also the malls do brisk business in comparison to old neighborhood malls that don’t have anything new to offer to the customers and their sales are declining.
The companies normally sanction loans with flexible terms ranging from 1-20 years and the amortization periods are also longer maturing after almost 25 years. The loan companies also have an online mortgage calculator on their website where you, as a customer can calculate the mortgage rate applicable by filling in details like the amount of loan required, the type of loan required and other terms. You can also fill in an online form on the company’s website to apply for the loan and the officer of the organization will get in touch with you.
Some lenders are fairly flexible in their loan offerings. In addition to construction financing offered by the company, a customer may also reap the benefits of getting an additional loan for renovation and repair. Most lenders have a minimum loan amount of $100,000 to $300,000 and they also offer an option to refinance the property that you have bought before. Also it is very much necessary that the lender shows interest on the progress of building the mall as he wants finally a return on his investment.
So select a commercial lender who gives you personal attention when required by you and who can finance all your loan requirements for building your strip mall and offering you favorable options and interest rates that will work out in your favor.
|About the author:|
David gaIan has been in the real estate business for over 10 years. Beginning with a single rental he now buys houses for cash, can stop foreclosure, and provides information for commercial properties. David gaIan is the owner and operator of houseoption.com a website dedicated to helping homeowners facing foreclosure and other house related problems. You are free to publish this article unedited on your site as long as all links back to us remain in tact. We Buy Houses
e-mail: david_commercial at houseoption.com