Commercial loans regarding Strip Malls
Commercial loans for "Strip Malls" are now being offered by most of the loan companies at reasonable rates of interest. The loan amounts start from $500,000 and may go up to $1,000,000 or more depending on the size of the mall. The loans are offered on fixed as well as an adjustable rate financing. The terms of the loan and the subsequent contract can be worked out amicably between the customer seeking the loan and the loan company. The terms of the loans normally ranger between 25-30 years as the loan amount is huge in most of the cases. In case you need a loan for a “Strip Mall” you can visit one of those hundreds of companies offering loans at reasonable interest rates and favorable repayment options. Always remember to visit a loan company of repute and which has existed in the market for at least 5 years. You can ask your friends and relatives to help you put in this matter (In case they know a good loan company). You can also consult finance professionals who know the ins and outs of most of the loan companies. You can also read financial magazines and browse the internet where the companies are ranked based on certain key parameters. It is necessary to visit at least 3 loan companies and then compare the offers made to you by each of them. You can then select the company that is giving you the most favored loan scheme.
The process of issuing a loan has become shorter over the years as unnecessary paper work has been removed. The letter of interest is usually issued within 48 hours. The loan officer will then brief you about the whole process right form filling in the documents to sanctioning a loan to you. The officer will be more than happy to assist you with any doubts that you have in mind so don’t miss an opportunity of clearing any number of doubts that you have. After all it is a case of a loan of at least $500,000. The loan company will also work up on your purchase of a loan, the refinance options that are available for you or the option of cash out mortgage for your strip mall. The answers to most of the common questions are put up on the company’s website. A customer should read all the answers thoroughly and also read extra notes and disclaimer.
Most of the loan companies, as mentioned above have professional web sites giving basic information on the organization, the type of loans it offers, the terms and conditions ,etc. the sites also mention the helpline number so that you can call the officer at your convenience to work out a loan for you. The officer will come to your residence with documents containing important information and also the necessary forms. He will assist you in filling a form for application of the loan. He will ask for additional documents to be attached to the application form. He will then seek your leave and work out a loan with favorable terms for you. In case you are well versed with the application procedure, then you can fill in your application form online on the company’s website.
The loans for strip malls generate large yields for the loan company as they tend to be riskier than other commercial loans. The loans for strip malls market has grown into a billion dollar industry in the past few years as cities all over the world are developing at a rapid pace.
|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