Strip Mall Commercial Loans
Unless you have millions of dollars to spend, if you are looking to buy a property in a strip mall you are going to need a loan. Depending on what type of property you are interested in, you may end up spending hundreds of thousands of dollars. But just because the initial cost of these properties can be expensive, it does not mean that you should pass them by. The way to get the property of your dreams is to take out a strip mall commercial loan. By doing this, you will be able to work with the bank in a similar manner that you do for your home mortgage.
A strip mall commercial loan is available to anybody that is looking to buy one of these properties. But of course, you have to be in good financial standing to get one of these loans. As long as you have good credit, and can prove that you are financially sound, you should be able to get a strip mall commercial loan.
If you are looking to take out a strip mall commercial loan, you will need to contact a lender that offers these options. In order to find a bank that can help you out with a strip mall commercial loan, your best bet would be to start with the company that you have your home mortgage with. Even though this may not always work out, it is at least a good starting point.
In addition, you may be able to get help from the seller of the property. If you are dealing with a commercial real estate agency, they should be able to point you in the right direction. These agencies have connections with lenders that offer strip mall commercial loans.
When you are taking out a strip mall commercial loan there are going to be three things that you are going to have to make decisions on.
First off, you will have to decide the amount of the strip mall commercial loan that you need. In other words, you will have to negotiate a price on the property before you can get a loan. Obviously, the less money that you have to finance for, the lower your monthly payment is going to be.
You will also need to determine the term of your strip mall commercial loan. Most lenders offer 15, 20, and 30 year terms. If you are looking to get your property paid off quickly, a 15 year strip mall commercial loan will be your best bet. On the other hand, if you want the lowest payment possible, a 30 year strip mall commercial loan is for you.
Finally, you will have to find out what kind of rate you can get. The lower the rate on your strip mall commercial loan, the lower your payment. You will have the option of choosing between fixed and variable rates. Your strip mall commercial loan professional will be able to help you choose the option that is best for you.
The bottom line is that before you decide to take out a strip mall commercial loan, make sure you know all of the details.
|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