There are a wide variety of commercial property lenders and loan products available and most work in much the same way as a residential home loan. Investors can choose from a variable rate, fixed rate, or a combination of fixed and variable., Repayments can be principal and interest or interest-only loan.
Alternatively, you may prefer a line of credit commercial mortgage.This gives you a predetermined limit and you only pay interest on the funds used. Your mobile lender broker can explain how each of these loan options works.
You usually need a larger deposit (at least 30% of the purchase price) to secure approval for a commercial mortgage. If you are a home owner, offering your home as security for the loan can be a way of securing a lower rate loan.
Your mobile lender broker can help you select a commercial property loan suited to your needs and budget, giving you a clear idea of how much you can afford to borrow and the regular loan repayments.