What is a Commercial Real Estate Loan?
Commercial real estate loans are ideal for businesses looking to either purchase, develop or construct new property as well as current commercial property. The way it works is simple, businesses can apply for this type of financing in order to secure a loan (may also be referred to as mortgage for this specific financing) which itself is secured by liens on the commercial property. Just as the name states, this is for commercial properties only and not for residential properties. Understanding that this loan is for commercial real estate, the terms and rates may differ from a traditional residential mortgage.
Flexible Financing For Your Business
The use for this type of financing can vary, meaning the business does not have to acquire new property in order to apply. This loan can cover expenses such as refinancing or renovations needed for current business real estate in addition to covering new real estate property. Small business owners or even large corporations may be eligible for this type of loan. Keep in mind, this type of financing is very different to a traditional residential mortgage that you would apply for when purchasing or refinancing a residential property. Beside the different terms and rates (as mentioned above) the requirements and application process vary as well.
Types of Real Estate Lending
NEW CONSTRUCTION
Loans for builders with shovel-ready lots or teardown projects. Spec houses or model homes, infill, teardown, or subdivisions.
RENTAL
Loans for real estate investors looking to rent out single properties or portfolios and refinance or purchase.
FIX N FLIP
Loans for investors who are buying distressed properties, rehabbing, and selling
MULTIFAMILY
Loans for investors buying distressed multifamily properties that need capital expenditures and rent increases to stabilize and bring value to current market standards.
Will your business qualify?
Approval for real estate funding from Mahomes Capital Funding isn’t based on your credit score alone. We focus on the overall health of your business. Here are some factors we consider:
Which documentation is required?
We at Mahomes Capital Funding want to make the funding process as simple as possible for you. Therefore, minimal documentation is needed for your application
650+ personal credit score for LTVs over 50%
620+ personal credit score for LTVs 50% or less
12 months mortgage history
Signed one page funding application
3-5 most recent months company bank statements
Lease agreement required for subject property on refinance transcations
Details on the property to be acquired
