Whether you’re in the market for office space or require funding for the next step of your business strategy, there are numerous types of commercial loans available to business owners. When it comes to picking a Florida commercial real estate loan, here are five popular options:
Purchase loans, as the name suggests, allow you to purchase real estate for your business. Commercial mortgage loans are another name for these loans. When you utilize a purchase loan to buy property, the property is usually used as collateral for the loan.
Hard Money Loans
Hard money lenders in Florida are not regular banks, but rather separate entities that can provide you with a hard money loan, which can be secured by your property and used to swiftly raise funds.
If the interest rates on your current business mortgage are too expensive, you may require a refinance loan. You can negotiate lower monthly payments and cheaper rates with a refinance loan. This can free up some cash flow, which you can put towards other projects.
Construction loans are used to cover the expenditures of constructing a structure. These loans often have short periods of 18 to 36 months, with the idea that you’ll switch to a commercial mortgage after they’re paid off.
Fixed assets can be used as collateral for Small Business Administration (SBA) loans if you or your business owns them. SBA loans are long-term loans secured by the SBA. These loans have high maximum loan limits and low interest rates, but you must meet specific criteria in order to qualify.
Monroe Funding Corp offers traditional SBA loans. Please visit us online for more information or to learn more about hard money lending options for real estate purposes.