Keep reading to learn more about refinancing a commercial mortgage, including the differences with residential refinancing, and the steps you need to take to get started.
What Does It Mean To Refinance a Commercial Property?
While you may be familiar with the concept of refinancing, it’s worth keeping in mind that refinancing a commercial property is not the same as refinancing a residential property.
For example, while most residential loans last 15 to 30 years, commercial loans have shorter terms. Additionally, you qualify for a residential loan based on your income, but when it comes to commercial loans, the income that the property generates is the main factor to consider.
What Are the Benefits of Refinancing a Commercial Mortgage?
- Potentially lowering your monthly payments
- Accessing better loan terms
- Consolidating debt
- Tapping into the equity you’ve built into the property
The best way to take full advantage of refinancing is to partner with a company with a proven track record of success and extensive experience in the commercial mortgage industry.
