Commercial mortgages are fundamentally different than residential mortgages. While residential financing is based on one’s income and credit, commercial financing more focuses on the subject property.
Commercial space usually draws monthly income in the form of lease payments by tenants or business revenues. This income stream is the main factor in determining how much money can be lent out on a specific property. Moreover, the value of commercial land is also based off of monthly or yearly income instead of comparable properties.
Arranging a commercial mortgage requires a completely different set of skills and Oceanvale Mortgage & Finance is an excellent place to begin your search for such financing. Speak with our staff about what commercial projects you currently have running, or ones that you want to start.