If you have ever gotten a residential mortgage to buy a home, you are going to notice a lot of similarities in getting your commercial loan to buy or refinance real estate.
They are both going to require paperwork to be completed. Both types of loans will review your personal and business financials. Both will also base their loan decision on the strength of your loan. Appraisals will need to be ordered, credit reports pulled, and a title searches will need to be done on your property.
Before a loan can be approved normally someone called an Underwriter will give the final review. Both types of loans will normally have the loan closing at a Title company or real estate attorney’s office.
There are some big differences between a residential mortgage and a commercial mortgage. Below are some important general rules of thumb differences.