An important aspect to all commercial loans is the loan to value ratio (LTV). These ratios have to do with the percentage of the amount of money you are able to borrow through a loan program. For instance, if you are considering purchasing an apartment complex or mobile home park, some of the programs available through Commercial Lending Corporation allow for a maximum LTV of 80 percent. What this means is you will be able to borrow up to 80 percent of the total amount of the purchase price of the property. The other 20 percent you will have to cover with a down payment.
Another thing to remember is your down payment does not include loan application fees or closing costs. These additional amounts also have to be paid for out of your pocket. Sometimes the seller is willing to cover part of the closing costs, which would reduce the amount you are required to contribute. To find out more about obtaining financing for an apartment complex or mobile home park, or other business loan products, you should contact Commercial Lending Corporation directly and speak to one of their experienced loan consultants.
Tagged: Commercial Lending Corporation