U Wealth Financial
Commercial Mortgages, Land Loans, Construction Mortgages, Business Loans!
U Wealth Financial
Commercial Mortgages, Land Loans, Construction Mortgages, Business Loans!
Commercial Mortgages
Commercial Mortgages
Land & Construction Loans
Land & Construction Loans
Purchase, Refinance, Renovation, Switch
Land & Construction Loans
Land & Construction Loans
Land & Construction Loans
Acquisition, Servicing, Construction, Conversion
Business Loans
Land & Construction Loans
Business Loans
Acquisition, Operation, Expansion
Commercial Mortgage vs. Residential Mortgage
Differences worth of notice:
- The collateral for commercial real estate loans (commercial mortgages) is various types of commercial real estate; the collateral for home loans (residential mortgages) is residential real estate. However, residential real estate with more than 4 residential units is also considered commercial real estate and the loans available for them can only be commercial mortgages.
- Applicants for residential mortgages are generally individuals and families; applicants for commercial mortgages are generally legal entities, that is, companies or enterprises. Oftentimes, it's required for an individual to register a holding company in order to buy and/or hold commercial properties.
- The approval metrics of commercial mortgages are different from those for residential mortgages, and the turnaround time is relatively longer.
- Interest rates for commercial mortgages are generally higher than those concurrent residential mortgages for the same period, not always though.
- All the costs associated with commercial mortgages, such as lender's legal fee, are borne by the applicants, while applicants for residential mortgages generally only need to bear part of the costs.
- There are huge differences among commercial properties, and so is the application and approval of commercial mortgages secured by different commercial properties. For example, the loan approval for a hotel and an apartment building is completely different.
How to Apply for Commercial Mortgages
Consultation
Consultation
Consultation
- Identify your mortgage needs & financial goals;
- Find out if you have what it takes to apply for a commercial mortgage, land loan, or construction mortgage
Preparation
Consultation
Consultation
- Offer to purchase or Cost budget for renovation;
- Set up a company & its ownership structure;
- Prepare company financial statements
Application
Consultation
Application
- Submit application;
- Provide documentation;
- Go through the approval process
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Saturday: By appointment
Sunday: Closed
Commercial Mortgages, Construction Mortgages
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