Hours Changes: Beginning the week of Jan. 4, 2021, the Penfield Branch and the Call Center will be closing at 5:00 pm on Fridays and the Henrietta Branch will be closed on Saturdays.
All Family First branches and the call center will be closed on Monday, January 18 for Martin Luther King, Jr. Day.
How to Secure Your First Commercial Real Estate Loan
Are you ready to dive into the world of commercial real estate investing? A lucrative and successful business for many, we encourage you to explore if it’s the right investment activity for you. Before you enter this complex market, we’ve gathered some key commercial real estate financing basics for you to consider.
What classifies as a commercial property?
One of the first steps is understanding what classifies a property as commercial vs residential. Properties are considered commercial if they produce income and are used for business purposes only. Some examples include retail buildings, office space, and warehouses.
Today, many are choosing to invest in commercial properties due to income potential, limited hours of operation, and more flexibility. Not to mention, commercial properties generally have an annual return off the purchase price between 6% and 12%.
What financing options are available for commercial real estate?
Commercial property loans are mortgages delegated uniquely to properties through which businesses operate. Before you explore your loan options, you should understand the difference between commercial and residential loans.
When it comes to selecting the commercial loan, you should understand what types of options are out there. Here are some of the most common options:
Some key takeaways to remember:
Commercial real estate loans are not always the easiest to secure and require more diligence, preparation and paperwork than most residential loans.
Interested in exploring what commercial property loan options lie ahead? Let’s talk!
We would be happy to discuss available options and decide on the best commercial property loan for you!