A commercial mortgage is a secured loan used to purchase a commercial property. When deciding whether to lend, lenders assess several key factors to determine the borrower’s creditworthiness and the overall loan risk. Each lender may have slightly different criteria, but generally, they look at the following:
Overall, lenders will want to know that the borrower can repay the loan and that the purchased property provides adequate security.
Using a commercial finance broker to help with a commercial mortgage application can streamline the process and improve the probability of success.