COMMERCIAL LENDING
Are you encountering challenges with commercial financing, struggling to find a brokerage well-versed in this specialized lending niche? Look no further. From construction and condominium or land development to restaurants, boutique shops, and specialty stores, our team at MMG Mortgages handles it all. Whether it's owner-occupied properties, land, or buildings, we offer options with as little as 0% down payment. With access to dozens of lenders offering multiple financing options for your new purchase or real estate refinance, we're here to provide direction, options, and creative solutions!
Solutions for the Business-for-Self Individual
Are you self-employed and facing hurdles in qualifying for a residential mortgage, a commercial mortgage, or a day-to-day business operating credit line at your traditional bank? MMG Mortgages can assist! We've partnered with leading banks specializing in creative financing solutions tailored for everyday self-employed consumers.
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Commercial Lending Made Easy!
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Access to Operating Capital
MMG Mortgages can arrange an unsecured term loan or revolving line of credit based on your business's net cash flow. After reviewing your business financial statements, we can determine the available dollar amount for you. Access to credit is crucial for business operations, particularly during slow periods attributed to economic shifts, seasonal fluctuations, business expansion, or staffing challenges. We recommend applying for this credit when your financial statements and accounts are at their healthiest and when you don't immediately require the funds.
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Commercial Construction Financing for Multi-Family and/or Single Dwelling
Draw mortgage financing can facilitate the purchase of land and the initiation of construction for your commercial or multi-zoned property. Funds are disbursed based on the project's completion percentage, with interest accruing throughout. Regular payments commence upon project completion. Don't have pre-sales? Not a problem; we have financing solutions available. If you're constructing a unit for owner-occupied purposes with additional suites for rent, we can use 100% of the projected rental income to offset your mortgage qualification.
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Commercial Mortgage
Looking to transition from leasing to owning your office space, commercial building, professional establishment, or shop? We offer financing options up to 100% of the property value. Various amortization options are available, and we'll explore the best rate options by shopping different banks.
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Residential Mortgage for the Self-Employed Borrower
If, like most self-employed clients, you declare less on your tax returns than your actual earnings, traditional banks may only consider the income declared on your personal tax returns, potentially leaving you short of the desired qualification amount. At MMG Mortgages, we have access to various options. We can inflate your income with a reasonable amount based on your industry and business profitability to qualify you with just a 10% down payment and the lowest available rates. If this inflated income isn't sufficient, we can review your business bank statements from the past 12 months, annualize your deposits, and use this amount for income and qualification. This lending approach may require a 20% down payment, and we won't scrutinize the personally declared income on your tax returns. With endless possibilities and options, MMG Mortgages has specialists available specializing in lending to business-for-self clients.
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Commercial Lending FAQ
Q: What is a Commercial Appraisal?
A: A commercial appraisal is required during conditional approval completion. This is at the applicant's expense and can vary in cost depending on the property, location, and appraisal approach (cost vs. value). The average appraisal cost could be around $2500. Ensure the appraisal is ordered from a firm acceptable to the bank. Some lenders conduct their internal appraisal, potentially saving upfront costs.
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Q: Is there a fee to apply for commercial credit?
A: Yes, commercial financing often incurs a fee. Lenders may charge a small upfront percentage, with the remainder payable later. The total fee is typically a percentage of the mortgage amount. This fee is refundable if the lender fails to produce an approval after issuing a letter of intent. However, if you choose not to proceed after receiving a conditional approval, the fee is non-refundable.
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Q: Will MMG Mortgages finance start-up companies?
A: While not our specialization, we can refer you to companies that do.
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Q: What is the Approval process when applying for a commercial loan?
A: Once we receive a net worth statement, application, credit bureaus, and all relevant information on the subject property and borrowers, we submit an application to lenders for review. Lenders issue a letter of intent or discussion paper, similar to a pre-approval. To convert an initial offer into a firm approval, payment of a commitment or application fee to the lender is required, initiating the due diligence and final approval process, which typically takes 2-4 weeks to complete.
Call us today or apply online to secure your commercial financing loan.