This page provides information about commercial mortgages. Commercial property is defined as anything other than typical single family residential real estate. Properties can include office towers, multi-use buildings, stadiums, shopping malls, sports fields, factories, vacant land, apartment buildings and more.http://real-estate-law.freeadvice.com/commercial_real_estate/commercial_real_estate_definition.htm However, unless the purchasers of these assets intend to pay cash, they'll need either a vendor take-back or a commercial mortgage to close the deal.

There are two ways to apply for a commercial mortgage to either buy a commercial property or refinance a commercial property that you already own.http://www.c-loans.com/onlineapp/

1. The first way is to approach banks and lenders on your own on an individual basis. If you already have an existing relationship with a certain institution, that could be a good place to start.http://www.c-loans.com/onlineapp/
2. The second way is to use a mortgage broker. While mortgage brokers are popular for residential real estate, commercial brokers are also able to shop your application around to several different lenders at once.http://www.meridiancapital.com/

If you're looking for a loan for a commercial property, most conventional lenders will only grant a first mortgage that equals 65% of the purchase price or the appraised value of the property (whichever is lower). You'll be expected to either come up with the remaining portion on your own or finance an additional portion of the purchase price with a second mortgage or vendor take-back mortgage.http://www.ysploans.com/

The content in this page is not a substitute for professional financial advice. Please contact a finance professional before using the information presented here.