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Commercial Mortgages North Carolina

Commercial mortgages are mortgages that use a commercial property as collateral. This site will explain how commercial mortgages are structured and serve as a guide to for all types of North Carolina commercial real estate financing needs.
1. Local Companies
2. Commercial Mortgages - Info
3. Commercial Lenders in North Carolina
4. Developing a Business Plan
5. Featured Local Company

1. Local Companies

American Dream Residential
919-771-3379
1009 Salcomb Lane
Raleigh, NC
Granite Mortgage, Inc.
704-975-3033
1206 Mckee Road
Charlotte, NC
Home Realty and Mortgage
(704) 633-2900
1620 South Boundary Street
Salisbury, NC
Hardiman & Son, Inc.
(704) 633-2961
131 East Innes St.
Salisbury, NC
Southern Mortgage Company
(704) 754-5544
127-B North Fulton Street
Salisbury, NC
1ST METROPOLITIAN MORTGAGE
704-454-5656
4406 HWY 49 SOUTH
HARRISBURG, NC
Rank 1 Mortgage Consultants, LLC
704-332-2702
131 Providence Rd.
Charlotte, NC
Carolina Farm Credit, ACA
(704) 637-2380
2810 Statesville Blvd.
Salisbury, NC
Nations Home Funding
919.877.0022 ext 12
4700 Falls of Neuse
Raleigh, NC
Community Bank of Rowan
(704) 639-0730
322 E. Innes St.
Salisbury, NC


2. Commercial Mortgages - Info

Commercial Mortgages usually involve the financing of a business property such as a hotel, warehouse, retail store, factory, or any other building that is for generating income through manufacturing, sales, or the performance of services. In order to finance the operation, a company or its shareholders must obtain financing for various items such as the building, land, and other sub-structures that are part of the property on which the business is situated. The commercial mortgage may also include equipment that is included as a permanent part of the structure or within the terms of the sales contract much as a residential mortgage lender would finance appliances that were included within the purchase price of the home.

Unlike most residential mortgages, commercial mortgages usually begins at approximately $200,000 and can exceed $1,000,000 easily. The purpose of a commercial mortgage can range from a new purchase to renovations, additions, or a refinance of the original loan. The term of the loan can range from 15 to 30 years and sometimes longer depending on the amount of the loan and the type of business. In most cases, 90-95% financing is available with special programs for those who are credit-challenged or have credit scores below 580. Contingent upon the lender, there may be different requirements for borrowers who are new business-owners even if they have good personal credit. It is likely that a new business owner does not have experience with the high line of credit that is involved with a commercial mortgage and may be required to make a larger down payment or obtain a guarantor in order to finance his venture.

3. Commercial Lenders in North Carolina

Commercial Lenders in North Carolina Although most mortgage companies will handle either commercial or residential financing, it’s better to work with a lender who specializes in commercial lending. Many reasons make it sensible to do this including the fact that a lender who specializes in commercial lending will be in a better position to work with a borrower who has weak credit or one who does not have credit experience to substantiate the size of the loan he requires to purchase the business in which he is interested. Not only that, but a commercial lender is more familiar with the commercial market and how it works. He will know if the business venture you are attempting to pursue is one in which he is interested in investing, which, in essence is what the lender is doing when he loans money for a commercial loan.

Unlike a residential mortgage, commercial mortgages do not usually end at the settlement table. Certainly, there may be times when you will return to the lender for additional funds, but with a commercial mortgage, there frequently seems to be a reason for additional funding for many different reasons such as major repairs or renovations, additional workspace, additional manufacturing or warehouse facilities, and much more. Where a residential homeowner would take an equity loan, a business owner tends to favor refinancing since additional funding is usually quite substantial, thus making it more economically feasible to refinance the entire mortgage instead of carrying two separate mortgages. In most cases commercial mortgages cover more than simply the building, so whenever new equipment is added, it tends to be part of the permanent structure or sub-structure of the building.

4. Developing a Business Plan

Developing a Business Plan One of the most difficult tasks that a new or potential business owner must undertake is that of developing a business plan. For the inexperienced owner, he may think that it’s an easy task, and he plans to be making $1,000,000 within six months. The problem is that he is not working with a realistic goal. Your business plan needs to show methods for slow but steady progression for several years rather than a sudden jump from having a deficit to making a huge profit.

In order to write the most realistic business plan, you should consult with an accountant who is familiar with the type of business you are undertaking. If you are buying into an already existing business, the best person to consult is the accountant who handles business for the current owner. He has all of the current information on the business, and unless the sale is forced as in an unfriendly merger, he will be more than willing to share with you the current finances of the company.

Writing a business plan for a new venture will be a little trickier, but if you sit down with your accountant, you can write a plan that has realistic goals. With the expertise of your accountant who knows or is able to research the type of business you are entering, you can come up with a plan that sounds both promising and realistic. Your job is not to write a plan that will impress lenders and investors with quick sales figures because these are business people, and they will know if you have goals that seem unattainable. Showing steady progression over several years will show them that you not only have realistic goals but that you have knowledge of the industry.

5. Featured Local Company

Charlotte Home Mortgages

704-307-4630
54 Marina Rd Ste 106
Charlotte, NC
http://carolinahomerates.com

Read more about Commercial Mortgages

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