How Can I Finance a Commercial Property Purchase?
Financing a commercial property requires understanding the available loan types and qualification requirements.
Common Financing Options:
- Traditional Bank Loans: Require strong credit, a 20-30% down payment, and detailed financials.
- SBA Loans: Ideal for small business owners, offering lower down payments and longer terms.
- Bridge Loans: Short-term loans for properties needing renovation or stabilization.
- Private Financing: Faster approval but higher interest rates.
Key Tips for Approval:
- Prepare a solid business plan.
- Maintain a high credit score.
- Show proof of stable income or strong rental history.
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Justin Ferguson is a Multifamily Specialist in Marcus & Millichap's Southern Virginia Office. He prides himself in helping corporate professionals, private investors, REITS, developers, and syndicators strategize and maximize their returns to grow their portfolios at faster, more efficient rates.