Thinking of A Commercial Real Estate Loan?
The Sanford commercial real estate market is booming. There are plenty of exciting Lake Mary commercial buildings for sale at the lowest prices in years. While yes, this is in part due to the fallout from coronavirus, the smart investor knows to take tragedy and find the opportunity in it. In fact, you aren’t the only one looking at commercial real estate in the Orlando and surrounding areas. So, if you have a property in mind, now is the time to jump on it. If you are thinking of applying for a commercial real estate loan, the timing is now on your side.
Commercial Real Estate Loan Defined
Many small business owners and entrepreneurs begin their start by finding a commercial space for lease. This is a way they can keep their initial costs down and to ensure that their business idea can cut it. However, there comes a time in the lifespan of every business when one has to decide whether it makes more sense to continue to lease or if it’s time to make that big investment and buy commercial real estate. Of course, this is sometimes easier said than done.
Commercial real estate for sale in hot areas like Orlando, Sanford, and Lake Mary are certainly in high demand. Thus, making them more expensive. Furthermore, once you’ve found a space, putting in the capital can be overwhelming. Whereas residential loans can be gotten for little down payment (with some loans not requiring any type of down payment), commercial loans aren’t so easy. A conventional commercial mortgage will typically require a downpayment between 30 to 35% and will require one to undergo other “red tape” requirements.
Partner With An Experienced Team
Buying commercial property for sale may be a complex process. However, when you have an experienced team at your side, the overwhelming feelings and issues are no longer present. Contact us today at Harkins Commercial Real Estate to learn more about how we can help you secure your dream commercial property.