A commercial mortgage is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan.
A commercial mortgage is designed for businesses and investors who wish to purchase or refinance income producing, commercial properties. A commercial mortgage provide funding over $1, 000, 000 for long- term financing of income producing properties. To qualify, the real- estate must be a multi- purpose, industrial, office, commercial, retail, or multi – residential. The property must be located in an active resale and rental market where current market rents exist for comparable properties. Variable and fixed rate options are available.