Commercial Florida Mortgage Loans

There is a wide variety of options and programs in getting a commercial mortgage loan in Florida, whether you are out to get construction loans, ground leases, wraparounds, or seconds. For whatever reason, here are some of the things you may want to consider if you are thinking about getting one:

Minimum requirements

There are several requirements needed for a commercial mortgage loan in Florida. They are: credit authorization form, amount and purpose of loan, resumes for each principal, current financial statement, tax returns for a period of three years, color photos, current profit and loss statement, proforma for a five-year period, copy of leases and rent roll, cost break down, partnership agreements or articles of incorporation, corporate resolution and other pertinent data that could help in determining feasibility.

Mortgage brokers

A good resource for mortgage brokers for commercial mortgage loans in Florida is the Internet. There are several sites that specialize in commercial mortgages which could also have online help to answer your questions immediately. Choose a mortgage broker who has your best interest in mind. Ask direct questions regarding loans and programs. If the broker answers with a lot of "fluff" and no direct answers, chances are, you are being "sold" to.

Good brokers make it a point to find the appropriate program for you depending on your financial situation and capacity. They should not just be concerned with selling per se. Also, good brokers should not push a program just so they could make a higher profit, but they should explore and exhaust options to find the best for each customer. It is highly recommended to hire a firm with a 24-hour toll-free number for customer support.

Internet tools

Aside from online help, the best thing about commercial mortgage loan firms or brokers with websites is that they have handy on-site tools that you can utilize. These tools can help you determine rate estimates or find out if you pre-qualify for a loan. Some could even help you calculate prepayment amounts. Uses for commercial loan tools include pre-qualifyng your loan, estimating your rate, sizing lender market, calculating prepayment, selecting loan type, finding potential issues, and information checklists. It is thus an advantage to utilize different sites to be able to compare rates from different brokers.

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