Compared to the rest of the United States, the Phoenix economy remains strong. For a big city it continues to project for strong job growth, and while the average household income is slightly lower than the rest of the United States, many individuals and businesses continue to invest in commercial properties knowing that there is a significant amount of both profit and growth potential available.
Securing a Commercial Loan Mortgage in Phoenix
Before you can purchase a commercial property, you need to find a commercial mortgage lender that is ready to finance you. While there are some investors that have enough money to purchase a property outright, most find that it makes little sense to throw all of their savings into a property when monthly payments to a lender put less strain on your budget.
But in order to get a commercial loan mortgage in Phoenix, you need to show that you:
- Have Good Credit – Even for commercial properties, a good credit score is very important.
- Have an Investment – You have to be able to put at least 20% or more of the property down.
- Have a Plan – Commercial properties need to be able to prove profit potential.
While everyone dreams of being able to purchase a property for very little investment, build it up and turn it into a profitable business over time, lenders are not likely to finance a property in Phoenix – or anywhere – that cannot prove that it’s profitable right now and that you’re invested enough in it that the lender doesn’t carry much risk.
You also need to shop around considerably. It’s not just about getting any loan – it’s about getting the right loan, and rarely do you find the loan with the best rate right away.
Talk to CRE Lender
CRE Lender is a nationally recognized commercial lending company that helps connect borrowers with lenders and finds you the best rate. We’ll look directly into what you need and make sure that you’re interacting with potential lenders that will be able to get you the best financing possible and help you move forward with your commercial loan.
If you’re looking for a team of experts to help you with your commercial property needs, sign up with CRE Lender today and learn more about our highly effective and recognized services.
[salesforce form=”2″]