The Low down on

Commercial Loans

Who needs a commercial mortgage loan?

Most businesses need a storefront or an office to welcome customers; and depending on your industry, you may need a warehouse to store all your inventory. Beyond having property to operate from or store your merchandise in, owning your own commercial property can secure your business by giving it access to equity as real estate prices appreciate over time.

Requirements to Apply for a Commercial Mortgage Loan

Not all commercial mortgage loans are the same, the requirements are different between lenders. They are also on a case-by-case basis. The minimum credit score, years in business, loanable amount, and terms will vary from lender to lender. Here is some general financial documentation required for to proceed with the application:
  1. Up-to-date tax returns (both business and personal)
  2. Business-financial records
  3. Bank statements – savings and checking (both business and personal)
  4. Asset and liability statements
  5. Financial history and profiles of all business partners and directors

The Commercial Mortgage Loan Application Process

Lenders determine pre-qualifying potential even before you fill out an application form. The pre-qualification process involves evaluating your financial history, income, and debts. Once you have passed the pre-qualification, you begin the application process.

Lenders may require financial statements, income tax returns, and banking statements from the last 3-5 years to determine business stability. Your credit history will be evaluated along with your income and available collateral. You will also need to pay for an appraisal of the property.

Once all the paperwork has been approved, your loan application is forwarded to a loan underwriter who will either approve or deny your application based on the information you provide. Commercial mortgage loans take around 90 days to process and fund. This is because of all the documentation that needs to be evaluated and verified, along with the Property appraisal that must take place.

You ask, we answer

We know the mortgage process can be tricky. Here’s some questions people like you have asked us in the past.

At Channel Mortgage, we are dedicated to providing you with a comprehensive online platform for tailored mortgage solutions. Our commitment to integrity ensures that you receive prompt customized quotes and competitive rates. With our user-friendly tools and expert guidance, we strive to simplify the home loan process and assist you every step of the way. Experience a smoother journey towards homeownership with Channel Mortgage.

Channel Mortgage proudly holds the esteemed position of being a diamond partner with the nation’s largest wholesale purchase lender. This partnership translates into remarkable advantages for you, including the quickest turnaround time and access to an exceptional platform that ensures a consistent and successful loan closure. With an average closing time of just 12 days, we prioritize efficiency without compromising quality.

Safeguarding your personal information is of utmost importance to us. We prioritize the highest level of security measures by employing bank-level encryption and conducting continuous monitoring of our website to ensure its safety. Rest assured, we are committed to never selling your data or utilizing it for any purpose other than assisting you succeed.

Mortgage rates are subject to daily fluctuations and are influenced by individual circumstances. However, by initiating your application online, you will consistently receive our most competitive rates. Take advantage of this opportunity to access today’s rates and learn how rates are trending: get your free quote today!

Channel Mortgage is best for people who have a credit score of 620 or above and are ready to buy, sell, refinance, or build their dream home.

Do You Qualify?

To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of “43/49.” This means that no more than 43% of your total monthly income (from all sources, before taxes) can go toward your new mortgage payment, and no more than 4 late payments.