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Commercial Mortgage Basics
Like residential mortgages, commercial mortgages use real estate or other significant collateral to secure large loans. Commercial mortgages usually have more stringent borrowing conditions, requiring an in-depth review of your business, including credit history of the firm and of the management team.
Commercial mortgages can be used to buy property, or to pay for new construction or significant renovations. As your business expands, switching from renting office space to owning your own can be a good investment for the long haul. Do make sure the mortgage lender you choose is familiar with your industry and provides excellent customer service: you'll be glad you did if you ever have any troubles down the road.
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