Commercial and Industrial Loans
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Financing the purchase or remodeling of a property is completely different from working on new projects for a company, business, or industry and even the type of loan you need for them is different since the latest ones can be financed with commercial and industrial loans instead of general real estate credits.
Something people tend to forget is that all loans have different purposes and finding the right one for the specific project, need, or new purchase you have in your hands, is crucial if you want to be able to have it approved by the lender. In the case of commercial and industrial loans, they can only be requested by companies, industries, and organizations.
Individuals, or more like the owners, can use their personal credit scores and financial histories to apply, but the purpose and use of the funds—if approved—must be only for commercial or industrial needs. But the most important part to remember is the one related to the terms and conditions of the loans. Traditional ones that involve real estate or even commercial loans that focus on helping businesses to cover some expenses, tend to be long-term loans.
This means you usually have over 10 years for repayment and the interest rate is fixed and adjusted to the loan term. However, commercial and industrial loans work with different conditions besides the fact that they vary according to the lender you rely on. For them, what you can expect as conditions are:
- Short-term loans with 1 to 3 years for repayment.
- Interest rates are lower than long-term loans.
- Collateral is still required unless you access an unsecured loan.
What are they used for?
Since they are short-term loans, you are a bit limited about what you can do considering the amount of money you can request or afford to repay in 3 years max. However, it is a matter of your finances, annual revenue, and how much you can afford as a company or industry. With this in mind, most organizations use commercial and industrial loans to have enough working capital, finance capital expenditures, and all this involves new projects, paying bills, expanding some areas, and using the funds entirely for the future and expenses of the organization.
Some lenders limit the use or reason why you request the loan. Therefore, look out for private lending companies instead of traditional lenders like banks since the first ones tend to offer better conditions, terms, and are more flexible about the purpose of the loan. At Commercial Real Estate Loan Pros of Tampa, we work around companies’ and industries’ needs. This means you can rely on us when it comes to these loans and rests assured that we will be more flexible with everything.
Just make sure to provide the initial requirements. You can miss one or two, but remember it can influence the opportunities to have your loan approved. Also, let us know in advance or during your application the name of your company or industry so we can do our quick research about it and prepare for your needs. Our company has been offering these loans for over a decade and we expect to be able to cover, at least, 70% of the total cost of your expenses and projects. Our team at Commercial Real Estate Loan Pros of Tampa will make sure of it.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.