InterFinancial Group Inc

What Are Commercial Real Estate Loans?

A CRE loan is a loan that helps business owners finance the purchase or renovation of commercial property. This commercial property can vary from office buildings to retail stores, hotels, restaurants, and almost any type of space used for business.

What Types of Commercial Real Estate Loans Are There?

There are several types of lenders and lending institutions that offer CRE loans. Let’s start with the type of loan listed above - commercial loans. Commercial loans are similar to mortgages in that they are secured by the property, and the property itself is the collateral. This is unlike a personal loan which is typically unsecured and requires no collateral.

How do I Choose a CRE Lender?

Assuming you meet the minimum requirements of multiple lenders there are several other factors to look out for when choosing a CRE lender. Timing is often a big concern, especially in competitive commercial markets. The time it takes to approve the loan and then receive the sum could mean the difference between securing the property or having it fall to a competitor.

How Do I Apply for a CRE Loan? What Do I Need?

The initial process of applying for a CRE loan is extremely simple and straightforward. It can even be done on your phone and you won’t need to upload any documents at this stage. All you’ll need to provide are details about your business, the type of property you intend to purchase, and some contact information so the lender can reach out to you.