Are you launching a new business and looking for a property where you can establish your headquarters? Has your existing business outgrown its current digs? Do you have a property that you want to renovate and turn into a commercial business location? Are you interested in refinancing your company’s property mortgage?
If you answered yes to any of the questions above, then Peter Dunn Finance can help. Commercial property loans are the bread and butter of our business. Since 2003, we have been providing commercial finance guidance to businesses in the Perth area. We would be happy to sit down with you to discuss your options for financing and help you find the best loan opportunity given your business situation.
What You Need to Know about Commercial Property Loans
Whether you need a mortgage to purchase a new property for your business or a loan to make improvements and renovations to a property you already own, it’s important to note the differences between commercial property loans and residential property loans. Many business owners assume they know what to expect from the commercial property financing process, simply because they have already bought homes or property on their own.
In reality, these two processes are quite different, which is one of the reasons why consulting with a commercial finance expert in Armadale or Fremantle is so worth your time.
First off, when you buy a home as an individual, your personal credit rating and financial history are the key factors that a lender will use to decide whether to give you a loan and how big of a loan to offer you. When you pursue a loan for a commercial property acquisition or renovation, you will be expected to present documents concerning both your personal credit history and the business’s credit history. Most lenders will also require you to present your business plan, information about your company’s profits and losses, business bank statements, financial projections and more. For young businesses with limited credit history, you might even need to put up personal assets as collateral for the business loan.
The process for seeking commercial finance lending in Fremantle or South Perth also often involves very different loan repayment schedules than residential property financing. Homebuyers have a range of options when securing a property loan, from 15-year mortgages to 30-year mortgages. Commercial property loans are often shorter term, with higher monthly payments and higher interest.
Avoid the Pitfalls of Buying Commercial Property: Count on Peter Dunn Finance for Commercial Finance Advice in Perth, Fremantle, Armadale or South Perth
Because many first-time business property buyers aren’t familiar with these points of difference, commercial finance in South Perth and Armadale can be more ‘cutthroat’ than residential property financing. At Peter Dunn Finance, we strive to help you navigate this confusing maze to find an amenable commercial property loan. We have the connections and knowledge to give you the widest range of commercial financing options, with the most negotiating power. If you are interested in meeting with us to learn more, give us a call on 0427 947 480.