If you requrie a mortgage or prefer to secure bank financing for the purchase a car wash, gas station or bottle depot, even before you start shopping and requesting financial statements, it is wise to gather information about how to qualify for a commercial loan. Most of us are fmiliar with residential financing and mortgages but it is significantly different to secure financing for a commercial property, especially a business. Generally, lenders do not provide financing for goodwill, which means if you are purchasing a business without the land & building (without the real estate), it is not likely securing financing will be an option. In some cases, banks may lend on a portion of the value of equipment only. Getting straight answers about commercial financing can be challenging. We are happy to recommend lenders and/or mortgage brokers who can help. Banks that have experience financeing businesses can be a wealth of information and provide guidance about how best t proceed. We can also suggest other methods of financing, aside from banks, that may also be an option.
We have been selling car washes, gas stations and bottle depots for over 15 years and strongly believe in the value of these businesses. We want to support you in achieivng your dreams and business goals. Therefore, it is best if you can let us know your goals, how much you are comfortable to spend, and what you expect to earn from your business, we can provide you with the facts and some new ideas! We look forward to working with you! Below are a few different types of commercial properties and the associated bank financing options.
It is important to note that commercial mortgage INTEREST RATES and TERMS for financing are higher than for residential mortgages. These can vary greatly depending upon the buyer’s financial position, the financial position of the business, and the economy. We have the best commercial financing contacts in the industry. When you work with us, we will ensure you get the best possible financing rates and terms.
Diamond Realty & Associates Ltd., #205, 736 1st Avenue NE, Calgary, T2E 0B8
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