Commercial Property Loans Will Increase Your Capital
Posted on July 9, 2010
Filed Under Debt Relief, Loans, Mortgage, Personal Finance, Refinancing Solutions | Leave a Comment
Commercial property loans are commercial loans made which use real estate as collateral.
Commercial property loans are a lot like residential property loans, except that the collateral is a commercial building rather than a residence. Usually a business will take on a commercial property loan, rather than an individual.
The borrower in a commercial property loan may be a any type of company: a limited liability corporation (LLC), a small business corporation (S-Corp), or even a partnership. This attribute of these commercial loans makes the assessment of the creditworthiness of the borrower very difficult compared with borrowers in residential property loans.
Some commercial property loans are nonrecourse, meaning that in the event of default in repayment, the creditor can only seize the collateral, but has no further claim against the borrower for any remaining deficiency. This is a contrast to the norm with residential property loans, in which a lender can usually seize other assets of the borrower in the event of non-payment.
A commercial property loan can possibly be supplemented with a general obligation of the borrower, as well as with a personal guarantee from the owner of the property, which makes the debt payable in full, regardless of whether or not the foreclosure on the mortgaged collateral doesnt satisfy the outstanding balance.
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Related posts:
- Need capital for your business? Take a look at commercial property loans.
- Need capital for your business? Take a look at commercial property loans.
- Need capital for your business? Take a look at commercial property loans.
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