Commercial mortgages are available by banks, commercial mortgage companies and private lenders. Commercial mortgage rates vary as widely as residential mortgage rates. Standard banks offer a few of the lowest rates available. However, they've restrictive lending criteria, which constrains them from making commercial mortgages for many types of commercial properties. Filling stations with or without convenience stores, as an example, can be challenging to obtain commercial mortgages for. Commercial mortgages may also be difficult to obtain from traditional banks if you do not have superb personal and business credit ratings.

Hard money commercial mortgages are also available via private lenders who have a lot more flexible lending criteria. Also known as hard money lenders, private commercial mortgage companies focus more the current value (today's selling price) of commercial property than on your individual financial package.

When applying for a commercial mortgage, be ready to provide your commercial mortgage company, be it a bank or maybe a hard money private commercial mortgage lender, together with the following:

- 2-3 years' taxes to you and/or your business

- 2-3 years' financial statements

- A completed standard commercial mortgage application for the loan, which consists of a personal and company balance sheet

- A description of the use of proceeds of the commercial mortgage you're looking for

- A description of the property

- The current selling value of the property or home

- The cost of developments you will make to the property

- An estimate of the property's price when with changes

- A repayment plan for the commercial mortgage - how you will pay this commercial back

- For a hard money bridge loan, supply an exit plan for the commercial mortgage - will you refinance this commercial mortgage having a traditional bank right after creating improvements or alterations to the existing property or some other scenario?

If you are working together with a private commercial mortgage company (hard money lender) be ready to show a proof of funds with your initial application. Supplying reasonable proof that you are prepared to cover the closing expenses and fund the difference between commercial mortgage and the total cost of the property will make your commercial mortgage application move through the actions to funding significantly faster.

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