Office Building Loans

Office building loans are a great option to consider if you want to expand your business. Such loans can come in handy and can offer great help. If you are new and do not know where you can avail of these loans, we can help. Commercial Real Estate Loan Pros of Fort Myers is a reliable commercial loan consulting company. We help businesses in finding the right private lender at a low interest rate and in the given time.

Where can you use these loans?

• Some might want to invest in their office building for commercial use. You can use the funding for the renovation, expansion, and remodeling of an office building. You might wish to change some things in your commercial real estate property with the motive of renting it to another business owner. 
• You may also require using the additional space of your building for your own personal needs of the office. 
• When you are a new business owner or a small business owner, and if you experience profits, you may want to expand your business. One of the major factors in expanding business involves hiring new employees and expanding workspace. And this funding can help you with that too.
• Typically, small business owners start from their homes, and when the time seems right, you may wish to shift to a proper commercial place. Such loans can come of great help. 

What are the different types of office building loans?

They are as follows:

• Mortgage: It is the use of commercial real estate as collateral so that you can get the long-term financing to purchase, build and refinance the commercial property. 
• Refinance: It involves getting rid of the previous mortgage and replacing it with a new mortgage. Its typically done to get a lower rate and obtain a long-term loan. 
• Bridge loan: This is short-term financing that is used temporarily until the permanent office building is completed. This loan is for a term shorter than two years. The interest rates here are quite high.
• Cash-out refinancing: This type of loan is used by buildings and offices with substantial equity in real estate. If so, you can buy out your current mortgage with a larger financing amount, take the balance, and use it for other purposes.