Commercial loans are mortgage loans secured by commercial properties. This can include properties such as office buildings, shopping centers, industrial warehouses, or apartment complexes, to name a few. A commercial loan can be put toward many purposes but is typically used to fund major capital expenditures or to cover the costs of operation that might not otherwise be afforded. These types of loans are often granted on as a short-term source of funds for smaller businesses.
That said there is such a thing as a renewable commercial loan. These are often obtained when a business is looking to purchase resources needed for large seasonal orders in addition to regularly serviced goods.
Curious about a commercial loan for your business? Give us a call, we’d love to help!