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MORTGAGE FINANCING

PUTTING A LIEN ON PROPERTY IN ORDER TO OBTAIN FUNDS

how funding works

  • a lien is put on a currently owned property in order to obtain funds for any purpose
     

  • a lien is put on a property that you are looking to buy in order to obtain funds for it's purchase

rates are based on:

  • the security and length of the loan
     

  • the loan to value ratio
     

  • your credit

ask yourself

  • do you own any commercial property?
     

  • are you looking to buy any commercial property?
     

  • is the commercial property currently producing income?
     

  • is there any debt on the property?
     

  • how many units are on the property?

required documents

  • profit and loss statements
     

  • property info: appraisal or brokers opinion of value (bov)
     

  • 3 most recent years tax returns
     

  • personal financial statements - updated within the last 60 days

good to know

  • mortgage financing is only available for income producing property
     

  • the most common way for a property to produce income is by having tenants
     

  • a property with both a business and a tenant on it is referred to as a mixed us property

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