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Choosing From the World of Commercial Loans
By Sean Horton
Any type of loan that is granted to someone in the business sector is collectively known as
commercial loans. It could be a mortgage, a bridging loan, part of a finance deal for property
development, or even an overdraft facility. Invariably, the type of loan has the prefix ‘commercial’ in its
name.
There are a number of financial providers who lend to either or both the business and private sector.
Generally, the lenders all have differing criteria for an application to be successful. It is also common
for them to offer differing terms and interest rates. It could therefore be deemed advisable to research
the market place extensively before committing to any commercial loans. If this task seems daunting,
then making use of the services of a commercial mortgage broker could be the answer.
The choice of the commercial loans to apply for is dependent on the reason for its request and
circumstance. A business with a poor credit history or a self-employed person with no accounts could
still be granted commercial loans. However, the increased risk for the lender could mean that deal
might have higher rates and less favourable terms. Conversely, those who are experienced and have
a profitable status generally are offered better deals.
Should funding be required quickly, then this could be achieved by obtaining a commercial bridging
loan. These are short-term mortgages and are generally expensive but can be raised relatively
quickly. The loan amount is secured against the pro