 Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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 Posted: Mon Jan 05, 2009 5:07 am Post subject: Commercial Lending |
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Commercial lending is similar to a residential mortgage but the collateral used here is a commercial building or other business property.
Criteria for commercial lending:- Positive personal credit rating required with the proof that the business is credit-worthy. Commercial lenders do not prefer giving loans to businessmen with adverse credit rating.
- Commercial lenders will also take into consideration the current business circumstances. He will expect that the business is stable and profitable. Businessmen will have to provide them with their business plan and long-term financial projections. This will assure them that the borrowers will repay the loan.
- The terms and conditions of the commercial mortgage will depend on the nature of business and the type of premises or land that the borrower wants to buy.
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