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Politics : Formerly About Advanced Micro Devices
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To: Brumar89 who wrote (762000)1/7/2014 3:01:14 PM
From: Wharf Rat  Read Replies (1) of 1575184
 
You think a mortgage with 5% interest and nothing down is a rip-off? Do you have sources who can do better?

I'm really interested in how your mind doesn't work. If nothing down is predatory, what about the standard 35%?
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The following will typically be required for you to get a commercial real estate loan:

Down Payment (or “equity” in the deal) Although it does happen, it’s extremely rare for an individual or company to secure a commercial real estate loan without, as they say, some of their “own skin in the game.” The lender obviously wants to know you’re serious about holding onto the property and the best way for them to guarantee that is based on how much of your own money is riding on you paying the bank back. Don’t be surprised if you’re expected to put upwards of 35% down to secure a competitive loan.

Great Credit

Commercial real estate loans cost more (i.e., the interest rate is typically higher) than their residential counterparts. This is all of course to do with risk. When lenders are dealing with higher dollar amounts, with people or companies who are taking loans to make money off their property (as opposed to fulfilling a lifelong dream of home ownership), they charge higher interest rates. Just like a residential mortgage, when you buy commercial the lender wants to know that you’ll make good on your payments and what better way to determine your willingness to keep on top of your payments than to look into how you treat your existing (and past) debts.

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