Commercial Mortgage For Warehouse
When my husband and I decided that we needed a warehouse to store our entire inventory, we knew that we would first have to find a warehouse that was big enough, and then apply for a commercial mortgage.
I decided to start the search online and then call to see the properties after finding their locations first. Before getting on the real estate websites, I wanted to check out the mortgage rates first. This way, I would be able to figure out how much we could afford to spend. The mortgage rates can change a little every day, so I just wanted to have a ballpark figure in my head.
I located four warehouses within twenty minutes of our store and set up appointments to go in and view them. My husband and I really liked the last warehouse that we saw and called the bank to apply for the commercial mortgage we would need to secure the loan for the purchase of the warehouse.
We had to fill out some paperwork, and then the commercial mortgage broker told us that it would take a few weeks to hear back the final decision from the bank on if we got the loan or not. It actually only took a little over seven days and we were approved with one of the best mortgage rates that you could get.