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Commercial Purchase

A commercial mortgage is a loan made using real estate as collateral to secure repayment.

A commercial mortgage is similar to a residential mortgage, except the collateral is a commercial building or other business real estate, not residential property.

In addition, commercial mortgages are typically taken on by businesses instead of individual borrowers. The borrower may be a partnership, incorporated business, or limited company, so assessment of the creditworthiness of the business can be more complicated than is the case with residential mortgages.

Some commercial mortgages are nonrecourse, that is, that in the event of default in repayment, the creditor can only seize the collateral, but has no further claim against the borrower for any remaining deficiency. The general reason for this is twofold: many laws significantly prevent the creditor from going after the borrower for any deficiency, and mortgages structured for sale as bonds give a higher priority to constantly receiving some sort of income and therefore require a clause which allows the lender to take the property immediately, regardless of bankruptcy proceedings that the borrower might be going through.

Frequently, the mortgage is supplemented by a general obligation of the borrower or a personal guarantee from the owner(s), which makes the debt payable in full even if foreclosure on the mortgaged collateral does not satisfy the outstanding balance.

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FAQ

All the answers to your questions.

  • Why is Re Funding Source so popular?

    As Mortgage Brokers, we have built our reputation on providing our clients with exceptional customer service, reliable information, and seamless transactions. Our focus is always on the needs of our clients, which is why we take the time to understand your unique situation and help you choose the mortgage product that is right for you. 


    We understand that every client's financial situation is different, and that is why we offer a variety of mortgage options to suit your needs.


    At Re Funding Source, we pride ourselves on our professionalism and expertise. Our Mortgage Brokers have years of experience in the industry and stay up-to-date on the latest trends and regulations in the mortgage market. 


    We are committed to providing you with the best possible mortgage solutions and we work tirelessly to ensure that your homebuying or refinancing experience is a success. So why trust anyone else with your mortgage needs? Let our team of Mortgage Brokers at Re Funding Source guide you through the process and help you achieve your homeownership dreams.

  • What types of mortgage products do you offer?

    At Re Funding Source, we offer a wide range of mortgage products to suit your unique needs. 


    Our offerings include fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, FHA loans, VA loans, and more. We work with you to find the product that best fits your financial situation and homeownership goals.

  • What sets Re Funding Source apart from other mortgage brokers?

    At Re Funding Source, we pride ourselves on our personalized approach and attention to detail. We prioritize your time and make sure that every detail is taken care of, so you don't have to worry about any delays during your closing. 


    Our Mortgage Brokers have years of experience in the industry and stay up-to-date on the latest trends and regulations in the mortgage market. We are committed to providing you with the best possible mortgage solutions and we work tirelessly to ensure that your homebuying or refinancing experience is a success.

  • Can I still apply for a mortgage if I have a less-than-perfect credit score?

    Yes! We understand that every client's financial situation is unique.


     We work with clients who have all types of credit scores and financial backgrounds, and we can help you explore all of your mortgage options. 


    Our Mortgage Brokers will work with you to find the best mortgage product that fits your unique needs and financial situation. 


    We believe that homeownership should be accessible to everyone, and we are committed to helping you achieve your homeownership dreams.