Browsing real estate property for sale and visualizing your dreams is fun and even important. It’s also important, however, to research business loans for property and make sure you can financially make your dreams happen.

Real estate property for sale is never cheap, especially here in Florida where the market is so competitive. To make commercial real estate a reality for you, you’ll need a business loan to help you get there. In today’s blog, we’re going to discuss five different ways you can go about getting a business loan for your real estate investing. Read below to learn more, and then contact UNIQUE Florida Properties today to check out real estate property for sale. From hotels to gas stations and more, including off-market properties, we have the connections and commercial real estate listings you’re looking for.

Commercial Lenders

There are many non-bank finance companies out there. While the commercial loan rates tend to be higher with commercial lenders, it’s a good option if you’re interested in getting a loan fast.

Pros:

  • Faster approval than banks
  • Low fees and closing costs

Cons:

  • High interest rates
  • Often short-time loans
  • Balloon payment in five to 10 years may be required

Banks

The first source many potential business owners will think of for business loans when browsing real estate property for sale is the bank. Regional and national banks can often provide larger loans than local banks can.

Pros:

  • Long-term financing options
  • Good rates

Cons:

  • Slow process with a lot of documentation
  • Good or excellent credit score required

SBA 504 Loans

These loans are for owner-occupied real estate or long-term equipment purchases. You must put at least 10% down; the other 50% comes from a bank and 40% from a Certified Development Company.

Pros:

  • 10- and 20-year terms
  • Below-market interest rates

Cons:

  • Hard to qualify for
  • Slow funding process

SBA 7(a) Loans

Depending on your company’s size, this type of loan allows you to borrow up to $5 million from an affiliated lender. These loans are frequently used to renovate property, purchase land or buildings, or construct new property.

Pros:

  • 25-year term
  • Below-market interest rate

Cons:

  • Satisfactory credit score required
  • Approval time can be lengthy

Hard-Money Lenders

Another option is a hard-money loan, or a short-term loan based on the value of the property. Typically, these loans are made by private companies and have higher down payments.

Pros:

  • No evaluation of credit scores
  • Easy qualification and fast approval

Cons:

  • High interest rates
  • Short-term financing and high down payments

Find Florida Real Estate Property For Sale Today

To find commercial property for sale, you can count on UNIQUE Florida Properties. We know what promises real estate investing holds for you, and we’re excited to help you reach your dreams. Here on our blog, we provide you with tips and resources so you can be prepared when looking at real estate property for sale. We hope this blog helps you understand your options for business loans. Contact us today to get started with commercial real estate in Florida.