Commercial Mortgages and Business Financing Featuring Mike Peters
Mike Peters, the head of the Commercial Mortgage Division at Lenz City Mortgages, shares his background and expertise in commercial mortgages and business financing. He discusses the advantages of obtaining a commercial mortgage for residential properties, the changing landscape of commercial lending, and the different types of commercial properties that can be financed. He also emphasizes the importance of building relationships with lenders and the benefits of working with a knowledgeable commercial mortgage broker.
Takeaways
- (00:00) - Introduction and Background
- (09:10) - Growing the Commercial Mortgage Team
- (11:08) - Property vs. Borrower in Commercial Mortgages
- (13:02) - Changing Trends in the Commercial Mortgage Market
- (25:13) - Lender Caps in Commercial Mortgages
- (29:05) - No Cap on Number of Rental Properties
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Takeaways
- Obtaining a commercial mortgage for residential properties can be a viable option for investors who have reached their debt ratio limits or have experienced a decrease in income.
- Commercial lenders primarily evaluate the income-generating capabilities of the property and the borrower's personal net worth statement.
- Commercial lending rates and loan-to-value ratios are subject to change, and it is important for investors to stay informed about market trends.
- Different types of commercial properties, such as industrial complexes, retail plazas, and multi-unit apartment buildings, offer unique financing opportunities.
- Building relationships with lenders is crucial in the commercial lending space, as it can expedite the approval process and lead to better rates and terms.
- There is no cap on the number of rental properties that can be financed through commercial mortgages.
- Working with an experienced commercial mortgage broker can help investors navigate the complexities of commercial lending and optimize their financing options.
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