Lending Situation for Commercial Properties
I have been asked this from clients regarding the current lending situation for Commercial Properties these days during these challenging times with the Pandemic.
Loans are available, it just all depends on how the property has performed prior to the Pandemic and during the Pandemic.
For Investment Properties such as Multi-Family, Office, Retail, etc. it just depends on where current occupancy was, before the Pandemic during the Pandemic in 2020 and today.
Banks and Lenders are willing to give concessions to Commercial Owners who may have incurred certain losses due to lower occupancy during the Pandemic but they do want to see that the property is getting back to normal rental occupancy in 2021 and today.
Lending for Owner-Occupy Commercial Properties
Pretty much the same goes for Owner-Occupy Commercial Properties such as Industrial, Warehouse, etc. as well. Lenders are looking at Owner-Occupied the same way but more so on the Business side, how was the business performing Post Pandemic and how did the business perform during the pandemic and today.
Loans are available even for Hotel Properties which have probably taken the biggest hit during the Pandemic.
It is a fantastic time to Refinance or Purchase Commercial Properties, rates are at Historical Lows on Commercial Properties today. Not sure how long rates will be this low.
So if you are thinking of refinancing or purchasing a Commercial Property give us a call or contact us today! We have many options available.