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Considering a Commercial Mortgage in Manapouri? WealthCreators Can Help with Business, Residential or Farm Mortgages
Perhaps you are just starting a business and are looking for a building to serve as your headquarters. Alternatively, maybe you are ready to expand an existing venture and are thinking about taking out a second mortgage to buy a second building. Either way, if you need help with business mortgages in Manapouri, you can count on WealthCreators. We are investment advisers who work with our clients to help them build wealth. From income protection to life insurance to residential mortgages in Manapouri, we are knowledgeable about many different subjects that pertain to wealth planning and management.
What You Need to Know about Business Mortgages
Pursuing a commercial mortgage for your business is not entirely different from taking out a mortgage to purchase a home. The chief point of difference, of course, is that your business entity is on the mortgage instead of you personally. Your business takes on the ownership of the property (and the debt of the mortgage). Beyond that distinguishing factor, though, business mortgages have a lot in common with residential mortgage loans. You can use them to purchase new pieces of property, to refinance loans on existing commercial properties or even to fund repairs, improvements, or renovations to a property you already own.
If you have ever taken out a home or farm mortgage in Manapouri, then you know how the basic process goes. You go to a bank, they look at your credit and finances, determine whether you are worth the risk and approve or deny your request for a loan. Your ability to get a mortgage loan approved also depends somewhat on the value of the property you are planning to buy, as well as on how much money you plan to pay upfront as a down payment.
For a commercial loan, banks will look at your company's assets and credit history. They will also usually try to estimate the likely monthly income of the property you are seeking to buy. If the property is projected to earn more per month than you would pay in monthly mortgage payments, that will strongly help your company's chances of getting approved for the mortgage loan. Usually, though, you will be expected to pay back the mortgage loan faster than a homeowner would be expected to pay back a residential mortgage. By standard, commercial mortgages have briefer terms that home mortgages.
Navigate the Business Mortgage Process in Manapouri with the Help of WealthCreators
A commercial mortgage loan can help you start your business or expand it. It can allow you to invest in new properties and turn them into money making assets. It can be the first critical step in your company's wealth building and growth plan. However, while the mortgage application process has commonalities with residential mortgages, it can still be a complicated and daunting process if you are doing it for the first time. Having a wealth adviser in your corner-to help you understand the type of mortgage terms you can afford and negotiate with the bank on your behalf-can help you avoid bad investments.
To get the help you need with your investments, call us at WealthCreators today. Since the 1980s, we have been advising on commercial, residential and farm loans in Manapouri. You can trust us to deliver honest advice that reflects and honours your best interests. Click here to reach out to us.