What will your company's next move be? For many businesses, growth is tied to commercial real estate. Whether you're ready to buy your own space instead of renting, purchase a bigger office, renovate your existing store, or buy commercial properties to generate additional revenue for your business, you probably need some level of commercial real estate financing from a trusted lender in Oklahoma to make it happen. When you choose a community bank for your commercial real estate lender, you get the same options, convenience, and competitive rates offered by bigger banks. You also get the kind of local expertise you can only find on Main Street, not Wall Street. Vision Bank's commercial real estate lending team consists of people who live and work in the same community as you do. We possess a nuanced understanding of local commercial real estate markets, and we put our knowledge to work for you. Partner with us for the most flexible terms and competitive rates.
How do commercial real estate loans work?
Financing the purchase of a business property is not the same process as obtaining a mortgage loan for a home. Loan amounts vary widely depending on the property itself and the business's financial situation. There is also variation in interest rates and other terms such as the length of the repayment period. One consistency is typically a down payment of about 20 percent of the purchase price. You can also expect to pay upfront and closing fees related to expenses such as an appraisal and other costs associated with the buying and lending process.
What can I use commercial real estate loans for?
The simple answer is: any building or property used for business. That includes a business property to operate your own company out of, or one you own and rent out to other businesses. Commercial real estate loans can also be used for residential rental buildings, like an apartment complex, that you will own and operate.
Vision Bank also offers commercial real estate construction loans to build on vacant commercial property or to renovate or add on to an existing commercial structure. In addition to buying and renovating commercial property, some businesses use commercial real estate financing to refinance existing loans at a better interest rate.
To learn more about commercial real estate construction and permanent financing contact Vision Bank by email or call us at 888-332-5132. Click here to download a Commercial Loan Application. Fill it out, print it and bring it to one of our convenient locations.