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Commercial mortgage loan

Hi, I'm in the beginning stages of exploring buying a commercial property for my business as a health care professional. My target properties are commercially zoned houses in the area of $150K. What are the typical down-payment amounts needed, terms (years), current rates? Also, how can I qualify for a mortgage given that I'm an independent contractor without w-2 income? Thanks in advance.
  • January 20 2013 - Jacksonville
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Answers (2)

Profile picture for Jax1234
Thank you for your response. very helpful.
  • January 21 2013
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Profile picture for Mortgage Brothers
Down payments of 20% to 25% are typical, unless you use SBA financing in which case 10% down is available.
Commercial mortgages are generally 20 or 25 year terms, with an interest rate that is fixed for 5 years at a time. 
You will document your income through filed tax returns and profit and loss statements for periods not yet covered by a filed tax return. 
For a small commercial loan like this you will want to go to one of the local community banks in your area, not the big national banks. 
  • January 20 2013
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