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Commercial Loan Florida

Commercial loans are made for the development or financing of commercial properties. With these loans, the business and associated real estate can be taken as collateral for the loan. Commercial loans are very useful if one wants to expand the existing business or even to start a new business. Commercial loans are generally taken to fund factories, office space, stores and other official sites and large construction projects. Commercial lending can also be used for any kind of commercial property development purposes such as purchase of an apartment that have five or more units.

Florida is a potential place for business and it is one of the most fruitful places, where innumerable companies have established and made noticeable profit within short span of their establishment. Florida attracts people from all across the world to do business. The demand of commercialization in Florida is increasing and so are commercial loans in Florida.

Commercial loans can be much like regular mortgage loan but often move faster. Some only take 8-10 days for processing. There is a myth saying that smaller businesses get loans at lower rates compared to larger businesses, which is not true. The rates for almost most commercial loans in Florida depend on other factors than the business size. The rate of interest and loan options in Florida depend on the credit rating of the company or firm and its repayment options.

Commercial loans in Florida have different rates, and they could be fixed or variable depending upon the choice of the commercial borrower. Veterans can be given priority in providing commercial loans in Florida as their services offer benefits to the country and to the employee as well. To get work with commercial lending in Florida, you need to pass through various stages and considerations such as credit history, past loans and mortgages repayments, size of properties, leasing options of properties and many more. Looking at all these, the lender will be able to judge the requirement and can offer you the best suitable rates and programs for your commercial loan in Florida.

Finding a good lender for commercial loan Florida could be challenge and perplexing issue as different lenders provide different interests and programs. You should can advice from a professional commercial broker who can guide you in choosing the best lender that can suite your budget and needs. The Internet can be a prime source to search for a suitable lender for commercial loan in Florida. Some of the finance companies and lenders may offer you free consultations for your properties and commercial loan options in Florida. They can suggest many ways to help you with legal issues and documentation.

Once you get the commercial loan in Florida, you need to guard the budget and monthly income so that you can repay the loan regularly as per the terms and conditions. The lender does not understand your situation and need the money back that has been borrowed by you and therefore, if you do not pay in time, it becomes the legal issue. To avoid all these hassles, you should be very regular paying in time and with said interests. You balance in the bank should include not only the money for the installments, but also for the different charges and fees that are applicable for your Florida commercial loan.

With proper guidance and proper planning of repaying the commercial loan in Florida, you can establish your business with no worries and can meet your break-even point within a short span meeting all the present demands of the market. All you need is to know about the hidden truth in terms of fees and repayment options. You need to be prepared to manage any financial crisis in order to succeed.

Payday loans and commercial lender provide loan services to businesses and individuals. Such payday and commercial loans may be needed to purchase such items as business equipment, investment property, and inventory. Payday and Commercial loans are backed by collateral. The collateral can be real estate, inventory, and a variety of other goods.

One can easily find on the internet many sites offering complete listings of all payday and commercial lenders throughout the United States. This information includes names, locations, and in most cases a direct link to that particular lender for further information.

Payday and Commercial loans differ from most types of loans because each request is evaluated on a case by case basis. The individual requesting the loan has to convince the lender on the fact that they endeavor will be profitable. However, every payday and commercial loan application is reviewed for credit worthiness, the value of the collateral, debt ratio, and property analysis.

More than one ratio can be used to analyze the personal budget of the loan applicant, top debt ratio and bottom debt ratio. Top debt ratio is the persons monthly housing expenses divided by their gross revenue. Bottom debt ratio is total housing expenses + debt payments divided by gross income. Top debt ratio should not exceed 25%; bottom debt ratio should not exceed 33 1/3%. If the ratios are more, the loan will either by denied or approved with a higher interest rate.

Among the news of falling national housing statistics, the belief still holds true that all real estate is local, and nothing supports that idea more than the statistics on rise of local home prices.

Home prices and sales, while certainly vulnerable to worldwide economic factors, such as mortgage rates and lending standards, rely mostly on the local economy and local supply and demand.

Miami, Florida however continues to be confusing with puzzling stories in the national mix that appear to defy employment and land supply. Miami. Florida is leading the housing bust, with single-family home sales down 28% in March statewide from a year ago. Prices statewide are down 4%, but not so in Miami.

Out of the 3,741 new condos completed last year, a majority of then were priced considerably higher then its existing inventory. Condominiums, condominiums and more condos-that& is what Miami is all about. While single-family home prices in the city are at a stand still, condo prices are up 18% over last year, despite the fact that the Miami skyline is still crawling with cranes.

Between now and the end of this year, 8,000 new units will be completed. 12,000 more will be on the market in 2008. That is when prices should start to come down, but for now, condo prices on the books contradict what is going on behind closed doors in negotiations.


Seattle, WA: +10.6%
Portland, OR: +7.7%
Charlotte, NC: +7.3%
Miami, FL: +2.9%
Atlanta, GA: +2.1%


Detroit, MI: -7.8%
San Diego, CA: -5.0%
Boston, MA: -4.7%
Washington, DC: -4.3%
Cleveland, OH: -2.7%

Eric Harari is a principal in Miami Lodge Realty company. To learn more about Miami real estate market, click here.

Article Source: http://EzineArticles.com/?expert=Katja_Kukovic

When you only have the money to pay less than 20 percent down payment of your mortgage, chances are you will need a private mortgage insurance to help you secure a loan. What a private mortgage insurance or PMI does is it provides protection to the lender by guaranteeing payment in case of default from borrower. The borrower will in turn pay a monthly mortgage insurance fee. This way, a lending company will allow a lesser down payment than what they would normally accept.

Cost of PMI

The cost of PMI depends on how much down payment the borrower pays and for his credit file review. Also, the higher the amount of the down payment, the lower the insurance rate will ultimately be. For example, a 15 percent down payment is less than the cost of PMI on a 10 percent down payment. The PMI premium is then added to the monthly amortization.

Canceling PMI

Private mortgage insurance can be very hard on the pocket because the PMI companies can charge up to hundreds of dollars depending on your credit. It can catch you by surprise to see that your monthly amortization has jacked up by more than half by the time you are already signing the papers. In the event that you want to cancel your PMI, what are your options?

Even with the amount of equity on your home, the final decision of terminating the PMI is reserved by the lender and concerned investors. But in most cases, the lender allows cancellation of the PMI when 80 percent of the original property value has been paid for. Other lenders require that you pay PMI for one or two years before they concede to terminating it. If you wish to cancel your PMI, contact your lender. An appraisal will be conducted on your property to determine current value and you will have to pay for the cost of this appraisal. Another option for you is to refinance your home because that way, you can take a new mortgage on your home without PMI.

Commercial buildingsCommercial buildingsThe moment you make a search for commercial loans, you will be amazed by the various types of commercial loans that would be available for you. As a first-timer, it is natural that you are quite perplexed by this diversity, however a little bit insight will show that it is not so difficult to apply for a commercial loan. The best approach is restraint. In other words, do not be beleaguered by the variety…instead, use the present value of money concept to zero down on a particular commercial loan. In this way, you can reduce the interest rates and all applicable fees to a common value by discounting them to the present.

Some other prevalent factors that you need to take into account are prepayment penalty, amortization, and maturity. A prepayment clause is not widely appreciated; however, it is becoming common amongst lenders. Try to negotiate this away. Amortization and payment are inversely proportional to each other. Longer the amortization, lower the payment as the principal is divided into increasingly smaller fragments as the period of years increases. Twenty years is usual amortization period for commercial loans in Georgia, Alabama, Florida, and most places across the United States. For commercial loans in Georgia, Alabama, Florida, lenders will give you a maturity that is smaller than the amortization, which would allow them to modify the loan according to the prevailing market rates.

Common commercial loan structures in Florida, Alabama, and Georgia:

A five-year loan with a twenty-year amortization

A five-year loan with a twenty-five year amortization

A fifteen-year loan with a fifteen-year amortization

There are hundreds of possible combinations of commercial loans available in Florida, Georgia, and Alabama. Some lenders for commercial loans in Florida, Alabama, and Georgia can even customize a loan for you.

Do you want to know how mortgages in Florida work but do not know where to start? Do all those numbers and terms make your head spin? Then here are some basic information on mortgages to help you understand the process and what it entails. Remember that informed choices can get you the best in today's chaotic marketplace.

Mortgage rates

First off, you need to know how the banks and brokers in Florida determine a rate. This can be simplified by understanding the "Three C's equals Rate and LTV (Loan to Value)" equation.

The Three C's are:

Collateral. These are assets (a house, in the case of mortgages) pledged by a borrower to the lender. This is subject to seizure if the loan is not paid according to terms.

Capacity. This is the ability of the borrower to repay a debt that is determined by employment, income, credit history, and the like.

Credit. This is the borrower's borrowing capacity.

If your property or collateral is of great value, if you have good credit rating, and if you have the capability to pay, then securing a mortgage loan will not be a problem and you can look into being approved easily enough. If one of the three C's is questionable, then you will have to be subjected for approval.

Certain adjustments will be made and more conditions will be set, such as getting interest bumps. If more than two of your three C's are questionable, then you may have to get less than what you have bargained for.

Mortgage fees

You have to take note of the fees that you are required to pay when getting a mortgage. These are underwriting fees, broker fees, some insurance and title fees, and closing fees. You have to watch out for paying the broker's fees, though. If it exceeds over 1 percent of the loan amount, then that is already questionable. Be sure to be informed about the rates and how much of it is going to the broker and to the bank before proceeding. This is very critical in a mortgage transaction.

The different types of mortgage loans available in Florida are: FHA (Federal Housing Administration) loans, consolidation loans, land loans, conventional loans, balloon loans and refinance mortgage loans.

Concerning mortgage loans, the most popular one in Florida is the fixed-rate loan. Generally these loans have a 15- or 30-year term. The ARM (adjustable rate mortgage) loans are also gaining popularity. Other loan types are hard equity loans, interest-only loans, 100% cash out refinance, construction loans, commercial mortgage loans, farmers home loans, no PMI (Private Mortgage Insurance) loans, vacant land and acreage mortgage loans. The mortgage rates vary depending on the market conditions.

The Internet is a wonderful source of information concerning low mortgage interest rates. They contain a wealth of information about current rates, various options, new packages and so on. The best way to get a low rate is to compare the many quotes. It’s very easy to compare quotes on the Internet.

The most important thing is to get an interest rate that suits your family budget. Rates depend on various factors like the mortgage loan you have opted for, your financial resources, credit history and other factors.

The mortgage loan rates in Florida are typically 6.125% for a 30-year fixed (6.173% APR), 6.0% for a 20-year fixed (6.063% APR), 5.750% for a 15-year fixed (5.828% APR), 5.00% for a one-year LIBOR ARM (5.070% APR), 5.625% for a three-year LIBOR ARM (5.698% APR), 5.750% for a five year LIBOR ARM (5.824% APR), 6.375% for a 30-year jumbo fixed (6.400% APR) and 6.250% for a VA 30-year fixed (6.469% APR). These loan rates are based on loan amounts ranging from $125,000 to $400,000 while the jumbo loan rates are based on loan amounts ranging from $400,001 to $650,000. (These rates are applicable as of November 5, 2005.)

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