Commercial mortgages are available through banks, commercial mortgage companies and private lenders. Commercial mortgage rates vary as widely as residential mortgage rates. Conventional banks provide some of the lowest rates available. However, they have restrictive lending criteria, which constrains them from creating commercial mortgages for several kinds of commercial properties. Gas stations with or without convenience stores, as an example, could be difficult to obtain commercial mortgages for. Commercial mortgages can also be difficult to obtain from standard banks in the event you don't have excellent personal and business credit ratings.

Hard money commercial mortgages are usually available through private lenders who have more flexible lending criteria. Also known as hard money lenders, private commercial mortgage organizations focus much more the current value (today's selling price) of commercial property than on your personal financial package.

When applying for a commercial mortgage, be prepared to provide your commercial mortgage company, be it a bank or maybe a hard money private commercial mortgage company, with the following:

- 2-3 years' taxes for you and/or your business

- 2-3 years' financial transactions

- A completed regular commercial mortgage loan application, which includes a personal and company balance sheet

- An outline of the use of proceeds of the commercial mortgage you are seeking

- A description of your property

- The existing selling price of the property

- The cost of developments you'll make to the property

- An estimate of the property's value when with improvements

- A repayment program for the commercial mortgage - how you'll pay this commercial back

- For a hard money bridge loan, provide an exit strategy for the commercial mortgage - will you refinance this commercial mortgage having a conventional bank after making improvements or alterations to the existing property or another scenario?

If you're working with a private commercial mortgage company (hard money lender) be prepared to show a proof of funds with your initial application. Supplying reasonable proof that you are ready to cover the closing costs and fund the difference between the commercial mortgage and the total price of the property can make your commercial mortgage loan application move through the steps to funding significantly faster.

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