When it comes to growing or starting a business, whom you work with matters — especially during the commercial real estate process. Your commercial property is often the biggest asset for your small business owners there, and finding the right mortgage broker to work with can make a big difference as you compare commercial mortgage rates and find the right property for your business.
At Penn Street Mortgage, our team of trusted and reputable commercial mortgage brokers are local experts at buying and selling commercial property. As local mortgage brokers, no one knows businesses in the Chester County area better than us.
Whether you’re financing a new commercial real estate loan, looking to refinance an existing loan, or want to invest, we can help. As full-service brokers, we’ll shop around for the best rates, ensuring you benefit from our local and industry knowledge.
What does a mortgage broker do for you?
When you work with a mortgage broker like Penn Street Mortgage, you can unlock the most competitive rates thanks to our countless connections with mortgage companies and relationships with banks and financial institutions.
From the very first meeting with our team, we’ll work to understand your real estate needs and give you an overview of the current local market. We’ve worked with hundreds of clients and can leverage our expertise to win you the deal and secure the property you want for your business.
Penn Street Mortgage is your partner in every step of the process, providing insight and advice on compiling your commercial real estate application. From reviewing bank statements to organizing documents, we’ll put our extensive experience to work for you, ensuring you stay connected throughout the loan process.
Why use a commercial mortgage broker?
Understanding the value a local commercial mortgage broker can bring to the transaction is essential.
Here are some reasons to use a commercial mortgage broker for your next real estate loan.
Benefit from our local market knowledge
With over two decades of experience in the local Chester County market, we are well-versed in the local commercial properties and can provide you the local insight you won’t get from a big national chain.
Access to the best commercial property
When you work with us, you’ll get access to our vast network of real estate professionals who can get you answers, find you a great commercial property and ensure you are connected with all the commercial inventory available.
Find the best rates to fit your budget and save you money
Unlike a bank, a commercial mortgage broker can present offers from multiple lenders, allowing you to choose the best loan and rate for you and your budget. Our expert team of commercial brokers will find the most favorable terms in the marketplace through our vast lending partnerships.
On the other hand, a bank can only offer you specific lending products they offer.
How to get a commercial mortgage loan
Getting a commercial real estate loan is an exciting but sometimes daunting experience. We’ll walk you through the entire process to give you the confidence and value you’re looking for.
To get a commercial real estate loan, simply follow these steps.
Explore commercial real estate loans
The first step in getting a commercial real estate loan is understanding your loan options. There are several different commercial mortgage products that offer distinct benefits depending on your needs. Some of the popular loan types include a traditional commercial mortgage and government-backed SBA loans.
Traditional commercial mortgage
Similar to home buying, a traditional commercial mortgage offers long payment terms and usually a fixed interest rate that allows you to pay down over several years or decades. Terms can vary based on the lender and your qualification.
SBA loans
The Small Business Administration offers a few different loan types for entrepreneurs that help them purchase property for their business. SBA loans, like a 7(a) loan, allow you to borrow up to $5 million through an SBA-approved lender. These loans usually have competitive rates, but have strict qualifications.
Find reputable local mortgage brokers
Once you’ve determined which loan type will fit your needs, your next step is to find a trusted local mortgage broker. Working with a mortgage broker allows you to compare interest rates from several different banks and lenders, giving you the option to pick a loan that fits within your budget and works for your small business.
Compile your application
When you apply for a commercial real estate mortgage, your lender will require you to submit several different documents that outline your company’s assets, including banking statements, profit and loss reports, a business plan, and more.
Lenders like to see that you have strong revenue and a plan in place to repay any real estate loans you obtain from them.
As experts in putting commercial real estate loans together, we know exactly what’s needed to make you look your best to the financial institution. We’ll work closely with you to ensure your application is complete and provides lenders all the information they need to approve you.
Don’t be intimidated by the commercial mortgage process
For decades, Penn Street Mortgage has been a trusted and reliable partner for entrepreneurs and small business owners in the Chester County area and beyond. You’re not just another client when you work with us — you’re family.
From our first conversation, you’ll realize the difference a local broker can have in your real estate transaction. As local mortgage brokers, we provide our clients with a smooth and honest process, ensuring you get not only the information you need but also build relationships for the long run.
Contact Penn Street Mortgage today to discover the difference.
If you’re ready to discover how working with a local lending expert can help streamline your commercial real estate experience, give us a call today. We’d love to hear how we can help you achieve your commercial real estate goals and grow your business.