Business Loan
Business loan is not the same as commercial mortgage and it is not related to a property. To qualify for a business loan, buyers need to provide two years business financials, and prove the business is making enough profit to cover monthly payment of loan. Business loan usually requires 50%+ down payment, and interest rate is usually 1 to 2% higher than commercial mortgage interest rate, due to higher risk for business loan. Instead of applying for a business loan, most buyers refinance their residential property to buy a business.
