Apartments are a key housing component of most neighborhoods. As a result of their importance and utility, they are given special treatment in the commercial lending world. For loans of $1 million or more, there are specialty lenders that offer rates and fees lower than most other commercial debt. Loans less than $1 million also garner lower than usual fees and rates, but you have to know which lender offers such advantages. Any apartment with five or more units requires commercial financing. Apartments with four units or less can qualify for commercial loans when residential loans are not available or not desired.
Retail properties range from single-tenant buildings, to neighborhood strip centers, to grocery-anchored shopping centers, to full-blown regional shopping malls. The strength of the tenants, the duration of the leases, and the location of the building(s) are all key components in measuring the quality of the real estate in the eyes of lenders.
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There is a wide variety of properties than could be considered “specialty properties,” and they all require commercial financing.