Eric Christian

Mick Lierd from Destination Properties is awesome! We are so glad to have had him as our agent when buying our new house in Eden UT. At first we were looking at a condo and Mick was able to show us some units and share tons of info on the area and the home buying process. He helped us put an offer in on a condo but we weren’t able to make a deal with the sellers. Mick was super cool about the situation and offered to continue helping us find something. A few weeks later a house listed that we really liked and Mick was able to set up a last minute showing for us on a Sunday afternoon. He found out that there were two other offers on the house that day! He and his team helped us put together a strong offer that we submitted just in time to get our new house! After that he was amazing at helping us through the rest of the home buying process, answering all our questions promptly and suggesting things to look for during the inspection process and getting estimates for any needed repairs. Just going to say to make sure you shop around for mortgages, we were able to find a much better deal through one of our own banks. All in all, we were very happy with the service that Mick and Destination Properties provided and can’t recommend them enough!

Phil Rogers

Brandi is great to work with. She made our transition to Eden from out of state as easy as it could have been. She listened to us about our desires and budget and helped us find the perfect place. Anne and I love her and highly recommend her. Nobody knows the Ogden Valley better.

laner

I would have given 10 stars if I could.... Brandi Lierd and the Destination Properties team was an absolute pleasure to work with. Calm, competent, and professional. She assisted the whole way through the process of finding a home, and has continued to help us long after the sale. Highly recommended. We made the move to Eden two years ago and my wife says “I am so happy to have a beautiful home and enjoy morning walks with my neighbors , I love that i made the decision to move here and Brandi is far more than our realtor, she’s a wonderful friend. Thank you very much.”

Michael Meyer

We live in NC and wanted to buy a second home in the Ogden Valley. Fortunately, we found Dylan Lierd and Destination Properties. Dylan made the experience easy and fun. Having grown up in the Valley, his knowledge of the area and local real estate market was exceptional. With Dylan's help we found a great house and were able to close quickly virtually with no problems. We can't say enough good things about Dylan and highly recommend his services.

Jeffrey Holt

Brandi Lierd was the best Realtor/Real Estate Advisor we’ve ever had. She is a very smart strategist, deep as a well on the Ogden Valley properties and areas and super discrete. We felt very comfortable sharing goals and objectives with her because we trust her to put those things first and foremost in the relationship. Several times over two different properties she represented us on, one buy and one sale, she showed us that when she had a choice between us getting the best outcome for us vs. some more expedient process, she put us first. We won’t use anyone else. And she’s really fun and easy to work with.

Laura Meyerson

This was an exceptional experience if that’s even possible with selling a home. It was all taken care of while we were out of state…and there were quite a few issues since we had not lived there for some time. Brandi is super responsive and very responsible. I would go to her again for any real estate transactions in the valley.

becky zaheri

Mick was awesome to work with and extremely helpful every step of the way!! Would def use him again.

Martha Terry

Brandi was very responsive and easy to work with. This is one of the smoothest real estate transactions I have had.

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Home » Blog » Financing Commercial Real Estate

Financing Commercial Real Estate

Investing in commercial real estate is one of the best ways to grow your money. It provides high appreciation, certain tax benefits, and a regular income stream. One way to purchase commercial real estate is by taking out a commercial real estate loan. Commercial real estate loans are very different for residential loans. Commercial loans are often geared to the purchase or renovation of office buildings, retail centers, mixed-use areas, and other commercial properties.

Since this type of loan is riskier than a home mortgage, lenders require a higher down payment on commercial property and shorter payment terms. But if you know your top financing options for commercial real estate, then you can go in feeling prepared and knowledgeable. Choosing the right commercial real estate loan depends on your business and its qualifications. Here are the options we recommend:

Traditional Commercial Loans

Unlike most commercial real estate loans, traditional commercial loans are not financed by the federal government. These loans, which are made between the lender and the borrower, typically have an amortization schedule and a longer repayment term. Traditional commercial loans are offered by banks, credit unions, mortgage companies, and other private lenders. Borrowers are also required to have a high credit score.

These are best for businesses that are already established and moving forward.

Loans From The Small Business Administration

The Small Business Administration (SBA) is a government agency that helps small businesses secure loans. While these loans can be used for commercial real estate, real estate investors are not qualified to apply.

There are two types of SBA loans: the SBA 7A Loan and the SBA 504 Loan. Here are their key differences:

SBA 7A Loan
Offered by private commercial lenders, the SBA 7A Loan provides flexible terms. While SBA 7A Loans are typically offered to established businesses that are purchasing real estate, newer businesses may apply for this loan as well. The SBA 7A Loan is best for those buying real estate or those who need to improve a leased property.
SBA 504 Loan
If you’re looking to purchase, build, or renovate commercial real estate, the SBA 504 Loan is your best bet. This loan provides businesses with financing that’s long term and at a fixed rate. Loan terms usually go for 10, 20, or 25 years. Outside collateral is not a requirement. SBA 504 Loans are given by a private commercial lender and a certified development company (CDC).

Hard Money Loans

Also known as a “bridge loan,” a hard money loan provides short-term financing for around 3 to 36 months. Interest rates are higher as well. Unlike traditional lenders, hard money loans are offered by private companies and individuals.

These are best for those who want fast approval because hard money loans can be funded within 3 to 5 days.

Get Into Your Commercial Property With Destination Properties

Need help in finding the right commercial real estate loan? We at Destination Properties would be more than happy to assist you find the top financing options for commercial real estate. Our years of experience with commercial and investment properties have made us the top commercial real estate experts in Ogden, Utah to call. Get in touch with us today at 801.745.2009 or send an email to info(at)destinationpropertiesutah(dotted)com.

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At Destination Properties, our goal is to offer unmatched real estate service for home buyers and sellers. Our team of local agents has over 25 years of combined industry experience, and is dedicated to providing superior customer service to anyone looking to fulfill their real estate goals in Ogden, Eden, Huntsville, Wolf Creek Resort, and other sought-after communities throughout the Ogden Valley area.