Non-Recourse Commercial First Mortgages
Non-Recourse Commercial First Mortgages: What your Financier Hasn’t Told You
In normal circumstances, when you borrow money from a lender you have to pay it back. However, this is not the case with a non-recourse commercial first loan. Here, the lender cannot come after you personally. Instead, the lender only has 2 options: foreclosure or file for a lawsuit.
Most purchase loans are non-recourse loans. However, you must make the purchase in a state that allows for non-recourse. This is why it is vital to work with loan professionals who understand the process, and the various states that grant you this opportunity.
Vital Aspects You need to Know About this Loan
When applying for a non-recourse commercial first loan, there are various vital things you need to put in mind. For one, you need to understand that refinancing the loan converts it into a recourse one. However, you can still refinance the non-recourse loan with another one if you agree to stricter terms. For instance, the lender can ask you to pay higher interest rates, or pay cash for lender fees and closing costs.
Non-recourse loans are difficult to get because most lenders shy away from them due to the high risk involved. You also get to pay higher interest rates.
However, with expert help, everything becomes simple and straightforward.
Where Can you get Expert Help?
Professional assistance comes in form of Mixed Use Mortgage, a team of reliable experts who have your financial needs at heart. We are highly experienced in matters about non-recourse loans. Our team of professionals understands your needs as a first-time borrower and make sure you get the funds to match your needs. Additionally, we know all the lenders in your state who offer this loan and we connect you to them. Just know that we are ready when you are.
Don’t hesitate to give us a call and discuss your options, consultation is free and never a fee.