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These loans are for non-residential purposes. It can be for commercial property like offices, warehouses, retail shops, hotels and resorts and property development. Be aware, if you hold more than 4 apartments in the same complex you may fall into this category.

Lenders often have an appetite to lend to professionals such as doctors who would like to purchase their own surgery. Lawyers and accountants are also in the same category.

Commercial loans are also for purchasing a business. Importantly, you need to think about your capability to manage and how successful you have been in the past. You will also need a business plan complete with past and projected financials. Think about what collateral a lender would accept. A secured loan would have a lower interest rate than unsecured debt. It is expected that you would have done your SWOT analysis thoroughly and what makes you unique in your industry. I have had clients who have been successful because the new business was piggy backing on the one they already had. Importantly, think of the 5 C’s of credit of Character, Capacity, Capital, Collateral and Conditions as to get any loan through, it must meet with the criteria that the lender wants.