Medical Office Building Loans
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Businesses and companies that are dedicated to specific fields can obtain better loans and credits than others. Medical ones—for example—can request medical office building loans instead of a commercial mortgage when trying to buy, renovate, or expand a premise. Regular and general commercial loans tend to cover any type of property that will be used by businesses and companies.
However, real estate can be as specific as general in terms of the property you are acquiring and some of them, as a result, are more expensive than others by the simple fact of the use the possible owner will give it.
In the case of medical office buildings, they are more expensive due to the additional space that is often added if the property was designed for this sole purpose or was kept in mind during its design. The same applies to renovations and expansions since some modifications and additions include expensive equipment, materials, and particular requirements for the offices and units. All this cannot be financed with a regular commercial loan which takes us to the initial point: medical office building loans.
These loans are designed for these properties only but besides companies or particulars being able to purchase one from zero, they can also renovate their existing one. Traditional lending institutions like banks and pension funds will not usually finance renovations and expansions but rather just the acquisition of the property. Therefore, if you are truly considering relying on medical office building loans due to your need of covering expenses, you need to find the right lenders for it.
Our company Commercial Real Estate Loan Pros of Jacksonville not only offers the loan, but we are also open for any use you want to give it as long as it is related to medical needs in the building. Renovations, expansions, repairs, acquisition, and more. We will not cover the total cost of the project, but our LTV ratio goes up to 70-75% in most cases and varies depending on your creditworthiness and collateral. However, the loans are open for anyone who fulfills the requirements which is why most people and medical companies, and institutions in Jacksonville rely on us to have enough capital.
What are our conditions for the credit?
They vary according to the borrower and how well it fulfills every requirement, but we guarantee that interest rates are lower than usual, we offer longer periods of time for repayment, and you can request the loan without obstacles. That being said, the main conditions or the ones that are for most of the credits we approve, are:
- Loan size starts at $500,000—or lower if you do not require that sum of money.
- Fixed interest rates for at least 10 years are guaranteed.
- Amortization from 5 to 30 years.
- A good or excellent credit score is not mandatory.
- Collateral is not always required if you want to negotiate an unsecured loan—but credit score gains relevance.
At Commercial Real Estate Loan Pros of Jacksonville, we are flexible with our medical office building loans and mortgages overall. Therefore, if you want to negotiate terms and conditions when your loan is approved, you are free to do so.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.