Can you get a 30 year mortgage on commercial property?
Subsequently, one may also ask, can I take home loan for commercial property?
Yes! It is possible to get a commercial property loan as some banks provide this facility. But there are differences when you go for a residential property loan and a commercial property loan which you need to know.
Considering this, how many years is a commercial mortgage?
Unlike residential loans, the terms of commercial loans typically range from five years (or less) to 20 years, and the amortization period is often longer than the term of the loan. A lender, for example, might make a commercial loan for a term of seven years with an amortization period of 30 years.
While home loan lenders will let some buyers borrow more than 90% of a property's purchase price, in the commercial world you'll need to have far more cash up front. Kline-Spink says that on a typical small loan of up to $1 million, the maximum you can generally borrow is about 80% of the property's price.