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What Are Commercial MortgagesCommercial mortgages are primarily used for buying any land or property for business purposes. Similar to a traditional, residential mortgage, money is borrowed and secured against a property.They can also be used to expand an existing business and for residential or commercial property development. What Is The Difference In A Commercial Vs Residential Mortgage? The main difference between a commercial and residential mortgage, other than the type of property, is in the application process as there are no set rules with commercial loans. A commercial mortgage generally lasts from one year to a maximum of 15 years while a residential mortgage can last from one year to 25 years or even 30 years. Commercial mortgages are generally larger and more complex and more information will be required than for a residential mortgage. There are no VA or FHA programs in commercial lending, therefore lenders have no insurance to cover borrower default. Find Licensing Requirements & Courses By State: | |||
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