Since 1977, Ocean Pacific Capital has specialized in commercial mortgages. Whether our clients are considering commercial mortgage acquisition loan or commercial mortgage refinance of an existing loan, we offer many financing options. A commercial mortgage is a loan that is secured by real estate as collateral in case the borrower defaults on the loan. Similar to a residential mortgage, collateral for a commercial mortgage is a commercial building or business real estate, rather than a residential property. Therefore, a commercial mortgage acquisition and refinance differs from a residential mortgage acquisition and refinance in the type of property utilized as collateral. Also, a commercial mortgage refinance is typically taken on by businesses rather than individuals. However, the individuals may be a part of a partnership, incorporated business, or a limited company; therefore a business' credit is assessed more heavily than in a residential refinance. While most commercial mortgages are non recourse, meaning that if the borrower defaults on the monthly mortgage payments, the lender or creditor may seize the property listed as collateral, regardless of its value. Thus, the borrower is not responsible for the difference if the mortgaged property does not complete the remaining balance of the loan. For more information on obtaining a commercial mortgage refinance, contact our commercial mortgage refinance specialist today!
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