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A commercial mortgage broker acts as an intermediary who brokers mortgage loans on behalf of businesses or individuals who needs a commercial loan. The loan is provided by the commercial lender securing a commercial property of the borrower. [ 1 ]
The nature and scope of a mortgage broker's activities vary with jurisdiction. For example, anyone offering mortgage brokerage in the United Kingdom is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective.
Commercial lenders include commercial banks, mutual companies, private lending institutions, hard money lenders and other financial groups. These lenders typically have widely varying standards on which they base their loan criteria and evaluate potential borrowers—but are often focused exclusively on the private market and have more lenient financial qualifications than banks.
A mortgage banker represents a lending institution that helps homebuyers explore their mortgage options and, ideally, close on a home loan. Unlike a broker, a mortgage banker is tied to a specific ...
Loan type. Typical amount. Purpose. How it works. Term loan. $1,000 to $1 million. Highly versatile; can be used for equipment, real estate, working capital and more
The quickest way to get a business loan is to work with a lender who offers fast business loans. These lenders can typically approve and fund a loan in as little as one to two business days.
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